ALBANY, New York, March 28, 2019
ALBANY, New York, March 28, 2019 /PRNewswire/ -- According to experts from TMR, the global oligonucleotide synthesis market is expected to gain value of US$4.189 bn by the end of 2025. The market was valued US$1.65 bn in 2016. Experts project this growth to occur at a stellar CAGR of 11.2% during the forecast period from 2017 to 2025.
Among various products in the market, the synthesized oligonucleotides segment is expected to register the highest growth and boost the global oligonucleotide synthesis market during the forecast period. This is because of the rising preference of pharmaceutical, diagnostics, and research in the biotechnology sector. With respect to geography, North America is expected to dominate the global oligonucleotide synthesis market in the coming years. This is attributed to flourishing pharmaceutical companies leveraging oligonucleotides in research, therapeutics, and diagnostics in the region.
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Rapidly Growing Life Sciences Sectors Worldwide Fillips Oligonucleotide Synthesis Market
Oligonucleotides are basically short fragments of nucleic acids, which are synthesized using enzyme chemistry and genetic engineering. Oligonucleotide synthesis is an integral part of various ongoing genetic and life-science research studies. These are mainly used in various laboratory applications include diagnostics, therapeutics, as well as academic research. Thus, the increasing uptake of oligonucleotides in several diagnostic and research fields stokes immense growth in the global oligonucleotide synthesis market. Rapidly growing life sciences and biotechnology sectors and increasing approach of pharmaceutical companies in drug discovery are also fueling demand in the global oligonucleotide synthesis market.
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Furthermore, increasing investments in genetic research and forensic science are propelling demand for custom oligonucleotide synthesis. Such factors are also boosting the global oligonucleotide synthesis market. Oligonucleotides are also used in clinical trials for targeting several diseases. Thus, rising regulatory approvals on the multiple therapies, which is based on the oligonucleotide are further fueling growth in the global oligonucleotide synthesis market.
Lack of Available Resources May Hinder Market's Growth
A few challenges hindering the growth of the global oligonucleotide synthesis market include lack of available resources and limitations in funding for research and development. Nonetheless, a persistent demand for drug discovery for various types of diseases is believed to help overcome these challenges in the near future.
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The global oligonucleotide synthesis market holds a highly competitive vendor landscape, says Transparency Market Research (TMR) in a recently published report. Thus, the competitive landscape of the market is fairly fragmented by nature. This can be attributed to the presence of a large number of small- and large-scale vendors in the oligonucleotide synthesis market. DNA Technologies, BioAutomation, GE Healthcare, Thermo Fisher Scientific, and Applied Biosystems are leading players operating in the global oligonucleotide synthesis market.
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Many large-scale companies are adopting mergers and acquisitions and various strategic alliances for strengthening their position in the global oligonucleotide synthesis market. The stiff competition in the market is turning to a high level competition due to the entry of several new players. A few effective strategies adopted by uppermost players in the global oligonucleotide synthesis market to outshine their rivals include constant product innovation along with cutting down product prices. They are also focusing hard on attracting new consumers to their businesses to steal a march over competitors. The level of competition among players is getting escalated once the local players are concentrating on providing high-quality products.
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The review is based on a market research report by TMR, titled, "Oligonucleotide Synthesis Market (Product - Reagents & Consumables, Equipment, and Synthesized Oligonucleotides (DNA Oligonucleotides and RNA Oligonucleotides); Application - Research (Polymerase Chain Reaction and Next Generation Sequencing), Therapeutics (Antisense Oligonucleotides, and Nucleic Acid Aptamers), and Diagnostics; End User - Biotechnology & Pharmaceutical Companies, Research Institutes, and Diagnostic Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025".
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