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Gene Synthesis Market Predicted to Generate a Revenue of $5,984,016.7 Thousand, Rising at a CAGR of 18.4% throughout the Analysis Timeframe 2022-2031
Gene Synthesis Market
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.
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Dynamics of the Market
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.
COVID-19 Impact on the Gene Synthesis Market
The outbreak of the COVID-19 pandemic had negatively impacted the gene synthesis market, likewise various other industries. Initially, the COVID-19 pandemic had 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 had 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 had inclined market growth over the pandemic.
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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.
By method, 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.
By end-user, 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.
By region, the North America 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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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, and many more. 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.
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.
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Research Dive
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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