The global oligonucleotide synthesis market is expected to reach USD 2.46 billion by 2022 from USD 1.47 billion in 2017 at a CAGR of 10.9%. The growth of this market is mainly driven by the increasing research activities in the pharma and biotech sectors and the rising demand for innovative diagnostic and therapeutic techniques. The increasing R&D expenditure by pharmaceutical and biotechnology companies, rising demand for synthesized oligonucleotides, rising venture capital investments, growing awareness through conferences, and increasing demand for synthetic genes are the key drivers for the global oligonucleotide synthesis market.
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The oligonucleotide synthesis market is segmented on the basis of product, application, end user, and region. By product, the market is segmented into synthesized oligonucleotides, reagents, and equipment. In 2017, synthesized oligonucleotides are estimated to account for the largest share of the market, followed by reagents. The growth of the synthesized oligonucleotides segment is attributed to the increasing number of applications of synthesized oligonucleotides in research, diagnostics, and therapeutics.
The synthesized oligonucleotides services market is segmented into custom oligos and pre-designed oligos. Custom oligos are expected to dominate the market in 2017. It is also expected to register the highest growth rate during the forecast period. The growth of this segment is attributed to factors such as the increasing number of clinical and preclinical research studies evolving applications in molecular biology and emerging therapeutic and diagnostic applications.
Based on application, the market is segmented into research, diagnostics, and therapeutics. The research segment is estimated to hold the largest share of the oligonucleotide synthesis market in 2017. The diagnostics segment is expected to register the highest CAGR during the forecast period. The rapid growth in the field of molecular diagnostics is a key driver for this segment.
Based on end user, the market is segmented into academic research institutes, pharmaceutical and biotechnology companies, diagnostic laboratories, and other end users. The academic research institutes segment is expected to dominate this market in 2017. The diagnostic laboratories segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the rising diagnostic applications of oligonucleotides and the growing field of molecular diagnostics.
Among the four regional segments covered in the oligonucleotide synthesis market—North America, Europe, Asia Pacific, and the Rest of the World (RoW), Asia Pacific is expected to grow at the highest CAGR during the forecast period. This can be attributed to factors such as the growing availability of synthesized oligos, along with an increase in R&D funding and activities in the APAC region. The increasing focus of prominent players on APAC is also supporting market growth in the region.
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