The global gene synthesis market is poised for remarkable growth, with expectations to grow at a sturdy rate of 19.2% during the forecast period. In 2023, the market valuation is anticipated to reach approximately USD 779.4 million, with projections indicating that it will exceed USD 4.5 billion by 2033.
This accelerated growth in the gene synthesis market is driven by increasing applications in various fields such as biotechnology, pharmaceuticals, and synthetic biology. The ability to rapidly and accurately synthesize genes is becoming increasingly crucial for advancements in personalized medicine, genetic engineering, and various research initiatives.
Key factors contributing to the anticipated growth of the gene synthesis market include:
- Rising Demand for Custom Genes: The growing need for tailored gene synthesis solutions in research and development, particularly in drug discovery and development, is driving market expansion.
- Advancements in Technology: Continuous technological innovations in gene synthesis techniques are enhancing accuracy, efficiency, and speed, making them more accessible to researchers and companies.
- Increased Investment in Biotechnology: Significant investments in biotechnology and pharmaceutical sectors are fostering research and development activities, further fueling the demand for gene synthesis services.
- Applications in Synthetic Biology: The expanding applications of gene synthesis in synthetic biology, including the development of biofuels, bio-based products, and gene editing technologies, are expected to drive market growth.
As the gene synthesis market continues to evolve, stakeholders are encouraged to invest in innovative solutions and research initiatives to meet the growing demand for advanced genetic technologies.
Comparison between the Historical CAGR (2017 to 2022) with the Projected CAGR
The rapid development of biotechnology, and in particular the processing of gene data, has created new research opportunities. The use of gene synthesis is anticipated to increase as a result of scientists’ intensive study of DNA sequences to understand the evolution of humans.
The present research projects that focus on extending human life span also employ this technique. The market has seen strong growth with such significant growth. However, because of the lockdown and supply chain disruption, the market may experience a slight decline. The market’s historical CAGR was 19.9%, whereas the projected CAGR is 19.2%.
Key Growth Drivers
- Strong activity taking place in the emerging field of synthetic biology plays a major role in the growth of market.
- Widespread use of gene synthesis services for multiple drug development applications to add to the global footprint of players.
- Extensive use of molecular applications for higher service quality and customer loyalty is a major factor contributing to market growth.
- The development of genomic based studies for noble therapeutic applications will drive adoption.
Key Impediments
The gene synthesis market is facing increasing challenges owing to price reductions, and tech restraints associated with the highly competitive market landscape.
Competition Structure Analysis – Gene Synthesis Market
The competition landscape of gene synthesis market remains Highly consolidated. Key players are also investing in strengthening service infrastructure, to keep up with the needs of commercialization. Players are also focusing their efforts towards emerging economies including India, Mexico, and Brazil.
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Gene Synthesis Market Segmentation
By Service:
- Gene Synthesis Service (Standard Gene Service, Express Gene Service, Complex Gene Service, Custom Gene Synthesis Service)
- Gene Fragments Service
- GMP Gene Synthesis
- Others
By Application:
- Diagnostics
- Therapeutics
- Research and Development Activities
- Others
By End User:
- Academic and Research Institutes
- Biotechnology Companies
- Pharmaceutical Companies
- Contract Research Organization
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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