April 23, 2024
Gene Synthesis Market

Artificial Intelligence And Cloud Computing Projected To Boost The Growth Of Gene Synthesis Market

Gene synthesis is a technique used to chemically synthesize a gene sequence from its DNA or RNA components rather than extracting the gene from an organism. Synthesizing genes artificially has applications in biotechnology and engineering of biological systems. This technique is used to study protein function, develop therapeutics or modified organisms, and modify existing genes or incorporate non-natural bases. The gene synthesis market encompasses services and products required for efficient gene synthesis.

The global Gene Synthesis Market Share is estimated to be valued at US$ 2.49 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

Artificial intelligence and machine learning algorithms are playing a vital role in gene synthesis process automation. AI assisted gene design tools help access available genetic sequence databases and design optimized gene sequences faster. Cloud computing platforms are enabling complex gene synthesis projects to be distributed across global resources. This allows organizations to leverage high performance computing power for designing and synthesizing large and complex genes within shorter turnaround times. Advanced cloud-based algorithms are helping drive down the cost of gene synthesis, thereby increasing its adoption across industries.

Porter’s Analysis

Threat of new entrants: Low capital requirements and lack of proprietary technology make the gene synthesis market easily accessible to new players and thus threat is high.

Bargaining power of buyers: Customers can easily shift from one provider to another due to presence of many players, giving them high bargaining power.

Bargaining power of suppliers: Few raw material suppliers for inputs like nucleotides and enzymes thus they enjoy high bargaining power over players.

Threat of new substitutes: Being core to life sciences R&D, no substitutes yet exist giving relatively low threat from this force.

Competitive rivalry: Presence of many global and regional players makes the competition very intense in the gene synthesis market.

Key Takeaways

The global Gene Synthesis Market Demand is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for synthetic genes in pharmaceutical and biotechnology industries for drug discovery and research activities.

Regional analysis: North America dominates the market currently owing to huge investments in genomics and the presence of major players. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing research expenditures and partnerships between regional and global players in China and India.

Key players operating in the gene synthesis market are Twist Bioscience Corporation, GenScript Biotech Corporation, Eurofins Scientific SE, and Thermo Fisher Scientific Inc. Twist Bioscience, headquartered in California, United States, is one of the leaders in providing gene synthesis services globally and is investing heavily in futuristic technologies like DNA data storage. GenScript Biotech, based in China, also offers wide array of gene products and services.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it