February 24, 2024
Gene Synthesis Market

The Global Gene Synthesis Market Is Driven By The Rising Applications In Healthcare And Biotechnology

Gene synthesis is the artificial production of genes. It involves the assembly of short double-stranded DNA fragments into longer gene-length strands by enzymatic processes or by organic synthesis. In recent years, gene synthesis has gained significance due to its wide applications in various fields such as healthcare, biotechnology research, and therapeutics. Gene synthesis is being used for developing personalized medicine, engineering cells for disease modeling and therapy, developing genetic engineering tools, and producing biologics. The growing focus on precision medicine and cell and gene therapy has boosted the demand for gene synthesis.

The global gene synthesis market size is estimated to be valued at US$ 2.49 Billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Global gene synthesis market size is the increasing demand for synthetic DNA from the growing synthetic biology sector. Synthetic biology utilizes gene synthesis to develop engineered organisms with novel functionalities. Engineered bacteria are being designed for biomanufacturing purposes such as producing fuels, chemicals, and materials. Advancements in gene editing technologies such as CRISPR are also propelling the demand for synthetic DNA for applications including crop modification, vector construction, and developing therapeutics. Furthermore, the reducing costs of gene synthesis due to technological advancements is expected to boost the market growth over the forecast period. Continuous research in the area of gene synthesis and its widening scope of applications in various industrial sectors will present profitable growth opportunities for market players.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the gene synthesis market is moderate as it requires significant capital investments and technical expertise to set up a gene synthesis plant.

Bargaining power of buyers: The bargaining power of buyers is moderate as the synthetic DNA providers have specialized technical expertise and equipment, giving them some pricing power in this market.

Bargaining power of suppliers: The bargaining power of suppliers is low because most materials used in the gene synthesis process such as DNA oligos and custom oligos are widely available.

Threat of new substitutes: There is low threat of substitute products and services in this market as gene synthesis is required for developing new biological products and services.

Competitive rivalry: Competition in this market is high due to the presence of numerous global players.

Key Takeaways

The global gene synthesis market is expected to witness high growth over the forecast period driven by increasing demand from biotechnology and pharmaceutical companies for developing new therapeutics.

Europe dominates the global gene synthesis market currently owing to significant government funding for synthetic biology research and presence of leading synthetic biology companies in countries such as the UK and Germany. Asia Pacific is expected to be the fastest growing market over the next few years due to increasing R&D expenditures by biotech companies in China, India, and South Korea.

Key players operating in the gene synthesis market are Herb Pharm LLC, Apis Flora, Bee Health Limited, Y.S. Organic Bee Farms, Comvita Ltd, Wax Green, Apiary Polenecter, Uniflora Health Foods, Sunyata Pon Lee, and NOW Foods. These companies are focusing on expanding their production facilities as well as service and product portfolios through acquisitions and partnerships.

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