Oligonucleotide Synthesis Market is Ultimately Generating $2.8 Billion in Revenue by 2023

Valued at $1.5 billion in 2017, the oligonucleotide synthesis market size is predicted to progress with a 10.8% CAGR during the forecast period 2018–2023, ultimately generating $2.8 billion in revenue by 2023. By definition, oligonucleotide synthesis is the artificial creation of oligonucleotides, which are short DNA or RNA fragments.

On the basis of offering, reagents and consumables, synthesized oligonucleotides, and equipment are the three market categories. Among these, synthesized oligonucleotides held the largest revenue share (76.3%) in 2017 and is also predicted to grow the fastest during the forecast period, at an 11.1% CAGR. The increase in contract manufacturing of DNAs and RNAs is expected to escalate the demand for synthesized oligonucleotides. Similarly, when segmented by application, the oligonucleotide synthesis market can be categorized into diagnostics, research, and therapeutics.

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Among all, the research category led the market in 2017 and is expected to be the fastest growing (11.1% CAGR) category. This pays credence to the finding that of all the end users of synthetic oligonucleotides, including diagnostic laboratories, pharmaceutical and biotechnology companies, academic research institutes, and others, academic research institutes dominated the oligonucleotide synthesis market in 2017 with 40.4% revenue share. This further substantiates the fact that increasing research activities in the field is one of the key growth drivers of the market.

In addition, several new products have come in the oligonucleotide synthesis market, such as protecting amino groups, synthesizers with high throughput, and coupling reagents. Similarly, the development of the microarray technology is aiding the production of oligonucleotides for the diagnosis and treatment of diseases. Along with making the nucleotide assembly method efficient and correcting errors in synthesized enzymes, such developments are also helping in the steady progress of the market.

Now, the oligonucleotide R&D is itself being bolstered by growing government support in the form of funding and other initiatives. The U.S. government invested about $820 million in synthetic biology R&D between 2008 and 2014. Similarly, as per SynbiCITE an England-based organization, the U.K government invested over $400 million during 2009–2016 for establishing three training centers and six research institutes dedicated to synthetic biology. Thus, with favorable government attitude toward providing people with better levels of healthcare, the oligonucleotide synthesis market is predicted to continue on the path to prosperity.

Hence, it is clear that the increase in research and development in the synthetic biology field will further the market advance.