CHICAGO, April 9, 2021 /PRNewswire/ -- According to the new market research report "Oligonucleotide Synthesis Market by Product (Drug, Synthesized Oligos (Primer, Probe), Reagents), Type (Custom, Predesign), Application (Therapeutic (ASO, siRNA), Research (PCR), Diagnostic), End User (Hospital, Pharma, CROs) - Global Forecast to 2026", published by MarketsandMarkets™, the Oligonucleotide Synthesis Market is projected to reach USD 14.1 billion by 2026 from USD 6.3 billion in 2021, at a CAGR of 17.6% during the forecast period.
Browse in-depth TOC on "Oligonucleotide Synthesis Market"
The major factors driving the growth of this market include the increasing use of synthesized oligos in therapeutic applications, increasing government funding, and the growing focus on personalized medicine.
The hospital segment accounted for the largest share of the end user segment in the market in 2020.
Based on end users, the oligonucleotide synthesis market is categorized into hospitals, pharmaceutical & biotechnology companies, diagnostic laboratories, contract manufacturing organizations (CMOs) & contract research organizations (CROs), and academic & government institutes. In 2020, Hospitals accounted for the largest share of the market. Growth in this market is largely driven by the significant number of inpatient & outpatient visits in hospitals and the high requirement of oligonucleotide drugs to cater to the growing demand of patients suffering from rare diseases, neurological disorders, and infectious diseases.
The PCR sub segment accounted for the largest share of the research application segment in the oligonucleotide synthesis market in 2020.
Based on application, the market is segmented into therapeutic, research and diagnostic applications. The research application segment is further segmented into, PCR, sequencing and other research applications. In 2020, PCR sub segment accounted for the largest share of the research application segment in the market. PCR technologies such as qPCR are highly sensitive and cost-effective which drive the market growth for PCR. These PCR applications utilize sequence-specific primers, thus boosting the market for oligos (which are used as probes and primers) in the PCR market.
The Asia Pacific region is the fastest growing region of the oligonucleotide synthesis market in 2020.
In 2020, the Asia Pacific region accounted for the fasted growing region of the market. Factors such as growing R&D funding, rising product availability, lower outsourcing costs, increasing research activities, increasing applications of oligos in molecular diagnostics & therapeutics, and the rising awareness of oligonucleotides are expected to drive market growth.
Some of the leading players operating in the oligonucleotide synthesis market are Danaher Corporation (US), Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), LGC Limited (UK), Maravai Life Sciences (US), and Agilent Technologies, Inc. (US). The leading players in the oligonucleotide therapeutics market are Biogen Inc. (US) and Sarepta Therapeutics, Inc. (US).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.