Increased Awareness of Personalized Medicine to Bolster Oligonucleotide Synthesis Market
Albany, New York, Oct. 12, 2018 (GLOBE NEWSWIRE) — According to TMR’s report, the global oligonucleotide synthesis market was estimated to be at US$1.65 bn in 2016. Rising at a CAGR of 11.20% over the forecast period, 2017 to 2025, the market’s opportunity is projected to reach US$4.18 bn by2025.
Surge in Administrative Support to Boost Growth
Several private and governmental organizations are increasingly investing in the research and development for further innovation in oligonucleotides and their manufacture. The biotech industry is witnessing an increased interest in the product, owing to the brisk and cost-efficient access to desired sequence of the oligonucleotides through the current laboratory practices in existence. As more and more effective drugs and pharmaceuticals are arriving into the market, spurred by high prevalence of chronic ailments, higher incidence rates of diseases such as cancer, etc., the demand for oligonucleotide synthesis is likely to augment in the coming years.
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Additionally, legislative reforms which enable smooth transition or acceptance of the process in the industry is expected to fuel the global oligonucleotide synthesis market over the forecast period. A great example is the 21st Century Cures Act, which aims at streamlining the approval processes in the FDA. This is expected to bolster research activities and introduction of biotechnology products and novel drugs, driving the oligonucleotide synthesis market.
Emergence of Personalized Drugs to Offer Rich Growth Opportunity
With a rise in awareness and uptake of personalized medicine over the globe, the vendors in the market in the global oligonucleotide synthesis market are slated to experience bountiful growth opportunities. Oligonucleotide synthesis is a key component in production of targeted gene therapies and personalized medicine. Customized, personalized medicine has gargantuan potential to offer treatment for several rare, chronic medical conditions. The emergence of anti-sense RNA therapeutics is another key solution leading to the rising awareness and adoption of personalized medicine.
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With growing technological innovations in the arena, patients with unusual medical conditions can be diagnosed and offered treatment with improved efficiency. This is a key trend which is anticipated to bolster the global oligonucleotide synthesis market over the coming years.
Among the product segments, the synthesized oligonucleotides hold a substantial market share on account of availability of options to customize the sequence. Geographically, North America leads the global oligonucleotide synthesis market currently, with roughly 33.3% of the global market share. Tis could be attributed to the large pool of pharmaceutical enterprise in the region, coupled with high demand for advanced drugs and medical procedures.
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The global market for oligonucleotide synthesis is prognosticated to demonstrate healthy growth in the forthcoming years, as reported by Transparency Market Research (TMR). The competitive ecosystem of the market is expected to witness intensified competition in the forthcoming years. The market comprises of several established as well as emerging market players. Market vendors are seen adopting various strategies in order to gain traction in the market, such as forming distribution partnerships, acquisitions of vendors form emerging markets, and collaboration for the development of innovative products. For instance, Integrated DNA Technologies I 2017 acquired Gene Works Pty Ltd., who are a prominent manufacturer in Australia. Other than this, vendors in the global oligonucleotide synthesis market are anticipated to expand and innovate their product portfolio, and include advances such as personalized medicine, etc., in order to capitalize on the market opportunity.
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Leading vendors operating in the global oligonucleotide synthesis market are GE Healthcare, Integrated Kaneka Eurogentec S.A., Applied Biosystems, Eurofins Genomics, and GeneDesign, Inc., among several others.
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