Global Synthetic Biology Market worth USD 42.2 Billion by 2023
Synthetic biology is a developing area of research that can be defined as the design and fabrication of new biological entities such as enzymes, genetic circuits, and cells or the redesign of existing biological systems. According to a research report added by Decisiondatabases.com, the Global Synthetic Biology Market is expected to grow at a CAGR of 33.2 % from USD 5.7 Billion in 2016 and reach USD 42.2 Billion by 2023.
The major factors that are driving the synthetic biology market
are assistance from private and government organizations, rise in demand for synthetic genes, rising research and development expenditure in biotechnology and pharmaceutical companies, declining cost of DNA sequencing and synthesizing, growing production of genetically modified crops, and constantly rising funding in the field of synthetic biology among many others. In addition, research organizations are being funded by the governments which in turn are providing assistance to find novel applications of synthetic biology. The issue has risen all over the world related to the misuse of synthetic biology. Moreover, the synthetic biology market anticipates adoption in different industrial domains such as pharmaceuticals, chemicals, energy and agriculture. Thus, as far as the market dynamics are concerned, the bottom line is that the overall impact of these factors would be highly positive. Moreover, increasing concerns over fuel consumption and growing demand for protein therapeutics are likely to create opportunities for the synthetic biology market worldwide.
The global synthetic biology market as per the report has been classified into tools, technologies and regions. By tools, it is segmented into oligonucleotides, xeno-nucleic acids, chassis organisms, enzymes, and cloning and assembly kits. Of these, the tools segment which leads the market share for synthetic biology across the world is oligonucleotides segment.
By technologies, the synthetic biology market is classified into enabled and enabling technologies. Among these, enabling technologies occupies the major share owing to the new researches that may bring-advanced and innovative ideas for application of synthetic biology in new fields. By applications, the synthetic biology market is segmented into chemicals, agriculture, R&D, pharmaceuticals & diagnostics, biofuels and others (biotechnology and biomaterials).Among these, the largest revenue generating segment is expected to be pharmaceuticals & diagnostics for synthetic biology market.
Geographically, the market is divided into Europe, Asia, North America and Rest of the World (RoW). The Rest of the World region includes Pacific countries, Latin America, and Middle East and Africa. Among all of these, North America holds the largest share of the synthetic biology market, followed by Europe and Asia. However, the European market is anticipated to grow at the highest CAGR in the next five years, and serves as a revenue pocket for the companies involved in the manufacturing of synthetic biology products.
The global synthetic biology market is highly splitted due to the existence of many international and regional vendors. Other prominent vendors analyzed in this market research report are Amyris, Integrated DNA Technologies, Intrexon, GenScript USA, DuPont, New England Biolabs, Novozymes, Royal DSM, Synthetic Genomics Inc. and Thermo Fisher Scientific Inc.
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