North America to Contribute over 41% to the Global Oligonucleotide Synthesis Market By 2023

The global oligonucleotide synthesis market is projected to reach $2,744.5 million by 2023, growing at a CAGR of 10.5% during 2017 - 2023.

Global oligonucleotide synthesis market worth $1,368.1 million in 2016

According to the study, the global oligonucleotide synthesis market is likely to grow from $1.3 billion in 2016 to $2.7 billion by 2023. Recent technological and other advances, leading to cost effective and rapid synthesis of oligomers, increased government funding and other initiatives, have been driving the global oligonucleotide synthesis market. The market is further expected to gain revenue from increased focus on personalized medicine, offering tailored medical treatment to individual characteristics, needs and preferences of patients and rising compliance for oligonucleotide synthesis in the emerging economies.

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Insights on market segments

As per the findings of research, globally synthesized oligonucleotide is the largest product of oligonucleotide synthesis market, followed by reagents and equipment. Based on application, synthesized oligonucleotide finds largest application in research, followed by diagnostic and therapeutic.

North America stands as the largest oligonucleotide synthesis market
Geographically, North America has been the largest market for oligonucleotide synthesis market, with the U.S. being the largest contributor to the regional market. In Europe, the U.K. has been the largest region contributing to oligonucleotide synthesis market, followed by Germany and France.

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Technological advancements expected to have high impact on the oligonucleotide synthesis market

Technological advancements are the key growth drivers for this market, as oligonucleotide synthesis is technology dependent. The various technological advancements such as microchip-based oligonucleotide synthesis offer the potential to increase throughput and decrease cost of oligonucleotide synthesis. With the efficient nucleotide assembly method and enzymatic error correction, these technologies are bolstering the global oligonucleotide synthesis market.

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