As per the reports released by the team of Market Research Future (MRFR), the global oligonucleotide synthesis market is expected to grow significantly in the coming years. The market is projected to attain a compound annual growth rate of around 10.3% during the forecast period between 2016 and 2022. The report further identifies and highlights the various factors of growth, segmentations, and key players of the market to elucidate the overall potential that it holds in the forthcoming years of the forecast period.
The major factors identified as the positive drivers of the market are rising investment by the government for the research and development of genomic technologies, high rate of demand for innovation in the field of life science and medical academics, rapid-paced advancements in the healthcare sector, and increasing demand for oligonucleotide synthesis technologies by both public and private research firms. Moreover, an increasing number of applications of oligonucleotide synthesis in genetic testing, therapeutics, gene synthesis, diagnostic, research, library preparation, drug target screening, and others is further strengthening the growth of the global market.
The global oligonucleotide synthesis market segmentation is done on the basis of application, product type, and end-users.
By application, the market includes drug target screening, library preparation, genetic testing, therapeutics, diagnostic, gene synthesis, research, and others. The Drug target screening segment holds the largest share due to the massive traction it receives from the pharmaceutical sector.
By end-users, the market includes diagnostic laboratories, academic research institutes, and pharmaceutical & biotechnology companies. Diagnostic laboratories segment is calculated to record massive growth during the forecast period.
By product type, the market includes reagents, synthesized oligonucleotides, and equipment. The synthesized oligonucleotides segment boasts an impressive hold over the global market..
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Region-specific segmentation of the market includes North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America has the largest market for oligonucleotide synthesis. The region invests in research and development substantially, and it has a superlative infrastructure in biotechnology sector which is triggering further market growth. In addition, the healthcare sector, with an eye searching constantly for new treatments for chronic diseases such as cancer and diabetes, is taking the market forward. Governments and private investors are also funding researches as they are equally eager to get positive results.
Europe is also fetching in substantial revenue as the region has almost similar kind of ambiance like North America for advanced researches. And its position has further been solidified by the presence of big league market players. The APAC region is showing lots of promises as emerging economies such as India and China are investing heavily in biotechnological researches and developments which is directly expanding the scope for oligonucleotide synthesis market growth. Governments in this region are also supporting the market considerably by approving funds.
Prominent players functioning in the oligonucleotide synthesis market, as described by MRFR, are GE Healthcare (U.S.), Integrated DNA Technologies, Inc (U.S), Eurogentec S.A (Belgium), Sigma-Aldrich Corporation (U.S.), Bioautomation Corporation (U.S.), Agilent Technologies Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Eurofins Genomics (Germany), L.G.C Biosearch Technologies (U.S.), Nitto Denko Avecia Inc. (Japan), and others.
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