In terms of revenue, the Global Gene Synthesis Market is expected to reach USD 6.58 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 17.9% from 2022 to 2028. The rising prevalence of infectious diseases as well as chronic diseases along with using increasing demand for personalized medicines are the driving factors for Gene Synthesis Market. Furthermore, supportive government policies associated with synthetic biology and surging investments from the government as well as major players for Research and Development (R&D) is fueling the market growth.
- Under the product & services segment, the software & services sub-segment is anticipated to dominate the segment for Gene Synthesis Market and grow at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to the ability to reduce the sequencing error.
- Custom gene synthesis sub-segment held a market significant share in 2021 for type segment for Gene Synthesis Market. The growth is attributed to the ability to create any DNA sequence with 100% accuracy.
- North America is the largest regional segment. This is due to its increasing prevalence of genetic and chronic disorders in the region.
Some of key players in Gene Synthesis Market include - Merck KGaA, Genewiz Inc., Eurofins Genomics, Thermo Fisher Scientific, GenScript are the major companies operating in Gene Synthesis Market..
The number of infectious and chronic diseases are proliferating across the globe amid all the precautions and personal hygiene procedures taken care of. In the prevention of chronic diseases, nutrition and diet are the most critical factors — whereas nutritional content in diet is deteriorating, the prevalence of chronic diseases worldwide is escalating, especially across developing countries including Southeast Asian countries and Western European countries. Cardiovascular diseases, diabetes, neurological, osteoporosis, and cancer, are some of the chronic diseases which have increased demand for gene synthesis for new advancements. According to World Health Organization (WHO), Cancer is a leading cause of death worldwide. In 2020, around 10 million deaths were because of cancer. In which around 2.26 million cases were of breast cancer, around 2.21 million cases were of lung cancer. In 2020, around 1.80 million deaths were of lung cancer, whereas 935 000 deaths were of colon and rectum cancer. Thus, the increasing prevalence of such chronic diseases is anticipated to increase the demand for gene synthesis and further drive the market growth over the forecast period.
North America is expected to emerge as largest market for Gene Synthesis Market. The market growth in the region is attributed to factors such as the established healthcare industry, sophisticated healthcare as well as medical infrastructure. Additionally, high healthcare spending and the active presence of key industry players are further propelling the Gene Synthesis market growth over the forecast period.