Oligonucleotide Testing Market Size To Reach $1,746.52 Million By 2024 | Hexa Research

November 22 16:50 2018

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Research Report on Oligonucleotide Testing Market Size, Share, Application Analysis, Outlook, Key Players, Research and Forecasts – 2024

22 November 2018

The global oligonucleotide testing market to reach USD 1,746.52 million by 2024, owing to the increasing research and development activities in the field of oligonucleotide. For instance, nowadays, multifunctional oligonucleotide based aptamer molecules are widely studied biomedical class among scientists across the globe. Due to its unique chemistry and potential advantages compared to currently available drugs (i.e. antibodies), aptamer became one of the most budding market for the future period.

With the rising concept of oligonucleotide as diagnostic, research and therapeutic agent, it is noticed that companies investigating the potential of oligonucleotide is going up. Number of small companies or start-ups entering the market is continuously increasing due to its potential advantages. Over the past few years, there has been explosive growth in number of research article published in the area of oligonucleotide and its products. According to the open access journal Multidisciplinary Digital Publishing Institute (MDPI AG), in 1995, there were not more than 200 research articles on aptamers. Compare to this, now it is around 1800 research literatures published by scientist on aptamer assays or therapeutics. This number indicates that companies focusing on the oligonucleotide drugs is rising every year. This fact would in turn cause a surge in demand for oligonucleotide testing services, augmenting growth. However, strict regulatory framework is anticipated to hamper the market expansion to some extent.

Types segment is categorized into Instrument, Software, and Services. Among which, instrument segment captured the largest share of the total market. Introduction of technological advanced chromatographic columns coupled with increasing demand for oligonucleotide synthesis drive the segment growth. Instrument segment is further divided into liquid chromatography, mass chromatography and capillary electrophoresis. In terms of application, the market is segmented as research and commercial. Research segment capture the largest share owing to the strong product pipeline.

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In 2016, North America dominated the market contributing a share of more than 40% in the revenue generated worldwide. The primary reason being the high growth of this region, particularly in the U.S. is the rising research and development activities on oligonucleotides. Asia pacific region was estimated to be the fastest growing region in the global market and is anticipated to grow at a CAGR of about 10.8% by 2024. The growing need for effective therapeutics, rising awareness level, coupled with the favorable government initiatives are expected to drive growth in this region.

Currently there are very less approved oligonucleotide drugs namely fomivirsen (Vitravene), pegaptanib (Macugen), and mipomersen (Kynamro). Of which mipomersen and fomivirsen acti through RNase H mediated cleavage of targeted RNA. These drugs were developed by Ionis Pharmaceuticals. As the number of drugs available in the market are less, the oligonucleotide pipeline is strong and is expected to show positive response over the projection period.

Technological advances in development of oligonucleotide products has been one of the major market driver. Oligonucleotide synthesis has undergone tremendous changes which has resulted in rapid synthesis and cost-effective techniques of oligomer synthesis. Improvement of synthesis methods which include high throughput synthesizers, better coupling reagents and new sets of protective amino groups has drastically changed the nucleotide synthesis chemistry. With rapid development in oligonucleotide synthesis, the testing market is also expected to show lucrative growth. The major players are focusing on quality, service and innovation and adopting strategies such as product portfolio expansion, capacity expansions, and development of new facilities to gain market share.

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