Oligonucleotide Synthesis Market Outlook, 2030
The global oligonucleotide synthesis market size was valued at USD 5.198 Billion in 2020, and is projected to reach USD 26.09 Billion by 2030, registering a CAGR of 17.10% from 2021 to 2030. Rise in government support for synthetic biology and genome projects and robust research is a major factor that drives the growth of the oligonucleotide synthesis market. In addition, R&D expenditure in pharmaceutical and biotechnology companies to produce oligonucleotide products with increased therapeutic potential and less side effects further fuels the growth of the market.
Oligonucleotide synthesis is the chemical synthesis of relatively short fragments of nucleic acids with defined chemical structure (sequence). The technique is extremely useful in current laboratory practice because it provides a rapid and inexpensive access to custom-made oligonucleotides of the desired sequence. It is also useful for carrying out the molecular diagnosis in several diseases, including detection of infectious diseases, such as hepatitis, SARS-COV2 as well as for diagnosis of cancer.
Growing applications of synthesized oligonucleotides in molecular diagnostics & clinical applications as well as rise in demand for high end customized oligos and upgradation in purification of synthetic oligonucleotide also boost the growth of the oligonucleotide synthesis market. On the contrary, the market for oligonucleotide synthesis may be hindered by the complexities associated with therapeutic oligos and challenging delivery of oligonucleotide drugs to specific targets. However, growth opportunities in emerging economies and rise in focus on personalized medicine are anticipated to create lucrative opportunity to the market.
The outbreak of COVID-19 has disrupted workflows in the healthcare sector across the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of healthcare. However, there has also been a positive effect and surge in demand for various medical services, including oligonucleotide products. Oligo products are required for developing test kits, treatments, and vaccines that target the infection caused by the novel Coronavirus. Moreover, with the increase in cases of coronavirus disease (COVID-19) and the urgency for a potential treatment, new generations of oligonucleotide drugs, including mRNA and DNA vaccines, are currently under development. For instance, in June 2020, Bio-Synthesis Inc. (US) delivered ready-to-use cocktail mixes such as the SARS-CoV-2 N1 Oligo Mix, the SARS-CoV-2 N2 Oligo Mix, and the Human RNase P (RP) Oligo Mix for COVID-19 research. Furthermore, in April 2020, TriLink BioTechnologies (a part of Maravai Lifesciences) (US) entered into a partnership with Imperial College London (UK) for the manufacturing of self-amplifying RNA (saRNA) for COVID-19 vaccine development. Moreover, during the COVID-19 pandemic, Biolegio B.V. (Netherlands) rapidly scaled up production capabilities to deliver primers and probes for RT-qPCR testing of the Coronavirus and have been supplying laboratories and customers sufficient primer and probe sets to perform millions of tests.
Oligonucleotide Synthesis Market Segments Overview
The global oligonucleotide synthesis market is segmented on the basis of product, application, end user, and region. On the basis of product, the market is categorized into oligonucleotide-based drugs, synthesized oligonucleotides, reagents, and equipment. By application, it is classified into therapeutic applications, research applications, and diagnostic applications. On the basis of end user, it is classified into hospitals, pharmaceutical & biotechnology companies, diagnostic laboratories, CROs and CMOs, academic research institutes. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on product, the oligonucleotide synthesis market is segmented into oligonucleotide-based drugs, synthesized oligonucleotides, reagents, and equipment. The intramuscular segment dominates the global market in 2020, and is anticipated to continue this trend during the forecast period. The factor that drives the growth of this segment include increase in number of FDA-approved drugs and a rich clinical pipeline of oligonucleotide-based drugs.
Oligonucleotide-based drugs segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
On the basis of application, the oligonucleotide synthesis market is segmented into research applications and diagnostic applications. Therapeutic application segment is expected to account for the largest revenue during forecast period, owing to increase in research of therapeutic application.
