Global Gene Synthesis Market Expected to Surge Ahead at a 18.4% CAGR in the 2022-2031 Period Due to Government Support for Developing Novel Therapeutics [260-Pages] | Disclosed by Research Dive
The global gene synthesis market is expected to grow primarily due to the growing demand for personalized medicine and therapeutics. Solid phase synthesis sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK , March 23, 2023 /PRNewswire/ -- Global Gene Synthesis Market Forecast Analysis:
As per the report published by Research Dive, the global gene synthesis market is expected to register a revenue of $5,984,016.7 thousand by 2031 at a CAGR of 18.4% during the 2022-2031 period.
Segments of the Gene Synthesis Market
The report has divided the market into the following segments:
Method: solid phase synthesis, PCR based enzyme synthesis, and CHIP based DNA synthesis
End User: academic and research institutes, biotech and pharmaceutical companies, diagnostic laboratories and other
Region: North America, Europe, Asia-Pacific, and LAMEA
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Solid Phase Synthesis – Most dominant market share in 2021
The ability of solid phase synthesis to produce artificial genes having greater accuracy rate is expected to push the growth of this sub-segment further.
Academic and Research Institutes – Most profitable in 2021
Government support to academic and research institutes to develop novel therapeutics using gene synthesis techniques is predicted to augment the growth rate of the sub-segment.
North America – Most lucrative by 2031
The growing prevalence of chronic diseases and increased use of gene therapy are predicted to be the main factors to propel the market in the forecast period.
Dynamics of the Global Gene Synthesis Market
Growing demand for personalized medicine and therapeutics for treatment of different chronic diseases is expected to become the primary growth driver of the gene synthesis market in the forecast period. Additionally, increased government funding and support for genomics is predicted to propel the market forward. However, according to market analysts, high cost of gene synthesis might become a restraint in the growth of the market.
Increasing prevalence of chronic diseases across the globe is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, scientific advancements in research and development field in biotechnology and pharmaceutical sector are expected to propel the growth of the market forward in the coming period.
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COVID-19 Impact on the Global Gene Synthesis Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The gene synthesis market faced a somewhat moderate impact of the pandemic. Initially, the disruptions in global supply chains resulted in the decline in the growth rate of the market. However, as the development of vaccines started, the demand for gene synthesis grew which helped the market regain its lost ground.
Key Players of the Gene Synthesis Market
The major players of the market include
Genscript Biotech Corporation
Twist Bioscience Corporation
Thermo Fisher Scientific, Inc.
ProMab Biotechnologies, Inc.
Brooks Automation, Inc.
OriGene Technologies, Inc.
Boster Biological Technology
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in January 2022, Univercells, a biotechnology company based in Belgium, announced the acquisition of Synhelix, a biotech company engaging in DNA synthesis. This acquisition is predicted to help Univercells to increase its footprint in the global market in the near future.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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More about Gene Synthesis Market:
The Future of Drug Development: Exploring the Role of Gene Synthesis
What Makes Gene Synthesis a Better Process of Developing Artificial Genes Compared to Traditional Molecular Cloning?
Gene Synthesis Market to Observe Significant Growth by 2031 Due to Strategic Partnerships and Technological Advancements by Market Players, such as Raaka, Cargill, and Others
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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