Increasing Technological Advancements Is Expected to Soar the Growth of the Global Gene Synthesis Market from 2018 to 2025.
The global gene synthesis market is experiencing a steep rise in the present scenario and is expected to witness significant growth during the forecast period. The global gene synthesis market was valued at USD 2,866.1 Mn in 2017 and is expected to reach USD 20,122.Mn by 2025 with a robust CAGR of 28.7% from 2017 to 2025.
The growth of global gene synthesis market is expected to be driven by clinical research relating to life science domains such as cancer biology, neuroscience, genetics and biochemistry. The other factors such as the increasing investments & funds for gene synthesis and growing numbers of mergers & collaborations by the market players add novel opportunities for the global market of gene synthesis. However, the lack of skilled professionals is expected to hamper the growth of the market.
The growing rising numbers of start-up companies conducting gene synthesis procedures is one of the major factor driving the growth of the global gene synthesis market. The supportive government of respective geographies facilitating adequate funds for R&D activities in the biotechnology sectors are helpful for the start-up companies to seek basic investments for setting up a new venture. For instance, the first synthetic biology accelerator are Indie Bio (California, US) and EU (Ireland). Moreover, DNA Script (France), founded in 2014 led by Illumina Ventures and Merck Ventures and other investors Sofinnova Partners, Kurma Partners, and Idinvest Partners, raised more than US$ 12 million (€11M). Furthermore, Asia Pacific also witnesses increase in the number of start-up companies as the governments in Asian countries are providing funds for the development in bioengineering procedures such as gene synthesis. For instance, in May 2018, Indian government funded IITM Bioincubator, to the department of Indian Institute of Technology Madras as a state-of-art research facility in cancer biology and for setting up of a bioinformatics infrastructure facility.
The global gene syntheis market is highly competitive due to the presence of large numbers of players which is attributed to the easy market entry and high profit margins in the market. Some of the prominent players in this market are thus indulged into adoption of inorganic growth strategies such as collaboration, acquisitions and alliances. For instance, in October 2017, the Integrated DNA Technologies (IDT) acquired oligonucleotide manufacturing business of GeneWorks Pty Ltd. (GeneWorks) in Australia. This acquisition is expected to help the company to expand its reach in the Asia-Pacific region, following its recent establishment of sales offices in Japan and Korea.
The players operating in the global gene synthesis market include Thermo Fisher Scientific Inc, Integrated DNA Technologies, Inc., Twist Bioscience, OriGene Technologies, Inc., BioCat GmbH, GenScript, Eurofins Scientific, Bioneer Corporation, ATUM, GENEWIZ and among others.
