The global oligonucleotide synthesis market was estimated at a substantial USD 3.68 billion in 2023 and is poised for significant expansion, projected to grow at a compound annual growth rate (CAGR) of 13.21% from 2024 to 2030. This growth trajectory can be largely attributed to the declining costs associated with sequencing technologies, which have led to an increased demand for custom-made nucleotides. These nucleotides find a wide range of applications, spanning genetic testing, research, forensic investigations, and drug development. Additionally, the ongoing impact of the COVID-19 pandemic has further amplified the need for effective treatments, driving up the demand for oligonucleotide synthesis to support vaccine development and therapeutic interventions.

The landscape of genetic research and modification has been notably transformed by the advent of advanced techniques, such as CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) and high-throughput sequencing methods. These innovations have simplified the processes of genetic screening and genome modification, directly influencing the demand for oligonucleotide synthesis. As a result, manufacturers are increasingly investing in the development of advanced technologies aimed at producing long oligonucleotides with enhanced precision and yield. This investment is crucial in addressing the growing need for custom-designed oligos that cater to specific research and clinical requirements.

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Application Segmentation Insights

Among the various applications, the PCR (Polymerase Chain Reaction) primers segment commanded the largest market share in 2023. Primers are essential oligonucleotides in PCR, designed to be complementary to the 5’ end of the target DNA sequence. They are critical for sequencing and amplification applications. The adoption of these primers for gene sequencing experiments is on the rise, fueled by their utility in fluorescent detection and target amplification. This has led to the development of a variety of primer designs that incorporate different probe- and primer-based detection chemistries. The evolution of PCR technology has further diversified the field, giving rise to advanced methodologies such as RT-PCR (Reverse Transcription PCR), qPCR (Quantitative PCR), and digital PCR. PCR assays and panels are increasingly tailored to detect and measure gene expression accurately. As the demand for primers that align with these advanced systems continues to grow, it is expected to drive significant market expansion.

In contrast, the sequencing segment is projected to experience the highest CAGR during the forecast period. Sequencing applications are pivotal in studying the complexities of genomics and genetics, as they involve analyzing genetic material—such as DNA and RNA—to gain insights into the genetic makeup and functions of various organisms. This technology plays a vital role in identifying and tracking pathogens, particularly in the context of emerging viruses and antibiotic-resistant bacteria. Oligonucleotide-based assays are crucial for rapid and precise pathogen detection, which is essential for public health responses. Moreover, advancements in sequencing technologies and bioinformatics tools are enhancing the capabilities of genetic analysis. A notable example of this trend is QIAGEN’s acquisition of Verogen in January 2023, a company specializing in next-generation sequencing (NGS) technologies, in a deal valued at USD 150 million. This strategic acquisition is aimed at integrating Verogen's innovative technologies and expertise into QIAGEN’s existing operations, further solidifying its position in the rapidly evolving market.

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