Synthetic Biology Market Prognosticated to surpass USD 56.04 Billion at staggering 28.2% CAGR Upto 2025
According to a new market research study titled ‘Synthetic Biology Market to 2025 – Global Analysis and Forecasts by Product, Technology and Application. The global synthetic biology market is calculated to account for US$ 56,044.9 Mn by 2025 as compared to US$ 8,244.8 Mn in 2017, growing at a CAGR of 28.2% during the forecast period from 2018 to 2025.
The report highlights the trends prevalent in the global synthetic biology market and the factors driving the market along with those that act as restraints to its growth.
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The players operating in the market for synthetic biology across the globe include
- ThermoFisher Scientific Inc.
- Merck KGaA
- Agilent Technologies
- Integrated DNA Technologies, Inc.
- Twist Bioscience
- New England Biolabs
- Synthetic Genomics Inc.
Many other companies are investing in synthetic biology market owing to the potential improvements related to accuracy, and operational efficiency.
The synthetic biology market is segmented on the basis of product, technology and application. On the basis of product, the market is segmented into enzymes, oligonucleotides, chassis organisms and xeno-nucleic acids.
Enzymes acquired the largest market due to increasing applications of enzymes in industries, medical, food and agriculture. Additionally, enzymes are produced from the microbial sources that are used for industrial and commercial use.
On the basis of technology, the market is segmented into gene synthesis, genome engineering, measurement and modeling, cloning and sequencing, nanotechnology, and others.
On the basis of application, global synthetic biology market is segmented into industrial applications, food and agriculture, medical applications, environmental applications, and others.
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Geographically, the market for synthetic biology is segmented into North America, Europe, Asia Pacific (APC), Middle East and Africa (MEA) and South and Central America (S&CAM).
North America has largest market share of the global synthetic biology market, by geography. This largest share can be attributed to government funds, investments by the major companies, conferences held for the awareness regarding synthetic biology, technological advancements in the field of genomics, and higher acceptance by consumers.
North America is the largest market for synthetic biology across the globe whose growth in mainly driven by increasing focus on synthetic biology technologies such as gene synthesis and genome editing. Additionally, growing investments by the major companies and technological advancements in the field of genomics, and higher acceptance by the consumers also contribute to the growth of the market in North America. While, Asia Pacific is expected to exhibit fastest growth with China being the largest market followed by Japan and India.
In China, the growth of the market is attributed to an increasing number of initiatives in synthetic biology such as launch of synthetic biology association and rising awareness about genome engineering and research and development.
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