Oligonucleotide Synthesis Market : Business Overview and Global Development Trends
The oligonucleotide synthesis market has been experiencing humungous growth across the forecast period of 2017-2025 primarily due to an increase in the research and development activities and speedy FDA approvals in terms of oligonucleotide-based therapies. The biotechnology and pharmaceutical sectors are on a consistent mission of searching alternatives for the treatment of various diseases. This aspect is boosting the oligonucleotide synthesis market to a great extent as they offer cures and treatments at a relatively low-cost as compared to others. High investments in healthcare and life-science related research programs also assist in increasing the growth rate of the oligonucleotide synthesis market.
As per the report by Transparency Market Research, the global oligonucleotide synthesis market will display11.2 percent CAGR across the forecast period from 2017 to 2025 and will expand from a value of US$1.65 bn in 2016 to US $4.189 bn by 2025.
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Speedy Regulatory Approvals and Increasing Investments to Propel Growth Prospects
Consistent research is undertaken by manufacturers in the oligonucleotide synthesis market and various researchers across the globe to enable the discovery of new drug treatment and vaccines frequently. Investment in the oligonucleotide synthesis market through funding will likely gain traction throughout the forecast period. Collaborations between the government and private companies for the development of academic and research infrastructure are also garnering considerable momentum. Novel approaches for curing chronic conditions through genetic medicines are anticipated to accelerate the growth rate of the oligonucleotide synthesis market.
Key players of the oligonucleotide synthesis market are involved in mergers and acquisitions frequently. The acquisition of Gene Works by Integrated DNA technologies is a classic instance.
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COVID-19 Diagnosis Demand Creating Positive Growth Influence across Oligonucleotide Synthesis Market
Expanding the adoption of PCR technologies across the research and diagnostic sector and the use of oligonucleotide synthesis in polymerase chain reaction (PCR) are expected to surge in the forecast period as PCR is a quick COVID-19 detection method. The advent of PCR has brought unprecedented changes to the COVID-19 testing scenario. It has significantly reduced the time required for results.
As reverse transcription polymerase chain reaction (RT-PCR) testing has also become the gold standard for COVID-19 testing, the oligonucleotide synthesis market expects to grow at a rapid rate. Integrated DNA Technology (IDT) has already shipped customized oligonucleotide primers and probes which will help to facilitate more accurate detection of SARS-CoV-2. Speeding up COVID-19 tests is also proving to be a growth generator for the oligonucleotide synthesis market. According to the Government of India officials, over 1 million RT-PCR tests are conducted and it plans to increase the rate of testing further.
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North America to Emerge a Leader in Terms of Growth
Geographically spread across North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe, the oligonucleotide synthesis market is expected to create ripples across North America. The prime factors for a surge in growth across the forecast period are growing application of companies applying oligonucleotides in therapeutics and a large number of COVID-19 infections across the U.S.A. The stronghold of North America over genomics, oncology, proteomics, drug discovery, and diagnostic screening is also a vital aspect for recording exponential growth throughout the forecast period.
Asia Pacific also expects substantial growth across the forecast period as the Association of Southeast Asian Nations (ASEAN). China is experiencing a boost in the demand for genetic sequencing mainly due to the rapidly aging population and expanding healthcare system. Encouraging initiatives are also assisting the growth rate of the oligonucleotide synthesis market. For instance, the Chinese Academy of Sciences launched a $9.2 bn project called Precision Medicine Initiative with an aim to sequence over 100 million human genomes by 2030.
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