In terms of revenue, the Global Whole Genome Synthesis Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 26.1% from 2023 to 2030.
The global Whole Genome Synthesis market is growing due to the increased demand for personalized and targeted therapies. Whole Genome Synthesis is synthesizing a complete DNA molecule in vitro from scratch. The process involves the creation of a sequence of nucleotides that correspond to the entire genome of an organism. This technology is used in various applications such as gene editing, synthetic biology, genome engineering, etc. The market's growth is driven by the increasing prevalence of genetic disorders and the need for accurate diagnosis and treatment. Moreover, the availability of advanced technologies and tools for Whole Genome Synthesis drives the market's growth. The demand for personalized medical treatment also boosts the demand for Whole Genome Synthesis. The process allows personalized medicines and therapies customized to an individual's genetic makeup, making treatment more effective and efficient.
Whole Genome Synthesis is creating a complete DNA sequence from scratch, enabling scientists to study and manipulate genes with greater precision and accuracy. The rise in chronic diseases and genetic disorders worldwide has led to a surge in the need for advanced diagnostics and treatments. With the help of Whole Genome Synthesis, scientists can develop targeted therapies tailored to an individual's genetic makeup, leading to more effective treatments and better patient outcomes. The increasing investment in research & development activities by key players in the market is another major factor driving market growth. Companies are investing heavily in developing advanced technologies and tools for Whole Genome Synthesis, which is expected to fuel market growth in the coming years.
However, the high cost of Whole Genome Synthesis and ethical concerns associated with genetic manipulation may hinder market growth. Nevertheless, the increasing adoption of Whole Genome Synthesis in drug discovery, synthetic biology, and other applications is anticipated to offer lucrative opportunities for players in the market over the forecast period.
Key Highlights from the Report
· Based on Product and Service, the Software and Services segment is the dominating the market. The global Whole Genome Synthesis market's software and services include bioinformatics software, laboratory services, and data analysis services. This segment is crucial in supporting the development and commercialization of synthetic biology products and services.
· Based on Applications, the Personalized Medicine segment is accounted for major growth in the market due to rising demand for personalized treatment options. With the availability of genomic data, personalized medicine allows treatment to be tailored to an individual's genomic profile, resulting in better patient outcomes.
· Regarding Region, North America is the leading region in the global Whole Genome Synthesis market due to the high demand for synthetic biology, increased investments in genomics and proteomics research, and robust government funding. The region has a supportive regulatory environment and an established pharmaceutical sector, which augurs well for the growth of the Whole Genome Synthesis market.
Whole Genome Synthesis is a field of synthetic biology that involves the construction of chemical DNA sequences for entire genomes. In recent years, advancements in technology and decreasing costs have made Whole Genome Synthesis more accessible, leading to an increase in the global market for Whole Genome Synthesis. The growing demand for personalized medicine, increasing investments in synthetic biology, and advancements in genome editing tools are key factors driving the growth of the global Whole Genome Synthesis market. Personalized medicine involves tailoring medical treatment to an individual’s unique genetic makeup. Whole Genome Synthesis plays a critical role in personalized medicine, as it allows for the creation of synthetic DNA sequences that can be used to modify an individual’s genome. With the increasing demand for personalized medicine, the need for Whole Genome Synthesis is also growing.
The development of genome editing tools, such as CRISPR/Cas9, has revolutionized the field of synthetic biology. These tools make it easier and faster to modify DNA sequences, leading to increased efficiency in Whole Genome Synthesis. The availability of these tools is driving the growth of the global Whole Genome Synthesis market. Moreover, the synthetic biology is a rapidly growing field that involves designing and constructing biological systems and organisms. As the field continues to grow, there is increasing investment in developing new technologies, including Whole Genome Synthesis. This investment is driving the growth of the global Whole Genome Synthesis market.
Despite the growth opportunities, several challenges are expected to hinder the growth of the global Whole Genome Synthesis market. The costs associated with Whole Genome Synthesis are still relatively high, which limits its accessibility to smaller companies and research institutions. As a result, adopting Whole Genome Synthesis is limited to a few large companies and research organizations. Also, the creation of synthetic DNA sequences raises ethical concerns about the potential risks associated with the technology. There are concerns about the misuse of synthetic DNA sequences and their impact on the environment and human health.
Advancements in technology will bring lucrative opportunities for the market. Developing advanced gene synthesis techniques and sequencing technologies have reduced costs and increased accuracy, making Whole Genome Synthesis more accessible to researchers and clinicians. Whole Genome Synthesis has a broad range of applications in fields like agriculture, pharmaceuticals, and biotechnology, creating ample opportunities for growth in these sectors.
North America Whole Genome Synthesis market observed the highest market share in 2022 accounting for 48.50%. This is due to the increasing adoption of genomic medicine and personalized healthcare. The growing demand for synthetic biology applications such as DNA synthesis and gene editing primarily drives the need for Whole Genome Synthesis. The rise of biotechnology start-ups, government initiatives, and funding in research and development activities are also fueling market growth. The United States holds the largest market share owing to the presence of key market players, well-established healthcare infrastructure, and increasing investment in R&D activities. However, stringent regulations and ethical concerns associated with gene synthesis may hinder market growth. Moreover, the Asia Pacific region is expected to grow significantly during the forecast period due to the increasing adoption of genome editing technology and the rising investments in biotech companies.
The Global Whole Genome Synthesis Market is Segmented as follows
- Product and Service
- Software & Service
- Personalized Medicine
- Agricultural Biotechnology
- Synthetic Biology
- Industrial Applications
- Other Applications
- End User
- Pharmaceutical & Biotechnology Companies
- Diagnostic Laboratories
- Academic & Research Institutes
- Contract Research Organizations (CROs)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Whole Genome Synthesis Market is
Twist Bioscience (U.S.), Integrated DNA Technologies (U.S.), Thermo Fisher Scientific Inc. (U.S.), Ansa Biotechnologies (U.S.), GenScript Biotech Corporation (U.S.), Eurofins Genomics India Pvt. Ltd. (India), OriGene Technologies Inc. (U.S.), Icon Genetics (Germany), J. Craig Venter Institute (U.S.), ATUM (U.S.), Merck (U.S.), Bioneer Corporation (South Korea)
The Global Whole Genome Synthesis Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis