Oligonucleotide Synthesis Market Analysis, Share, Growth and Demand till 2023
The oligonucleotide synthesis industry is driven by factors such as recent advances in oligonucleotide synthesis, increasing support from government organizations, increasing research activities in synthetic biology, and increasing burden of cancer and infectious diseases.
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Europe is one of the key regions for oligonucleotide synthesis market. The European market for oligonucleotide synthesis is expected to reach $743.0 million by 2023. The market is witnessing significant growth, primarily due to the increasing research and development activities, advances in technology, developed infrastructure, and increased public and private funding for the development of novel therapeutics. Moreover, the increase in demand for reducing healthcare cost, high prevalence of cancer and infectious diseases, and high healthcare expenditure fuel the development of the European oligonucleotide synthesis industry. The U.K. is the largest as well as the fastest growing country in the European oligonucleotide synthesis industry. The U.K. and Germany, the second largest market in Europe, are expected to exhibit a CAGR of 10.9% and 10.8%, respectively, higher than the CAGR of 10.5% of the European oligonucleotide synthesis market.
Technological advancements have led to development of oligonucleotide synthesis products. The synthesis of oligonucleotides has gone under tremendous advancements, which leads to cost-effective and rapid synthesis of oligomers. Improvement in synthesis techniques such as development of high throughput synthesizers, new sets of protecting amino groups and better coupling reagents has revolutionized the chemistry for oligonucleotide synthesis. Moreover, development of microarray technology has supported the oligonucleotide therapeutic and diagnostic product development. Large number of conjugates with a biological and biological ligand have been researched, which led to advances in oligonucleotide synthesis. The advances in technology for microchip-based oligonucleotide synthesis offer the potential to increase throughput and decrease cost of oligonucleotide synthesis. Along with efficient nucleotide assembly method and enzymatic error correction, these technologies are bolstering the oligonucleotide synthesis market.
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Some of the key players in the oligonucleotide synthesis market include LGC Biosearch Technologies, Inc., Bioautomation Corporation, Integrated DNA Technologies, Inc., GeneDesign, Inc., Trilink Biotechnologies LLC, Merck KGaA, Eurofins Scientific SE, Thermo Fisher Scientific Inc., General Electric Company and Eurogentec S.A.
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