New York, USA, March 09, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global gene synthesis market is anticipated to generate a revenue of $5,984,016.7 thousand and rise at a stunning CAGR of 18.4% over the estimated timeframe from 2022 to 2031.
As per our analysts, the increasing need for effective drugs and vaccines owing to the growing prevalence of infectious diseases among individuals worldwide is expected to enhance the growth of the gene synthesis market over the analysis period. Besides, scientists and researchers are continuously focusing on developing effective treatment options for diseases such as cancer and tumors which are further expected to fortify the market’s growth in the coming period. Moreover, the rising scientific advancements in the pharmaceutical industry, growing government support for genomics, and increasing demand for personalized medicine and therapies for various chronic diseases are predicted to upsurge the growth of the market over the forecast period. However, the high cost associated with gene synthesis techniques may impede the growth of the market over the estimated period.
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Segments of the Gene Synthesis Market
The report has divided the market into segments based on method, end-user, and region.
Method: Solid Phase Synthesis Sub-Segment to be Most Productive
The solid phase synthesis sub-segment generated the highest market share in 2021. The increasing demand for solid-phase synthesis to produce artificial genes with greater accuracy is expected to bolster the growth of the market sub-segment during the analysis timeframe.
End-User: Academic and Research Institutes Sub-Segment to be Most Profitable
The academic and research institutes sub-segment held the largest share of the market in 2021. Various government and academic institutions are working on the development of novel therapeutics by using numerous gene synthesis techniques to find out a better treatment for chronic diseases which is expected to augment the growth of the market sub-segment over the estimated timeframe.
North America Region to Have Wide Growth Opportunities
The North America region of the gene synthesis market registered the maximum revenue in 2021. The growing cases of people suffering from chronic diseases, higher demand for gene therapy, and expanded research and development on new gene-based technologies across the region are expected to drive the regional growth of the market during the forecast period.
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Covid-19 Impact on the Gene Synthesis Market
The outbreak of the Covid-19 pandemic has negatively impacted the gene synthesis market, likewise various other industries. Initially, the Covid-19 pandemic has brought several challenges to the supply of materials, production, and logistics operations of gene synthesis procedures. Moreover, the spontaneous transmission of the SARS-CoV-2 virus has decreased the demand for gene synthesizers in the market and their usage in laboratories. However, the increasing adoption of gene synthesis techniques by researchers and scientists to produce effective vaccines has inclined market growth over the pandemic.
Prominent Market Players
The major players of the gene synthesis market include
- Twist Bioscience Corporation
- Biomatik Corporation
- Danaher Corporation
- Boster Biological Technology
- ProteoGenix
- Brooks Automation Inc.
- ProMab Biotechnologies Inc.
- Thermo Fisher Scientific Inc.
- OriGene Technologies Inc
- Genscript Biotech Corporation
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to achieve a leading position in the global industry.
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For instance, in January 2022, Codex DNA, Inc., a leading provider of automated solutions for the on-demand synthesis of genes announced its collaboration and licensing agreement with Pfizer, an American multinational pharmaceutical and biotechnology corporation. With this collaboration, the companies aimed to develop cutting-edge SOLA enzymatic DNA synthesis technology to accelerate vaccine and biotherapeutic research and development programs for the benefit of humanity.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Gene Synthesis Market:
- The Future of Drug Development: Exploring the Role of Gene Synthesis
- 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
