The chemical synthesis of fairly short segments of nucleic acids with known chemical structure (sequence) is known as oligonucleotide synthesis. The technology is particularly valuable in modern laboratory activities since it allows quick and low-cost access to customized oligonucleotides of the appropriate sequence. It is also beneficial for molecular diagnostics in a variety of disorders, including the identification of infectious illnesses, including SARS-COV2 and hepatitis, as well as the detection of cancer.
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Over the last few years, advances in genomics research have led to a significant drop in the price of genome sequencing. NGS technology has drastically lowered the price and enhanced the pace of DNA sequencing. As per the NHGRI (National Human Genome Research Institute), the price of sequencing a human genome has dropped significantly from around USD 4.5 million in 2009 to below USD 1,000 in 2016.
Sequencing is rapidly being utilized in genomics research not just to build genomes and examine the genetic basis of human disorders but also to comprehend the intricate aspects of oncology, infectious diseases, and reproductive medicine. As a result, the fast-declining cost of sequencing is likely to stimulate research activity, boosting the demand for oligonucleotide synthesis items and technologies over the projection period. Such factors are expected to propel the global oligonucleotide synthesis market.
The global oligonucleotide synthesis market is projected to exhibit a CAGR of 9.5% from 2019 to 2027 (forecast period).
Oligonucleotide Synthesis Market Witnessed Massive Growth Amid COVID-19 Pandemic
The outbreak of COVID-19 had a positive impact on the sales of oligonucleotide synthesis market. The increase in demand for oligo products to treat COVID-19 patients boosted the growth of the global oligonucleotide synthesis market. The COVID-19 pandemic has impacted operations in the healthcare sector all over the world. Nonetheless, there has been a positive impact and growth in demand for several medical services that use oligonucleotide products.
Oligo products are primarily utilized to improve vaccines, diagnostic kits, and therapies for the new coronavirus infection. Furthermore, with the rise in COVID-19 cases, new generations of oligonucleotide medications, including DNA and mRNA vaccines, were developed. TriLink BioTechnologies, for example, formed a deal with Imperial College London in April 2020 for the production of self-amplifying RNA (saRNA) and also introduced prepared cocktail mixes such as the SARS-CoV-2 N1 Oligo Mix for COVID-19 research. Such factors propelled the growth of the global oligonucleotide synthesis market amid the COVID-19 pandemic.
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Asia Pacific to Spearhead Oligonucleotide Synthesis Market
Asia Pacific is projected to experience significant growth in the global oligonucleotide synthesis market during the forecast period due to continuously developing healthcare facilities, economic growth, and increased government backing and investment. Furthermore, a rise in the incidence of chronic conditions such as cancer, COVID-19, cardiovascular disease, and others, as well as a strong government investment in improving people’s health, is expected to boost the oligonucleotide synthesis market in Asia Pacific.
For example, the DBT (Department of Biotechnology) launched the “Genome India Project” (GIP) in January 2020. The project’s objective is to obtain 10,000 genetic samples from Indian citizens in order to create a reference genome. Rare genetic conditions, precision health, and translational research are some of the project’s major topics.
Furthermore, key competitors in this expanding region are likely to provide revenue-generation opportunities in oligonucleotide synthesis market. For example, in 2020, IDT (US) established IDT China as a formal business organization in China to help support its regional customers, reach out to prospective customers, and offer easy accessibility to its entire portfolio of market-leading items such as custom RNA and DNA oligos, primers, and probes.