Market Size of Oligonucleotide Synthesis Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 3.42 Billion |
Market Size (2029) | USD 6.12 Billion |
CAGR (2024 - 2029) | 12.34 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Oligonucleotide Synthesis Market Analysis
The Oligonucleotide Synthesis Market size is estimated at USD 3.42 billion in 2024, and is expected to reach USD 6.12 billion by 2029, growing at a CAGR of 12.34% during the forecast period (2024-2029).
COVID-19 has impacted the growth of the oligonucleotide synthesis market. The increased demand for COVID-19 diagnostics has, in turn, increased the global demand for oligonucleotide raw materials that form the basis of molecular diagnostic products. In a study published in PLOS One in March 2022, it was observed that the oligonucleotides successfully targetted 5'-polyUs in the coronavirus genome. Also, developing therapeutic COVID-19 medicines employing essential mutational targets, such as the 5'-polyU tract, can lessen the production and spread of new SARS-CoV-2. Such research studies have impacted the demand and adoption for oligonucleotides in drug development, affecting the market growth during a pandemic.
Moreover, various companies are investing in oligonucleotide synthesis, which is expected to increase market growth over the forecast period. For instance, in September 2021, SpeeDx invested in local oligonucleotide manufacturing to reduce supply chain risk and develop a more vital sovereign capacity for critical diagnostics. Such developments are expected to increase the adoption of oligonucleotides in drug development which is anticipated to fuel the market growth over the forecast period.
Other significant factors include the increasing government investments and R&D expenditure in pharmaceutical and biotechnology companies and the use of synthesized oligonucleotides in molecular diagnostics and clinical applications.
There are growing government initiatives for raising funds to develop various genome projects to develop advanced therapeutics to treat multiple chronic and rare diseases. This is expected to increase the demand for oligonucleotides for drug development, boosting the market growth. For instance, in September 2022, the National Institutes of Health invested more than USD 600 million to launch the next stage of its human genome project for the brain. This funding helps to devise new ways to target therapeutics and other molecules to specific brain cell populations.
Additionally, the rising company and government initiatives to boost the development of oligonucleotide-based drug products and the adoption of oligonucleotide technology in the pharmaceutical and biotechnology industry are also expected to increase market growth. For instance, in February 2021, CPI launched a project in the Medicines Manufacturing Innovation Centre to revolutionize the manufacture of oligonucleotides. The Medicines Manufacturing Innovation Centre launched a collaboration with AstraZeneca, Exactmer, Novartis, and UK Research and Innovation to develop a scalable, sustainable, and more cost-effective medicines manufacturing process for oligonucleotides: short strands of synthetic DNA or RNA. This development enhances the production capacity and viability of this exciting new class of medicines and is expected to increase market growth over the forecast period.
Furthermore, the increasing adoption of oligonucleotides in molecular diagnostics and clinical applications contributes to market growth. For instance, in February 2022, researchers at the University of Illinois Urbana developed a new miRNA point-of-care test for cancer detection. The test uses nanoparticles to capture tumor-specific microRNAs (miRNAs) in human serum. In January 2021, Diagenode launched a new small RNA-sequencing solution, D-Plex Small RNA DNBSEQ Kit, compatible with MGI's DNBSEQ sequencers. The kit incorporates unique D-Plex technology for library preparation enabling high performance with ultralow RNA inputs and providing diverse small RNA transcript detection.
Therefore, the studied market is expected to grow over the forecast period owing to the increasing research and development initiatives and the establishment of the facilities. However, the high treatment cost of oligonucleotides and the lack of skilled professionals and research support in undeveloped countries are expected to hinder the growth of the oligonucleotide synthesis market over the forecast period.
Oligonucleotide Synthesis Industry Segmentation
Oligonucleotide synthesis is the chemical synthesis of relatively short fragments of nucleic acids with a defined chemical structure (sequence).
The Oligonucleotide Synthesis Market is Segmented by Product Type (Synthesized Oligonucleotide Products, Reagents, Equipment, and Services), Application (Research, Therapeutics, and Diagnostics), End-user (Academic Research Institutes, Pharmaceutical and Biotechnology Companies, and Hospital and Diagnostic Laboratories), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Product Type | |
Synthesized Oligonucleotide Products | |
Reagents | |
Equipment | |
Services |
By Application | |
Research | |
Diagnostics | |
Therapeutics |
By End-user | |
Academic Research Institutes | |
Pharmaceutical and Biotechnology Companies | |
Hospital and Diagnostic Laboratories |
By Geography | ||||||||
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Oligonucleotide Synthesis Market Size Summary
The oligonucleotide synthesis market is poised for significant growth, driven by increasing demand in molecular diagnostics and therapeutic applications. The COVID-19 pandemic has accelerated the adoption of oligonucleotides, particularly in diagnostics and drug development, as they play a crucial role in targeting viral genomes and developing therapeutics. This surge in demand has prompted substantial investments from companies aiming to enhance local manufacturing capabilities and reduce supply chain risks. Government initiatives and funding for genome projects further bolster the market, as they aim to develop advanced therapeutics for chronic and rare diseases. The market is also witnessing a rise in collaborations and strategic partnerships among key players to innovate and scale up oligonucleotide-based drug manufacturing processes, contributing to the overall market expansion.
North America is expected to dominate the oligonucleotide synthesis market, supported by a high prevalence of chronic diseases and robust R&D investments. The region's market growth is further fueled by the presence of major industry players and the increasing development and approval of oligonucleotide drugs. The market's competitive landscape is characterized by numerous players engaging in strategic acquisitions, partnerships, and expansions to enhance their product offerings and technological capabilities. Despite challenges such as high treatment costs and a shortage of skilled professionals in some regions, the market is anticipated to grow steadily, driven by ongoing advancements in oligonucleotide therapeutics and diagnostics.
Oligonucleotide Synthesis Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Government Investments and R&D Expenditure in Pharmaceutical and Biotechnology Companies
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1.2.2 The Use of Synthesized Oligonucleotides in Molecular Diagnostics and Clinical Applications
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1.3 Market Restraints
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1.3.1 High Treatment Cost of Oligonucleotides
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1.3.2 Lack of Skilled Professionals and Research Support in Undeveloped Countries
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Product Type
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2.1.1 Synthesized Oligonucleotide Products
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2.1.2 Reagents
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2.1.3 Equipment
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2.1.4 Services
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2.2 By Application
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2.2.1 Research
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2.2.2 Diagnostics
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2.2.3 Therapeutics
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2.3 By End-user
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2.3.1 Academic Research Institutes
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2.3.2 Pharmaceutical and Biotechnology Companies
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2.3.3 Hospital and Diagnostic Laboratories
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Oligonucleotide Synthesis Market Size FAQs
How big is the Oligonucleotide Synthesis Market?
The Oligonucleotide Synthesis Market size is expected to reach USD 3.42 billion in 2024 and grow at a CAGR of 12.34% to reach USD 6.12 billion by 2029.
What is the current Oligonucleotide Synthesis Market size?
In 2024, the Oligonucleotide Synthesis Market size is expected to reach USD 3.42 billion.