Oligonucleotide Synthesis Market Growing with Rising Cancer Burden

The most-prominent factors leading to the growth of the oligonucleotide synthesis market are the technological advancements in the field, increasing government support, rising number of research studies related to synthetic biology, and surging incidence of infections and cancer. As a result, the worth of the sales of synthesized oligonucleotides will increase from $1.5 billion in 2017 to $2.8 billion by 2023, at a 10.8% CAGR during the forecast period (2018–2023). Oligonucleotides are short chains of ribonucleic acid (RNA) and deoxyribonucleic acid (DNA), which have wide-ranging medical research and clinical applications.

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Equipment, reagents & consumables, and synthesized oligonucleotides are the categories when the market is segmented on the basis of offering. Among these, the synthesized oligonucleotides category dominated the market during 2013–2017 (historical period), and it is also expected to grow the fastest during the forecast period. Due to the rising demand for such biologics for research and clinical applications, biotechnology and biopharmaceutical companies are outsourcing their production to contract manufacturers, as this way, the bigger companies can offer a high quantity of products at a lower operational cost.

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Another strong reason for the growth of the oligonucleotide synthesis market is the rising incidence of cancer and infectious diseases. As per the World Health Organization (WHO), 9.6 million die of cancer each year, which is why the need for better diagnostic and treatment methods is rising. Similarly, presently, the world is battling the COVID-19 infection, which has shown wide-ranging complications and symptoms in people. Hence, synthesized oligonucleotides could help understand the genetics behind the varying behavior of the disease in people, which could help unearth better drugs.

Thus, with continued technological advancements, more-effective oligonucleotides would emerge, which could potentially revolutionize healthcare.

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This release was published on openPR.