The global Gene Synthesis Market is estimated to surpass a valuation of US$ 2,257 Mn by the end of 2029. Increasing gene synthesis usage across applications such as medical diagnostics and development of novel therapeutics is expected to favor the growth in the market.
The demand in the global gene synthesis market is anticipated to top US$ 643.2 Mn by 2022, expanding at a staggering CAGR of 19.6% over the forecast period 2022-2029.
Under the service category, gene synthesis services are projected to lead the way, accounting for nearly 3/4th of the sales between 2022 and 2029. FMI states that the research and development segment is estimated to account for a leading share of more than 40.7% among the application vertical by 2022.
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|Gene Synthesis Market Estimated Size in 2022||US$ 643.2 Mn|
|Gene Synthesis Market Projected Size in 2029||US$ 2,257 Mn|
|Gene Synthesis Market Historical CAGR (2014-2021)||17.9%|
|Gene Synthesis Market Value-based CAGR (2022-2029)||19.6%|
In recent years, gene synthesis services have gained increased attention of researchers due to custom service offerings with cost-effective pricing and quality. Custom services help in reducing error and unwanted genes, which ultimately saves the time of researchers. Key service players operating in the market offer a wide range of service offerings, such as standard gene synthesis, express gene synthesis (provide gene synthesis service within 3-4 business days), custom gene services, and complex gene services (provide service for project requirement). With an array of applications, gene synthesis services cater to numerous R&D activities, diagnostics, and therapeutics.
As such, there has been an increasing demand for gene synthesis services across the world. FMI – a well-established name in the market research domain – forecasts that, the gene synthesis market will experience a major upturn post 2025, crossing a valuation of US$ 1 Bn in the same year.
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Key Takeaways of Gene Synthesis Market Study
- In terms of service, the gene services segment is expected to contribute more than 45% of revenue share to the global gene synthesis market.
- Owing to low service cost and demand, standard gene synthesis is the most preferred choice among costumers.
- Research and development activities dominate the market, by application, as researchers mostly prefer gene synthesis services over other services for their projects.
- In terms of end user, academic and research institutes are expected to collectively hold more than 50% market share in the gene synthesis market over the forecast period of 2021 to 2029.
- North America is the highest revenue generating market by region, due to well-established and sophisticated service laboratories. However, East Asia is expected to offer more lucrative opportunities, owing to increasing healthcare programs that fund genomic research.
Acquisition – Key Strategy Followed by Leading Manufacturers
Leading manufacturers in the gene synthesis market are focusing on the regional acquisition strategy to enhance their product portfolio and expand their regional presence. For instance, in August 2021, Eurofins Scientific expanded its gene synthesis capabilities with the acquisition of Blue Heron Biotech. In January 2022, Eurofins also expanded its footprint in Asia with the acquisition of Tsing Hua in Taiwan.
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