According to the new market research report “Synthetic Biology Market” by Tool (Oligonucleotides, Chassis Organisms, Enzymes), Technology (Genome Engineering, NGS, Cloning and Sequencing), Application (Medical (Pharmaceutical, Drug Discovery), Industrial (Renewable Energy)) – Global Forecast to 2022″, published by MarketsandMarkets™, The synthetic biology market is expected to reach USD 8.84 Billion by 2022 from an estimated USD 3.57 Billion in 2017, at a CAGR of 19.9%.
Synthetic biology has an array of applications in the fields of medicine, agriculture, nanotechnology, and industrial biotechnology. This has attracted interests of researchers from across the globe and has led to a rise in funding from public and private organizations, which, in turn, help in the growth of the market.
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Synthetic Biology Market segmented into :
+ The global synthetic biology market is segmented on the basis of tool, technology, application, and region. Based on tools, the market is segmented into oligonucleotides, enzymes, cloning technology kits, chassis organisms, and xeno-nucleic acids.
+ By technology, the market is segmented into gene synthesis, genome engineering, cloning and sequencing, next-generation sequencing, site-directed mutagenesis, measurement and modeling, microfluidics, and nanotechnology.
+ The market is segmented into medical (pharmaceutical, drug discovery & therapeutics, and artificial tissue and tissue regeneration), industrial (biofuel & renewable energy, industrial enzymes, and biomaterials & green chemicals), food & agriculture, and environmental (bioremediation and biosensing) on the basis of application.
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What Drives the Market?
1. Wide Range of Applications of Synthetic Biology
2. Rising R&D Funding and Initiatives in Synthetic Biology
3. Increasing Demand for Synthetic Genes and Synthetic Cells
4. Increasing Investments in Synthetic Biology Companies
Geographical Growth Analysis:
The market in Europe is expected to register the highest growth rate from 2017 to 2022. The rising international alliances between the European countries and other countries and heavy funding from the government to foster the synthetic biology research in Europe are major factors driving the growth of market in this region. Additionally, factors such as increasing investments for the adoption of novel synthetic biology technologies, rising R&D funding and collaborations are driving the growth of the market in this region.
Key Players and Strategies Adopted by Them:
Key players in the global Synthetic Biology Market include Thermo Fisher (US), Novozymes (Denmark), Merck KGaA (Germany), Intrexon (US), and Agilent Technologies (US), Amyris (US), GenScript (US), Ginkgo Bioworks (US), Integrated DNA Technologies (US), New England Biolabs (US), Synthetic Genomics (US), and Twist Bioscience (US). These players are increasingly collaborating, and partnering with companies to offer their synthetic oligonucleotides and to develop synthetic organisms.