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North America is expected to dominate the Phosphoramidite market over the next five years

North America is expected to dominate the Phosphoramidite market over the next five years

The Phosphoramidite Market size is estimated at USD 1.13 billion in 2024 and is expected to reach USD 1.79 billion by 2029, growing at a CAGR of 6.42% in the next five years.

The factors responsible for the growth of the phosphoramidite market include increasing synthetic nucleotide applications in therapeutics, growth in synthetic biology, and therapeutics for different chronic diseases. Also, governments of various nations have been providing research support for synthetic biology because of its extensive applications. 

Furthermore, increasing product launches and approvals are expected to increase the demand for phosphoramidite synthesis, propelling the market growth. 

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The increasing use of next-generation sequencing technology in several applications, such as biomarker discovery, oncology studies, and personalized medicine, is the key factor driving the market growth. For instance, the fast emergence of next-generation sequencing technology has revolutionized the field of genomics and medical diagnosis and has changed the traditional model of a gene-by-gene approach to syndrome-based panel sequencing, diagnostic exome sequencing (DES), and diagnostic genome sequencing (DGS). According to the Centers for Disease Control and Prevention (CDC), in 2021, it is projected that more than 60 million people will have their genomes sequenced by 2025 worldwide as countries have taken the initiative to sequence large populations.

Moreover, various companies are developing different ways to utilize phosphoramidite for oligonucleotide synthesis, which are expected to increase their adoption in the pharmaceutical and biotechnology industry.

The increasing number of investments by the government, advancements in research and development about NGS, and the growing prevalence of target diseases are expected to drive market growth in North America. The rising funding by research institutes, companies, and universities for next-generation sequencing is contributing to the growth of the market in the region. For instance, in August 2022, the Department of Health and Human Services announced funding for innovative research and study of structural birth defects with the use of human translational/clinical approaches (genomics, metabolomics, proteomics, etc.) and animal models.