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The global oligonucleotide synthesis market is likely to witness a stiff completion among the prominent players in the upcoming years. This is due to the continuous entry of new players in the market, states a report by the Transparency Market Research on the market. Some of the predominant players of the global oligonucleotide synthesis market are Applied Biosystems, Thermo Fisher Scientific, DNA Technologies, GE Healthcare and BioAutomation,
A recently added report on global oligonucleotide synthesis market by Transparency Market Research estimates that the market is likely to attain worth of US$4.189 bn by 2025 growing at a steady CAGR of 11.2% from 2017 to 2025. Whereas the market stood at US$1.65 bn in 2016.
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On the basis of geography, the global oligonucleotide synthesis market has been classified into five prime segments, namely, Asia-Pacific, North America, Latin America, the Middle East & Africa, and Europe. Among all these region North America continuous to dominate the market in the near future. This is due to the presence of better health care infrastructure and increasing usage of oligonucleotides by pharmaceutical companies of the region. It accounts for 33.3 percent of total regional market share. Whereas on the basis of end user, research institutes segment holds maximum potential for the global oligonucleotide synthesis market.
Rising Applications of Synthesized Oligonucleotides in Research and Diagnostic to Rise Demand
The global oligonucleotides synthesis market has been on a sustained growth trajectory on account of the rapidly growing biotechnology and life sciences sectors. The increased usage of oligonucleotides in research and diagnostic fields propel growth of the global oligonucleotides synthesis market. On the basis of type, synthesis oligonucleotides segment is expected to register growth in the near future due high preference of pharmaceutical, biotechnology and research and diagnostic companies.
The ready to use and customization ability of the synthesis oligonucleotide is one factor which boost growth of the global oligonucleotide synthesis market. The increased demand in the segment has significantly increased the global oligonucleotides synthesis market..
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Significant Rise in Pharmaceutical Industry buoy growth
North America accounts for nearly one third of total market share of the global oligonucleotide synthesis market. Several factor which increased the consumption of oligonucleotide synthesis in the region are high prevalence of genetic diseases, increased research and development activity and presence of prominent players. Further, continuous emergence of new players in the region is making completion stiff, which is favorable for the growth of the global oligonucleotide synthesis market.
The market of global oligonucleotide synthesis market has heated up competition. Small players of the market are adopting new growth strategy like cutting down prices to draw customer attention. This has increased pressure on the other prominent players of the market to cut down the price. While prominent players are focusing towards the niche area of oligonucleotide to increase their market share.