Oligonucleotide synthesis is commonly used in molecular diagnostics and research activities related to genetic disorders and neurological diseases. It is also used in the development of therapeutic drugs in oncology and genetic disorders. Therapeutic oligonucleotides help in silencing particular genes by inhibiting mRNA or disrupting particular protein synthesis.
The global oligonucleotide synthesis market is estimated to be valued at US$ 4565 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for therapeutic oligonucleotides from the biopharmaceutical industry is expected to be a major driver for the oligonucleotide synthesis market over the forecast period. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the biopharmaceutical companies have invested over $83 billion in research and development in 2021 alone. This high investment highlights the growing pipeline of therapeutic drugs in major disease indications such as oncology and genetic disorders. Oligonucleotides have emerged as an important component in developing these drugs. For instance, oligonucleotides have been approved for treating spinal muscular atrophy and hepatological disease. The increase in R&D activities of biopharma companies is anticipated to propel the demand for oligonucleotide synthesis, thus fueling the market growth.
Another driver for the market is the growing prevalence of genetic disorders and various types of cancer. Genetic disorders caused due to genetic mutations are increasing worldwide. As per the National Society of Genetic Counselors, over 7,000 rare diseases have been recognized so far, out of which majority have genetic origins. Oligonucleotides are emerging as a promising therapeutics in treating these disorders. They help in modifying gene expressions and silencing abnormal RNA/DNA sequences. Given the incurable nature of these diseases, oligonucleotide therapeutics provide potential treatment options and are predicted to gain widespread adoption. This will subsequently increase the requirement for oligonucleotide synthesis services and drive the overall market growth during the forecast period.
Segment Analysis
The global oligonucleotide synthesis market is dominated by the reagents segment which holds more than 50% market share. As oligonucleotides are short fragments of nucleic acids that require reagents for their synthesis in laboratories, the demand for reagents such as phosphoramidites, purified nucleotides, and other auxiliary reagents is very high. The availability of diverse sets of reagents permit customization of oligonucleotides as per the research needs which further augment their demand compared to other segments like equipment and other consumables.
PEST Analysis
Political: Government regulations regarding the use of oligonucleotides in clinical research and diagnostics impacts the market growth. Various approving authorities approve the use of oligonucleotides after evaluating quality, efficacy and safety.
Economic: Rising healthcare spending to treat diseases along with increasing R&D investments in pharmaceutical and biotech industries drives the demand for oligonucleotides used in research and development of therapeutic drugs.
Social: Growing awareness among researchers about the applications of oligonucleotides in gene expression studies, genetic testing and forensics supports the market expansion.
Technological: Advancements in oligonucleotide synthesis technologies such as microarray, NextGen sequencing permits mass-scale production of customized oligonucleotides which fueled their demand from industries. Automation systems further optimize the synthesis process improving efficiency.
Key Takeaways
The global oligonucleotide synthesis market is expected to witness high growth supported by rising investment in pharmaceutical R&D and growing scope of oligonucleotides in diagnostics and therapeutics.
North America captured over 40% market share in 2024 led by well-established pharmaceutical industry in the region and presence of global market leaders. The Asia Pacific region is expected to witness fastest growth during the forecast period owing to expanding biopharmaceutical industry, increasing focus on personalized medicine and rising healthcare spending in countries like India and China.
Key players operating in the oligonucleotide synthesis market are Forte Research Systems, ICON plc, Merge healthcare incorporated, Bio-Optronics, DSG INC, ArisGlobal, ERT Clinical Bioclinica, Oracle Corporation, Medidata Solutions, DATATRAK International, and MedNet Solutions among others. These companies are focusing on developing new oligonucleotide products and technologies to consolidate their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it