NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global oligonucleotide synthesis market is expected to reach $2.8 billion by 2023, the market is mainly driven by advancements in oligonucleotide synthesis technologies, favorable government regulations, growing research activities in synthetic biology, and rising prevalence of cancer and infectious diseases.
Based on offering, the oligonucleotide synthesis market is classified into synthesized oligonucleotides, reagents and consumables, and equipment. During the historical period, synthesized oligonucleotides held the largest share in the market, accounting for 76.3% in 2017.
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Based on application, the oligonucleotide synthesis market is categorized into research, diagnostics, and therapeutics. Of these, the fastest growth in the market during the forecast period is expected from research applications, with a CAGR of 11.1%.
On the basis of end user, the market is categorized into academic research institutes, diagnostic laboratories, pharmaceutical and biotechnology companies, and others. Others primarily include food and beverage companies and forensic laboratories. Academic research institutes are expected to continue holding the largest share in the oligonucleotide synthesis market in the coming years. They accounted for 40.4% share in the market in 2017.
Geographically, North America held the largest share in oligonucleotide synthesis, with 39.1% contribution in 2017. This can be attributed to technological advancements, favorable government regulations, and high incidence of infectious diseases in the region.
Rising geriatric population is also driving the growth of the oligonucleotide synthesis market in APAC. According to the UN publication World Population Ageing 2017, more than 962 million people were aged 60 years or above in 2017, globally, which is more than double the number of the people aged 60 years or above in 1980 (382 million). By 2050, this population is expected to double, to reach 2.1 billion.
According to the UN publication, the number of the Japanese aged 80 years or above was 9 million in 2013, and it is expected to reach 17 million by 2050. In addition, 23.2% of Japanese population aged over 60 years in 2000, and it is expected to reach 35% by 2025.
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In March 2018, Thermo Fisher Scientific Inc. (Thermo Fisher), acquired IntegenX Inc., a provider of rapid DNA platforms for use in forensics and law enforcement applications. IntegenX products have significantly enhanced Thermo Fisher's existing human identification (HID) portfolio and complemented its leading human identification chemistries, and qPCR and capillary electrophoresis systems.
Some of the other key players operating in the oligonucleotide synthesis industry are General Electric Company, Merck KGaA, Eurofins Scientific SE, Integrated DNA Technologies Inc., GeneDesign Inc., Trilink Biotechnologies LLC, and Kaneka Eurogentec S.A.
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