Press release
Gene Synthesis Industry Growth and Opportunities Report 2024
Gene Synthesis Industry Growth
According to The Business Research Company's, The gene synthesis market size has grown exponentially in recent years. It will grow from $2.8 billion in 2023 to $3.36 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to advancements in genetic research, rise in personalized medicine, increased focus on biotechnology, growth in biopharmaceutical sector, technological platforms for synthesis..
The gene synthesis market size is expected to see exponential growth in the next few years. It will grow to $7.09 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The growth in the forecast period can be attributed to rapid growth of synthetic biology, emergence of crispr technology, increasing demand for custom genes, advances in gene editing and therapy, expanding applications in agriculture.. Major trends in the forecast period include increasing accessibility through cost reduction, customized gene libraries for functional genomics, automation and high-throughput synthesis, collaborations in biotechnology and pharmaceutical sectors, focus on ethical and regulatory considerations..
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Market Drivers and Trends:
The increased prevalence of chronic infectious diseases is expected to propel the growth of the gene synthesis market going forward. Chronic infectious diseases are illnesses caused by pathogens that persist in the body for a long time, often for years or even a lifetime. Gene synthesis can help reduce infectious diseases by enabling the development of new vaccines, diagnostics, and therapeutics that are specific to particular pathogens. This approach has the potential to be faster, more effective, and more targeted than traditional approaches, and has the potential to help control outbreaks of infectious diseases. For instance, according to the World Health Organization, a Switzerland-based agency of the United Nations responsible for international public health, a total of 1.6 million people died from TB (tuberculosis) in 2021. Worldwide, TB is the 13th leading cause of death and the second leading infectious killer after COVID-19 (above HIV/AIDS). Therefore, the increase in the prevalence of chronic infectious diseases is driving the growth of the gene synthesis market.
Technological advancements are the key trends gaining popularity in the gene synthesis market. Companies operating in the gene synthesis market are adopting new technologies to sustain their position in the market. For instance, in June 2021, DNA Script SAS, a DNA printing pioneer based in France, released their SYNTAX platform, which is a benchtop nucleic acid printer powered by Enzymatic DNA Synthesis (EDS) technology. The SYNTAX System is a fully integrated, automated printer that synthesizes 96 DNA oligos simultaneously, each of which can be up to 60 nucleotides long, and delivers them suitable for use in molecular biology and genomics processes. The uniqueness of this product is its fast and efficient results, the SYNTAX System creates 20mers in about 6 hours, providing same-day results, and can produce up to 60mers in about 13 hours, which could efficiently run overnight.
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Major Key Players of the Market:
Genscript Biotech Corporation; Brooks Automation Inc.; Boster Biological Technology Ltd.; Twist Bioscience Corp.; ProteoGenix Inc.; Biomatik Corporation; ProMab Biotechnologies Inc.; Thermo Fisher Scientific Inc.; Integrated DNA Technologies Inc.; OriGene Technologies Inc.; GenScript Corp.; Eurofins Scientific SE; Merck KGaA; Codex DNA Inc.; Genewiz Inc.; Eurofins Genomics LLC; BioCat GmbH; Bioneer Pacific Co. Ltd.; DNA2.0 Inc.; Bio Basic Inc.; Beijing SBS Genetech Co. Ltd; Creative Biogene Inc; Exonbio LLC.; Trenzyme GmbH; AddLife AB; Polygen GmbH; GlobalSpec Inc; MACROGEN CO. LTD.; Synbio Technologies LLC
Gene Synthesis Market 2024 Key Insights:
• The gene synthesis market will grow to $7.09 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%.
• Rise In Chronic Infectious Diseases Spurs Growth In Gene Synthesis Market
• Technological Advancements In The Gene Synthesis Market
• North America was the largest region in the gene synthesis market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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