Gene Synthesis Market Size, Share, Growth Analysis, By Method(Solid-phase Synthesis, Chip-based Synthesis, and PCR-based Enzyme Synthesis), By Services(Antibody DNA Synthesis, Viral DNA Synthesis, and Others), By Application(Gene & Cell Therapy Development, Vaccine Development, and Disease Diagnosis), By End-use(Biotechnology & Pharmaceutical Companies, Academic & Government Research Institutes, and Contract Research Organizations), By Region - Industry Forecast 2024-2031

Gene Synthesis Market size was valued at USD 1.76 Billion in 2022 and is poised to grow from USD 2.04 Billion in 2023 to USD 6.75 Billion by 2031, at a CAGR of 16.10 % during the forecast period (2024-2031).

The market's expansion is attributed to factors such as favorable government legislation pertaining to synthetic biology. Investors have become more interested in synthetic biology research in recent years. In 2020, the computer-generated biology sector will receive around USD 8.0 billion from government and commercial investment. The COVID-19 epidemic has benefited the genetic synthesis sector by opening up new avenues for expansion. Researchers are investigating undiscovered possibilities in the field of gene synthesis, which is aiding market expansion in terms of revenue generation. The investigators at the National Institute developing Standards and Technology, for example, have created synthetic SARS-CoV-2 gene segments to aid in the development of precise and trustworthy diagnostic tests for the disease.

Synthetic DNA technical breakthroughs are gaining popularity as a possible way to address concerns about the growing number of new viruses & the potential hazards of a potential global pandemic. The SARS-CoV-2 pandemic, as well as pandemics involving other emerging diseases in the near future, can be addressed fast with the aid of this promising approach for rapidly replicating and analyzing genes of interest.

Targeted therapy has piqued the interest of the biotechnology & pharmaceutical sectors, as well as researchers. It has evolved into an important illness management technique. Targeted therapy in conjunction with immunology and chemotherapy is expected to develop rapidly in the future years. This would create profitable opportunities for existing and fledgling gene synthesis firms.

One of the major issues impeding market expansion is a lack of skilled specialists in the field of gene synthesis and biotechnology, as organizations operating in this industry would require trained and experienced personnel at their facilities. As a result, businesses are forming strategic alliances with universities to provide personnel with online workshops, in-person instruction, and sponsored projects in order to create the proper individuals. This would contribute to the expansion of the gene synthesis market.