Synthetic Biology Market to surpass US$ 138.8 Billion by 2032, at a CAGR of 24.3% – Says FMI
The global synthetic biology market is expected to be worth US$ 15.8 billion by the end of 2022, and to grow at a CAGR of 24.3% to be worth US$ 138.8 billion by 2032. According to a recent study by Future Market Insights, the oligonucleotides segment by product will lead the market with a share of approximately 43.6% in 2021.
The synthetic biology market is a technology that is currently in high demand in the biotechnology, chemical, and biofuel industries, and their products will soon outnumber those of other industries. There is progress toward making this technology useful in therapeutic areas where society can benefit directly.
The success of synthetic biology in DNA sequencing and synthetic microbes in vaccines, as well as faster and more efficient modular DNA assembly methods, has proven to be a promising market, prompting pharmaceutical and healthcare companies to make significant investments.
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Synthetic Biology is one of humanity’s breakthrough technologies derived from chemistry, biology, computer science, and engineering, which has changed the approach to therapeutics. Its applications range from biofuels to industrial enzymes, vaccine and antibody production, bio-based chemicals, and synthetic biology life science research.
Traditional medicines are being phased out in favour of genetically modified products, DNA sequencing, and DNA synthesis technologies. Though this market has potential, there are risks and hindrances such as government regulations and policies, biosafety and biosecurity issues, and bio-war, but these issues are being addressed by regulatory bodies and research institutions.
With advanced computing and design systems, the synthetic biology market has changed the entire approach to traditional methods of combating newer diseases and genetic challenges.
Synthetic Biology Market: Regional Outlook
Depending on geographic regions, global radiofrequency ablation system market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.
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Europe is a leading market followed by North America, Europe has invested in developing synthesis of biologically based or biologically inspired systems.
In North America Defense is a major contributor in the investment done in the past years. In Asia, India and China are said to progress in developments over future to be a part of the Synthetic biology market.
The success of this market will depend upon the conversion from basic research to applications which will rise the future opportunities to understand the natural biological systems. Thus the market for synthetic biology is showing no sign for slowing down but managing the future social, ethical and legal responsibilities will lead to innovation.
Synthetic Biology Market: Top Players
The major key players in the synthetic biology market are: Thermo Fisher Scientific Inc., Agilent Technologies, GEN9, Sigma-Aldrich Co. LLC., Amyris Biotechnologies, Epoch Life Science Inc., Gevo Inc., Intrexon Corporation, Sangamo Biosciences and Gingko Bioworks.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
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Synthetic Biology Market: Key Segmentation
By product:
- Core Products.
- Synthetic DNA
- Synthetic Genes
- Synthetic cells
- DNA & RNA Purification Kits
- Recombinant Proteins
By technology:
- Mutagenesis
- DNA sequencing
- Genome engineering
By applications:
- Pharmaceutical Companies
- Research Organizations
- Chemical Industries
- Universities
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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