North America Oligonucleotide Synthesis Market accounts for the most substantial market share in the world. It is likely to progress with a CAGR of 13.4% in the outlook period between 2023-2028
North America, especially the USA is the hotspot for the Covid-19 virus with infection rates surging every week. Amidst this, the economies have contracted by 25% and it has an adverse effect on every sector. However, the oligonucleotide synthesis market saw an increase in demand during this period as clinical trials for vaccines were going on, and the search for a foolproof vaccine was in full swing. A lot of investments are being made in the pharmaceutical and healthcare sectors which is likely to boost the growth of the regional oligonucleotide synthesis market.
North America is a hub for various production industries and construction, and the growth of the oligonucleotide synthesis market is primarily because of the various research and development activities taking part in North America, particularly in the nations like USA and Canada. This growth in the industry can also be attributed to the developments in the healthcare sector. Initiatives such as the vaccine for children and the prevention of HIV/AIDS have contributed a lot.Covid-19 has had a significant impact on end-users like the construction and production segments. All the activities have come to a halt. On top of this, the oligonucleotide synthesis process is very expensive. This cost ineffectiveness may likely be a factor that may hinder business growth.
Primers
Probes
Linkers
Adaptors
Custom
Reagent
Equipment
DNA
PCR
RNAi
Research
Therapeutics
Biotechnology
Pharmaceutical
Academic
The pharmaceutical segment accounted for the largest share of the Oligonucleotide Synthesis market. They also contribute to the highest revenue generated compared to other end-user segments. Oligonucleotide-based drugs have also shown promising growth in the past few years and with the development of healthcare, more investments are likely to follow in this segment. These synthetic products are also in high demand from academic and research institutes are more investments are being made in clinical trials.
North America Oligonucleotide Synthesis Market Regional Analysis:
Clinical trials in Canada for investigational therapy are likely to promote the market for oligonucleotide synthesis in the North American region.
The United States is expected to be the leader of the market in the North America area owing to its increasing investments and rising funds dedicated to manufacturing companies as well as academic and research institutes for the research and development of gene synthesis-based end products that include precision medicine and other therapeutics.
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