Synthetic Biology Market is Growing at CAGR of 28.2% By 2025
Increasing investments for synthetic biology is driving the growth of the global synthetic biology market
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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Synthetic biology is a branch of biology and engineering, which involves designing and constructing new devices, systems and biological parts as well as re-design of existing, natural biological systems for various application in the field of food & agriculture, medicine, and other areas. For example, Benchling operates in CAD Tools, GenScript offers gene synthesis, Ginkgo Bioworks works for the organism engineering, and Transcriptis which is into bioinformatics operates for cloud labs/automation, Glowee offers consumer products, among the other companies operating in the synthetic biology. Such diversified applications of synthetic biology can be the key drivers for the growth of synthetic biology. Another major reason for the market growth is the investments and developments made by the companies operating in the synthetic biology market. Advanced technologies in synthetic biology add value to clinical trials for inherited diseases and this is likely to propel the growth of the global synthetic biology market.
The global synthetic biology market has been segmented, based on different parameters such as product, technology and application and geographical regions. The products considered in the study are enzymes, oligonucleotides, chassis organisms and xeno-nucleic acids. The technology of synthetic biology covered in the report include gene synthesis, genome engineering, measurement & modeling, cloning & sequencing, nanotechnology, and others. The application of synthetic biology covered in the report include industrial applications, food & agriculture, medical applications, environmental applications, and others. The market is further examined by evaluating the market on basis of five strategic regions worldwide as North America, Europe, Asia Pacific, Middle East and Africa, and South America.
North America acquired the largest market share owing to presence of large number of startups in the US and huge investments made by the major players in the market. Synthetic biology has gained grounds in North America with rising awareness on applications of synthetic biology, and its technological advancements in the field of genomics. Synthetic biology products are widely used in research and academic institutes which further stimulates the growth of the market in this region.
In Asia Pacific, India, China and Japan are the largest contributors for the market growth. The market is driven by growing expenditure on R&D, increase in science and technology publications & patents, and government initiatives by countries such as China for the development of biotechnology industry. For instance, in November 2017, China has launched the first synthetic biology association to support the growth of the market. This association promotes academic research and in the field of synthetic biology and strengthens relationship between entrepreneurs and scientists in Shenzhen, China. Additionally, development of innovative solutions by market players is further expected to stimulate the progress of the market in this region during the forecast period.
The major players operating in the market of synthetic biology market include ThermoFisher Scientific Inc., Merck KGaA, Novozymes, Agilent Technologies, Amyris, GenScript, Integrated DNA Technologies, Inc., Twist Bioscience, New England Biolabs, and Synthetic Genomics Inc. among others.
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