Oligonucleotide Synthesis Market | Global Industry Size, Share and Forecast Report 2023

The oligonucleotide synthesis market is growing due to favorable government policies, increasing prevalence of infectious diseases and cancer, advancements in synthesis technology, and ongoing research in synthetic biology. Valued at $1.5 billion in 2017, the domain is predicted to progress with a 10.8% CAGR during the forecast period 2018–2023, ultimately generating $2.8 billion in revenue by 2023. By definition, oligonucleotide synthesis is the artificial creation of oligonucleotides, which are short DNA or RNA fragments.

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Among all, the research category led the market in 2017 and is expected to be the fastest growing (11.1% CAGR) category. This pays credence to the finding that of all the end users of synthetic oligonucleotides, including diagnostic laboratories, pharmaceutical and biotechnology companies, academic research institutes, and others, academic research institutes dominated the oligonucleotide synthesis market in 2017 with 40.4% revenue share. This further substantiates the fact that increasing research activities in the field is one of the key growth drivers of the market.

Over the years, the number of private and public organizations involved in synthetic biology research has grown significantly. Woodrow Wilson International Center for Scholars (Wilson Center), in a 2013 article, reported that the number of companies carrying out research in the field grew from 230 in 2009 to 503 by 2013. Such activities have paved the way for the development of small chemotherapeutic molecules and advanced biopharmaceuticals. Further, developments, including microchip-aided production, are leading to cost-effective and swift manufacturing of oligonucleotides.

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Now, the oligonucleotide R&D is itself being bolstered by growing government support in the form of funding and other initiatives. The U.S. government invested about $820 million in synthetic biology R&D between 2008 and 2014. Similarly, as per SynbiCITE an England-based organization, the U.K government invested over $400 million during 2009–2016 for establishing three training centers and six research institutes dedicated to synthetic biology. Thus, with favorable government attitude toward providing people with better levels of healthcare, the oligonucleotide synthesis market is predicted to continue on the path to prosperity.

Hence, it is clear that the increase in research and development in the synthetic biology field will further the market advance.

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This release was published on openPR.