On the basis of end user, it is classified into hospitals, pharmaceutical & biotechnology companies, diagnostic laboratories, CROs and CMOs, academic research institutes. Hospital segment dominated the global oligonucleotide synthesis market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to significant number of inpatient & outpatient visits in hospitals and the high requirement of oligonucleotide drugs to cater to the growing demand of patients suffering from rare diseases, neurological disorders, and infectious diseases.
Therapeutic Application segment is projected as one of the most lucrative segment.
Asia-Pacific is expected to exhibit the fastest market growth during the forecast period, owing to constantly expanding healthcare infrastructure, economic development, increase in government support and investment. In addition, upsurge in cases of chronic disorders such as COVID-19, coronary disease, cancer, and others and increase in government support and investment for improving the health of people, accelerates the growth of market.
North America is expected to experience growth at the highest rate, registering a CAGR of 16.00 % during the forecast period.
In January 2020, the Department of Biotechnology (DBT) initiated the “Genome India Project” (GIP). The project aims to collect 10,000 genetic samples from citizens across India to build a reference genome. Some focus areas of this project are precision health, rare genetic disorders, mutation spectrum of genetic & complex diseases in the Indian population, genetic epidemiology of multifactorial lifestyle diseases, and translational research. Moreover, key players in this emerging region create a lucrative opportunity for oligonucleotide synthesis market. For instance, in 2020, IDT (US) opened IDT China, an official business entity in China to better serve its customer base in the region, to reach out to new customers, and provide easier access to its complete portfolio of industry-leading products, including custom DNA and RNA oligos, probes, and primers.
The key market players profiled in the report include Alnylam Pharmaceuticals, Inc., Biogen Inc., Danaher Corporation, Eurofins Scientific, Ionis Pharmaceuticals, Inc., Kaneka Corporation, LGC Limited, Merck KGAA, Sarepta Therapeutics, Inc., Thermo Fisher Scientific, Inc.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global oligonucleotide synthesis market along with the current trends and future estimations to explain the imminent investment pockets.
- A comprehensive analysis of the factors that drive and restrict the oligonucleotide synthesis market growth is provided in the report.
- Comprehensive quantitative analysis of the industry from 2020 to 2028 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the key segments of the industry helps understand the application and products of oligonucleotide synthesis used across the globe.
- Key market players and their strategies have been analyzed to understand the competitive outlook of the market.
Oligonucleotide Synthesis Market Report Highlights
By END USER
Key Market Players
SAREPTA THERAPEUTICS, INC., ALNYLAM PHARMACEUTICALS, INC., DANAHER CORPORATION, CINVEN, EUROFINS SCIENTIFIC, KANEKA CORPORATION, IONIS PHARMACEUTICALS, INC., THERMO FISHER SCIENTIFIC, INC., BIOGEN LIMITED, MERCK KGAA
Chemical synthesis of short fragment of nucleic acids is defined as oligonucleotide synthesis. The technique is extremely useful in current laboratory practice because it provides a rapid and inexpensive access to custom-made oligonucleotides of the desired sequence. Oligonucleotides provides many applications such as DNA sequencing, synthesis of artificial genes, and diagnosis of many diseases associated with genetic mutation.
Increase in government investments and R&D expenditure in pharmaceutical and biotechnology companies, surge in usage of synthesized oligonucleotides in molecular diagnostics & clinical applications, and rise in the demand for high-end customized oligos and upgradation in purification are some factors that drive the growth of the market. Moreover, growth opportunities in emerging economies and rise in focus on personalized medicines create a lucrative opportunity for the market. However, complexities associated with therapeutic oligos and complication in delivery of oligonucleotide drugs to specific targets restrain the growth of the market.
Oligonucleotide-based drug is expected to remain dominant during the forecast period, owing to increase in number of FDA-approved drugs and a rich clinical pipeline of oligonucleotide-based drugs. Moreover, North America is expected to offer lucrative opportunities to the key players during the forecast period, due to growing R&D in life sciences, increase in focus on improving the safety & quality of healthcare, growth in demand for high-quality research tools for data reproducibility, and increase in focus on developing personalized therapeutics.