(MENAFN - iCrowdNewsWire) iCrowd Newswire - May 15, 2019
According to the new market research report"Oligonucleotide Synthesis Marketby Product (Probe, Linkers, Adaptor, Drugs, Reagent, Equipment), Type (Custom, Pre design), Application (PCR, DNA, RNAi, Research, Therapeutic), End User (Hospital, Pharmaceutical, Biotechnology) - Global Forecast to 2024″, published by MarketsandMarkets™, the global Oligonucleotide Synthesis Market is projected to reachUSD 8.2 billionby 2024 fromUSD 4.3 billionin 2019, at a CAGR of 13.7% during the forecast period.
The factors supporting market growth include the increasing R & D expenditure by pharmaceutical and biotechnology companies, rising demand for synthesized oligos in molecular diagnostics & therapeutics, rising venture capital investments, and the increasing demand for synthetic genes.
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Therapeutic applications segment to grow at the highest CAGR during the forecast period
Based on application, the Oligonucleotide Synthesis Market is segmented into research, diagnostic, and therapeutic applications. The therapeutic applications segment, which is further segmented into DNA & antisense oligonucleotide-based therapies, RNAi oligonucleotide-based therapies, and CpG oligonucleotide-based therapies, is estimated to witness the highest growth during the forecast period. This can primarily be attributed to the investments by companies to explore the therapeutic applications of oligos. Also, from 2016 to 2018, more than five oligonucleotide-based therapies were approved by the FDA. In 2018, these oligonucleotide-based drugs generated a revenue of~USD 2 billion. Apart from this, there are a couple of oligonucleotide-based drugs in Phase III and FDA review, and these drugs might be launched in the next five years and may positively impact this market.
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Hospitals accounted for the largest share of the Oligonucleotide Synthesis Market, by end user, in 2018
Based on end user, the Oligonucleotide Synthesis Market is segmented into academic research institutes, diagnostic laboratories, pharmaceutical & biotechnology companies, and hospitals. Hospitals accounted for the largest share of the Oligonucleotide Synthesis Market in 2018. Growth in this end-user segment is largely driven by the significant number of inpatient and outpatient visits in hospitals and the high requirement of oligonucleotide drugs to cater to the demand from the vast patient pool suffering from diseases such as Duchenne muscular dystrophy, spinal muscular atrophy, and hepatic veno-occlusive disease.
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North Americawas the largest regional market for oligonucleotide synthesis in 2018
The Oligonucleotide Synthesis Market is segmented intoNorth America,Europe, theAsia Pacific,Latin America, and theMiddle East & Africa. In 2018,North Americaaccounted for the largest share of the Oligonucleotide Synthesis Market majorly due to the availability of funds for research from various public- and private-sector organizations in the region and the focus of various prominent players on strengthening their presence inNorth Americathrough product launches and strategic acquisitions and collaborations & agreements.Europewas the second-largest regional market for oligonucleotide synthesis in 2018. This can be attributed to factors such as the presence of a large number of academic and research institutes in the region, growing investments by government bodies and market players, and the increasing focus on R & D activities.
The prominent players in the Oligonucleotide Synthesis Market include Agilent Technologies, Inc. (US), ATDBio Ltd. (UK), Bio-Synthesis, Inc. (US), BioAutomation Corporation (US), LGC Biosearch Technologies (US), Eurofins Genomics (Germany), Eurogentec (Belgium), GeneDesign, Inc. (Japan), GE Healthcare (US), GenScript, Inc. (US), Integrated DNA Technologies (IDT, US), Nitto Denko Avecia, Inc. (US), Sarepta Therapeutics (US), Thermo Fisher Scientific, Inc. (US), TriLink BioTechnologies (US), and Sigma-Aldrich Corporation (US) (a part of Merck KGAA).
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