Molecular Diagnostics Market To Reach USD 16.16 Billion By 2028 | Top Key Players Hoffmann-La Roche, Ltd, BD, bioMérieux SA, Bio-Rad Laboratories, Inc

September 23 19:14 2021
Molecular Diagnostics Market To Reach USD 16.16 Billion By 2028 | Top Key Players Hoffmann-La Roche, Ltd, BD, bioMérieux SA, Bio-Rad Laboratories, Inc
Technological advancements in molecular testing techniques and increasing prevalence of different types of cancer and neurological disorders are key factors fueling global market growth

The global oligonucleotide synthesis market size is expected to reach USD 19.64 Billion by 2028 and register a CAGR of 17.9%, according to the latest report by Reports and Data. Key factors such as advancements in healthcare and biotechnology sectors, rising government funding, and expansion of manufacturing unit owing to increasing demand for oligonucleotides are driving global market revenue growth. 

Oligonucleotide synthesis is a chemical synthesis process of short nucleic acid fragments, widely used in various laboratory procedures to develop customized oligonucleotides of desired sequence. Synthetic oligonucleotides are also used in clinical settings to detect autoimmune antibodies. Advancements in synthesis techniques, increasing cases of various neurological and infectious diseases, and rising demand for oligonucleotides in various application settings such as research, drug discovery, synthetic biology, and diagnosis is boosting global market growth. Increasing government investments for research projects in genomics and synthetic biology and rising focus on personalized medicine are also fueling global market growth. In addition, increasing investments by market players and high demand for oligonucleotide synthesis technologies by private and public firms for ongoing research is further fueling market growth. 

However, unavailability of sufficient funding in research and development sector especially in developing countries, and complexities related to therapeutic oligos are key restraints expected to hamper global market growth in the coming years.   

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Some key highlights in the report:

  • The reagents & consumables segment is expected to account for significant revenue growth over the forecast period. High demand for various reagents for each step during synthesis is boosting segment revenue growth. 
  • Among the application segments, the therapeutic segment is expected to register highest CAGR between 2021 and 2028. High revenue growth is attributable to growing adoption of oligonucleotides as therapeutic drugs to treat various infectious and rare genetic disorders. 
  • The hospital segment is expected to account for robust revenue growth throughout the forecast period owing to increasing demand for oligonucleotide drugs to treat various infectious, neurological, and rare genetic diseases along with rise in the number of inpatients and outpatient visits.
  • North America accounted for largest market share in terms of revenue in 2020 and is expected to continue dominating other regional markets throughout the forecast period. Factors such as high use of oligonucleotides, well-developed healthcare infrastructure, rapid advancements in genomics, & diagnostic screening, and high investments in research and development activities are fueling market revenue growth. 
  • Asia Pacific is expected to register fastest CAGR of 14.8% over the forecast period owing to increasing government funding for research, growing adoption of therapeutics, and rising awareness about various oligonucleotide synthesis applications. 
  • Agilent Technologies, Inc, ATDBio Ltd., Bio-Synthesis, Inc., BioAutomation Corporation, Thermo Fischer, Scientific, Merck KGaA, LGC Biosearch Technologies, Biogen International, Sarepta Therapeutics, Eurofins Genomics, Eurogentec, GeneDesign, Inc., GE Healthcare, and GenScript, Inc. are leading players operating in the oligonucleotide synthesis market. 

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For this study, Reports and Data has segmented the global oligonucleotide synthesis market based on product, application, end-use, and region:

Product Outlook (Revenue, USD Billion, 2018 – 2028)

  • Reagents & Consumables
  • Equipment
  • Synthesized oligonucleotides
    • DNA oligonucleotides
    • RNA oligonucleotides
  • Others

Application Outlook (Revenue, USD Billion, 2018 – 2028)

  • Research 
    • Polymerase Chain Reaction (PCR)
    • Sequencing 
    • Others
  • Therapeutics
    • Antisense Oligonucleotides 
    • Nucleic Acid Aptamers 
  • Diagnostics

End-Use Outlook (Revenue, USD Billion, 2018 – 2028)

  • Academic Research Institutes
  • Diagnostic Laboratories 
  • Pharmaceutical and Biotechnology Companies 
  • Hospitals 
  • CROs and CMOs

Country-wise regional analysis covers:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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