Rising Demand for Customized Nucleotides Propels Market Growth
ALBANY, New York, June 28, 2019 /PRNewswire/ -- TMR estimated that the Oligonucleotide Synthesis Market accounted for the US$1.65 bn in 2016 and CAGR of 11.2% during the forecast period from 2017 and 2025. At this CAGR, the market is estimated to grab a value of is projected to reach a value of US$4.189 bn by the end of 2025. This is attributable to the rising demand for the customized nucleotides to several areas such as genetic research, medicine development, forensic applications, and research laboratories. The declining cost of sequencing has a key role in the surge in the demand and synthesis of the nucleotides and oligonucleotides.
An increasing number of oligos is under clinical trials for treating the number of health conditions including cardiovascular diseases, cancer, and range of ocular disorders is estimated to provide additional support to the growth of the global oligonucleotide synthesis market. Additionally, rising approvals from the regulatory bodies for this kind of therapies coupled with the presence of standard guidelines for these treatments is also providing traction to the growth of the market.
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Moreover, external factors such as swiftly changing marketing approaches and changing distribution channels are estimated to drive the growth of the global oligonucleotide synthesis market. A surge in the tools advancements is simplifying the oligonucleotide synthesis, which makes the easier process and in turn benefitting growth of the global oligonucleotide synthesis market.
North America to be Dominant in Coming Years
Regionally, North America dominated the global oligonucleotide synthesis market and is estimated to retain its dominance over the forecast period. Thanks to the strong presence of the pharmaceutical companies in the region, which are developing the oligonucleotides in therapeutics are leading to account for 33.3% of the market share. Europe is estimated to acquire a second leading position in the market in terms of revenue in the coming years by accounting 26.6%. The factors such as increasing geriatric population coupled with genetic diseases are driving growth of the global oligonucleotide synthesis market.
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On the back of growing thrust for developing sophisticated drugs and medications, the key players are investing in research and development. This investment is likely to benefit the oligonucleotide synthesis market in coming years. Moreover, the rising development of newer technologies and rich patent portfolios are estimated to propel market growth.
However, Asia Pacific is likely to exhibit healthy CAGR of 12.5% during the forecast period from 2017 to 2025 owing to high demand from developing countries such as China and India. The rising number of small and mid-level companies in the region is driving growth of the oligonucleotide synthesis market in the region. Rising funding in the region for infrastructural development in terms of healthcare coupled with rising private funding for life sciences research is estimated to offer the most lucrative opportunities for market growth in coming years.
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The oligonucleotide synthesis market features a highly competitive vendor landscape, TMR finds during its detailed study. Thermo Fisher Scientific, GE Healthcare, DNA Technologies, Applied Biosystems, and BioAutomation are some of the key players in the global oligonucleotide synthesis market. Additionally, a high level of competition is leading to create a threat to the new entrants; thus, these players are trying to offer the product in competitive prices. In addition, the players are focusing on the building new molecules of oligonucleotides for therapeutic use, which is estimated to benefit the market growth in the coming years.
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This information is encompassed in the 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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