The COVID-19 pandemic has shaken the world in so many different ways. Many industries have been decimated and laid to rest. Companies were forced to close down or fire employees to stay afloat. One thing is certain; there is no industry that hasn’t been affected by this crisis.
It’s the same for the global gene synthesis market. But this crisis will pass, and we are already seeing the impact of the support large companies and governments have been providing to help markets get back on their feet. In this post, we will talk about the gene synthesis market.
We will see how the market was before the pandemic, during, and what’s expected after. We will also discuss the main factors that have affected the market and how companies approached the issue differently.
What is Gene Synthesis?
This synthetic biology technique is used to make new artificial genes through a laboratory process. It’s used for achieving desired protein expression levels, making fusion proteins, and molecular cloning. Gene synthesis is much faster and cheaper compared to some older techniques used for molecular cloning.
On top of that, it also offers a high level of customizability from top to bottom. In this post, we will provide accurate information for estimating, defining, and describing the whole gene synthesis market. Our focus was on both micro and macro markets to understand the most significant factors that affected the growth of the global market.
This analysis is suitable for the demands and needs of stakeholders in medical companies, biotechnology, medical research, and pharmaceutical companies.
Market Worth of Synthetic Biology
The total market in 2020 is at $6.8 B, and projections show that the whole synthetic biology market will be worth $19.8 B by 2025. This means that the compound annual growth rate is 23.9%. Some of the key factors for such growth are:
- Significant demand increase for synthetic cells and genes
- Lots of different applications for synthetic biology services
- Reduced costs of DNA synthesizing and sequencing
- A growing number of initiatives within the industry
- More investment
- R&D funding
At the same time, subsequential factors will impact the growth of the market, including:
- Growing numbers of biopharmaceutical and pharmaceutical companies
- Increased number of life science and healthcare institutions
- Increasing regulatory requirements for compliance in the industry
- Increased funding for research in synthetic biology
- Increased government support
The Largest Share of The 2019 Market Were Medical Applications
Depending on the application of services, the market can be segmented into:
- Agriculture and food
- Industrial applications
- Medical applications
Medical applications took the largest market share, while industrial applications were second. The main reason why medical applications were so widespread is the increased research for better medical treatment and the need for improved healthcare.
Simultaneously, the availability of vast funding options, both public and private, is for discovering new therapies.
Based on Technology Gene Synthesis Took The Largest Market Share in 2019
With the appearance of synthetic biology, gene synthesis has been growing. There is enormous potential in the development of antibiotics and anti-malarial medicine with gene synthesis. This is why so many medical research centers invested a lot of funds in genomic research.
This was even before the pandemic. As the needs for this kind of development continue to grow, we can only expect the market to reach its projections. The synthetic biology market is segmented into bioinformatics, nanotechnology, microfluidics, mutagenesis, cloning, gene synthesis, sequencing, and genome engineering.
Gene synthesis has been on top of the market in both 2019 and 2020. The whole gene synthesis market is expected to exceed $1B in global revenue by 2025. All of the market players are finding partners such as research institutes, clinical research, and biopharmaceutical companies to create and perfect new services, products, and primary healthcare tools.
Gene Synthesis Continues to Reign
Gene synthesis services offer great value and, since they are far cheaper than anything else, they continue to be popular. Both custom gene synthesis and standard services are still on the top.
Out of total gene synthesis services revenue, these two take 3/4. There are both small and large companies in the gene synthesis market, but there are also limited companies specializing in molecular services.
This allows them to provide the best quality, increase customer loyalty, and establish fantastic, dedicated global distribution channels.
As far as other industries are concerned, the gene synthesis market has been doing well even during COVID-19. At the same time, due to the need for a cure for the virus itself, the market can expect further investment and new partnerships to contribute to its growth.