Global Oligonucleotide Synthesis Market Growth Accelerated by Increasing Demand from R&D Application
Oligonucleotide Synthesis Market |
Oligonucleotide synthesis involves chemical bonding between nucleotides that allows construction of desired DNA or RNA polymers needed for various research and medical applications. Rapid customization and cost-effective production has increased the adoption of oligonucleotides in research areas such as genetic testing, molecular diagnostics, gene therapy and forensic application.
The Global Oligonucleotide
Synthesis Market is estimated to be valued at US$ 3962.67 Mn in 2023 and is
expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for oligonucleotides from research and development
applications is the major factor driving the growth of Oligonucleotide
Synthesis Market. Growing research activities in areas of gene therapy, genetic
testing and precision medicine has fueled the demand for tailored
oligonucleotides. According to International Federation of Pharmaceutical
Manufacturers & Associations, the Global pharmaceutical R&D spending
grew at a compound annual growth rate (CAGR) of 5.2% during 2005 to 2018
reaching US$ 179 billion in 2018. This increasing investment in pharmaceutical
R&D is expected to boost the Oligonucleotide Synthesis Market during the
forecast period.
Segment
Analysis
The Global Oligonucleotide Synthesis Market is dominated by DNA
Oligonucleotides which account for around 70% market share. DNA
oligonucleotides are short sequences of nucleic acid polymers that are
synthesized in the laboratory and have wide application in areas like
polymerase chain reaction (PCR), DNA sequencing, molecular cloning and
site-directed mutagenesis. Their high demand is due to ability to synthesize
long DNA sequences of unknown origin which has accelerated various molecular
biology experiments.
Key Takeaways
Global
Oligonucleotide Synthesis Market Size is expected to witness high growth
over the forecast period of 2023-2030 supported by increasing focus on
precision medicine and disease diagnostics. The Global Oligonucleotide
Synthesis Market is estimated to be valued at US$ 3962.67 Mn in 2023 and is
expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
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