April 20, 2024

Gene Synthesis Market With Analysis Of New Business Opportunities After Covid-19 Impact

The gene synthesis market involves the process of artificial gene synthesis, where DNA sequences are generated artificially for research, diagnostic or therapeutic purposes. The synthesized genes can then be used to produce customized functional molecules such as plasmid DNA, gene expression cassettes, or expression vectors. This allows the user to alter gene function or to engineer cellular functions for various purposes including diagnostic markers, protein synthesis, vaccines or therapeutic use. Growing demand for synthesized genes to develop personalized medicine, biofuels and industrial enzymes as well as increasing adoption of gene synthesis in cancer research and genomics are some of the major factors anticipated to drive the growth of the global gene synthesis market over the forecast period.

The Global Gene Synthesis Market is estimated to be valued at US$ 2.4 Bn in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period between 2024 to 2031.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/gene-synthesis-market-1533

Key Takeaways

Key players operating in the gene synthesis market are Atum, ATDBio Ltd., Bioneer Corporation, Eurofins Scientific, Eurogentec, GenScript Biotech Corporation, Genewiz, Integrated DNA Technologies, Inc., OriGene Technologies, Inc., and Thermo Fisher Scientific, Inc. The gene synthesis market leaders are focusing on new product launches and partnerships with research institutions to strengthen their market position.

Growing demand for synthetic genes in genomics and synthetic biology research along with application of gene therapy for treatment of various medical conditions such as cancer and inherited disorders has propelled the demand for synthesized genes globally. Continuous advancements in gene editing techniques such as CRISPR-Cas9 has further augmented the need for gene synthesis.

Expanding biotechnology industry and rising adoption of gene synthesis approach across academic research institutes and pharmaceutical companies fuel the demand for gene synthesis. In addition, key players are expanding their presence in emerging economies in Asia Pacific and Latin America which is expected to offer lucrative opportunities over the forecast period.

Market Key Trends

Continuous advancements in gene editing technologies is one of the key trends witnessed in the gene synthesis market. Tools like CRISPR-Cas9 system have revolutionized genetic engineering and enabled facile, cost-effective synthesis of genes and genomes. These technologies offer precision editing and help accelerate research in various application areas. Continuous improvements in DNA assembly and gene editing technologies is expected to boost the demand for gene synthesis in coming years. The increasing adoption of outsourced gene synthesis services by academic and industrial researchers is also a major market trend that is positively influencing the market growth.
Porter’s Analysis
Threat of new entrants: High capital requirements for Gene Synthesis facilities act as a barrier.

Bargaining power of buyers: Individual buyers have low bargaining power but pharma companies being bulk buyers enjoy higher bargaining power.

Bargaining power of suppliers: Significant intellectual property protection allows suppliers to enjoy higher margins.

Threat of new substitutes: Alternative technologies like DNA sequencing act as substitutes but Gene Synthesis has distinct applications.

Competitive rivalry: The market comprises of large multinational players and smaller niche players leading to moderate-high competition.

Geographical Regions

North America accounts for the major share of the global Gene Synthesis market in terms of value. This is attributed to presence of key players, investments in research and development, and initiatives to establish Gene Synthesis as clinical applications.

Asia Pacific region is projected to grow at the fastest rate during the forecast period. Increasing outsourcing of Gene Synthesis projects by pharmaceutical companies to Asian players owing to lower costs and favorable government policies is fueling growth in the region. Countries like China and India offer immense opportunities.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it