Major gene synthesis manufacturers are focusing on innovations in synthetic biology to meet key drug development requirements while keeping up with regulatory compliance.
DUBAI, UAE / ACCESSWIRE / March 31, 2020 / The global gene synthesis market will expand at an exponential 20% CAGR through 2029. According to a new study by Future Market Insights (FMI), the market for gene synthesis is largely influenced by increasing applications in research institutes, clinical research organizations, and biopharmaceutical companies around the globe, for a variety of products and services.
"Higher demand for genome research and the recent importance given to genomic medicine has resulted in key players providing customized and efficient gene synthesis services," reveals the FMI report.
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Key Research Findings
- On the basis of services, gene services will account for more than 45% of the overall revenue share through the forecast period.
- Standard gene synthesis will remain a preferred variant through the forecast period among consumers driven by low service costs.
- Research and development activities at academic and research institutes, will lead the market in terms of end user applications, accounting for more than 50% of market share.
- Gains of the global gene synthesis market will remain largely concentrated in North America.
- The East Asia Market will display lucrative opportunities, driven by healthcare programs through the forecast period.
Key Growth Drivers
- Strong activity taking place in the emerging field of synthetic biology plays a major role in the growth of market.
- Widespread use of gene synthesis services for multiple drug development applications to add to the global footprint of players.
- Extensive use of molecular applications for higher service quality and customer loyalty is a major factor contributing to market growth.
- The development of genomic based studies for noble therapeutic applications will drive adoption.
Key Impediments
- The gene synthesis market is facing increasing challenges owing to price reductions, and tech restraints associated with the highly competitive market landscape.
Explore the complete gene synthesis market report with 93 illustrative figures, 43 data tables, and the table of contents. Also find a detailed market segmentation on https://www.futuremarketinsights.com/covid19/rep-gb-5924
Competition Structure Analysis - Gene Synthesis Market
The competition landscape of gene synthesis market remains Highly consolidated. Key players are also investing in strengthening service infrastructure, to keep up with the needs of commercialization. Players are also focusing their efforts towards emerging economies including India, Mexico, and Brazil.
Some of the key players in the gene synthesis market include, but are not limited to Thermo Fisher Scientific Inc., GenScript Biotech Corporation, and Eurofins Scientific, among others.
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About the Report
This report offers global, regional, and national level analysis on the latest trends in the industry influencing the gene synthesis market. The study provides actionable insights on the gene synthesis market on the basis of service (gene synthesis services, gene fragments services, GMP gene services, and others), application (diagnostics, therapeutics, research & developmental activities, and others), and end user (academic & research institutes, biotechnology companies, pharmaceutical companies, and contract research organizations) across 30 countries spanning seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights