Global Gene Synthesis Market Expected to Generate a Revenue of $42,14,890.1 Thousand by 2028, Growing at a CAGR of 18.5% from 2021-2028 [181-Pages] | Research Dive
Global gene synthesis market is expected to witness notable growth by 2028, owing to its rising demand in healthcare. The solid phase synthesis sub-segment is likely to be most lucrative. The North America region is expected to dominate the market.
NEW YORK, July 4, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Gene Synthesis Market by Method (Solid Phase Synthesis, PCR Based Enzyme Synthesis, and CHIP Based DNA Synthesis), End-User (Academic & Research Institutes, Biotech & Pharmaceutical Companies, Diagnostic Laboratories, and Other), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028)".
According to the report, the global gene synthesis market is expected to register a revenue of $42,14,890.1 thousand by 2028, growing rapidly at a CAGR of 18.5% during the forecast period, 2021-2028.
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Dynamics of the Gene Synthesis Market
Growing demand for gene synthesis in clinical testing, and also in healthcare is expected to drive the growth of the gene synthesis market during the forecast period. In addition, significant surge in geriatric population, and growing prevalence of chronic disorders among people across the globe is expected to create immense opportunities for the growth of the market during the forecast period. However, lack of skilled professionals in the market is expected to impede the growth of the gene synthesis market during the forecast period.
COVID-19 Impact on the Gene Synthesis Market
The outbreak of COVID-19 has had a significant impact on the growth of the global gene synthesis market. Increasing scientific research activities, during the pandemic, around the world surged the demand for gene synthesis. Thus, expansive use of gene synthesis in scientific research contributed to significant revenue upsurge of the market. Hence, coronavirus has had a positive impact on the growth of the market.
Segments of the Gene Synthesis Market
The report has divided the market into various segments based on method, end-user, and region.
- By method, the solid phase synthesis sub-segment is expected to be most beneficial, and generate a revenue of $20,06,287.7 thousand during the forecast period. Solid phase synthesis method is highly compatible in automated synthesis technology, apart from being cost-effective and efficient. These factors are expected to bolster the growth of the gene synthesis market sub-segment during the forecast period.
- By end-user, the academic & research sub-segment is expected to be most lucrative, and generate a revenue of $17,36,534.7 thousand during the forecast period. Increased government support and funding in academic and research, and hence the high use of gene synthesis in academic and research is expected to stimulate the growth of the sub-segment during the forecast period.
- By region, the North America region is expected to dominate the global market, and generate a revenue of $16,31,162.5 thousand during the forecast period. Significant surge in research activities in the field of gene synthesis in this region is expected to drive the growth of the market during the forecast period. In addition, immense presence of leading players of the market in this region is further expected to accelerate the growth of the regional gene synthesis market during the forecast period.
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Key Players of the Gene Synthesis Market
The major players of the market include
- GenScript
- Brooks Automation, Inc. (GENEWIZ)
- Thermo Fisher Scientific, Inc.
- Integrated DNA Technologies, Inc.
- OriGene Technologies, Inc.
- Codex DNA
- ProteoGenix
- Biomatik
- ProMab Biotechnologies, Inc.
- Boster Biological Technology
- Twist Bioscience
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 August 2019, Eurofins Genomics LLC, a US-based global provider of DNA sequencing services, bioinformatic services, and oligonucleotide synthesis products, acquired Blue Heron Biotech, an innovative company engaged in advanced gene synthesis, in order to exponentially expand Eurofins' gene synthesis capabilities.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Gene Synthesis Market:
- What Makes Gene Synthesis a Better Process of Developing Artificial Genes Compared to Traditional Molecular Cloning?
- Global Gene Synthesis Market's Growth to Boost with Rising Implementation of Gene Synthesis Techniques in Biological Research Processes
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