LONDON , Feb. 24, 2016 /PRNewswire/ -- The global synthetic biology market accounted for $3,933.9 million in 2014, and it is expected to grow with a CAGR of 35.4% during 2015-2020. The technology segment dominated the global synthetic biology market with about 69.8% share in 2014. Among the various applications, the pharmaceutical and diagnostic segment accounts for the largest market in the global synthetic biology market.
The global market of synthetic biology is up surging with a significant growth rate, due to increasing support from government organizations, and growing geriatric population. Some of the major organizations include National Science Foundation (NSF), National Aeronautics and Space Administration (NASA), Centre for Chemical and Synthetic Biology (CCSB), Synthetic Biology Engineering Research Center (SynBERC), and International Association Synthetic Biology (IASB). These organizations are providing support, in the form of funding and initiatives implemented by them for basic and applied research with their respective goals.
Additionally, the innovative and advanced applications of synthetic biology, increasing research activities, and increasing R&D investments in drug discovery and development are also supporting the growth of this market.
Synthetic biology is an emerging field of science, which involves the development of genetically engineered products. Moreover, it applies various techniques to design and engineer biologically-based parts, as well as redesign existing and natural occurring biological systems. The term "synthetic" has been derived from systems and compounds produced from an organism with their genetic codes, which are not usually present in the nature. It has broad range of applications in sectors, such as medical, energy, chemical environmental, agriculture, and nanotechnology. In the health and medical sector, it is used in drug discovery, and development of diagnostic kits and vaccines. In case of chemical and energy, synthetic biology is primarily involved in the biofuel production. In environmental applications, it plays an important role in bioremediation and pollution detection.
The restraints associated with the growth of the global synthetic biology market include stringent regulatory requirements, expensive research procedures, and harmful effects of synthetic biology. The growing number of mergers and acquisitions is one of the latest trends that has been observed in this market
Geographically, North America is expected to maintain its dominance in the market during 2015 - 2020. This is due to increasing prevalence of chronic diseases and aging population in the region. In addition, the increasing R&D investments and increasing technological advancements are also driving the growth of the market in the region. Europe is expected to witness marginal growth in this market in the near future. However, the Asian region is expected to witness the highest growth globally, during the forecast period. This is mainly due to increasing prevalence of chronic diseases, aging population, and growing awareness about innovative and advanced applications of genetically modified products.
The key companies operating in the global synthetic biology market include E. I. du PONT de Nemours and Company, Amyris Inc., GenScript USA Inc., Intrexon Corporation, Thermo Fisher Scientific Inc., Synthetic Genomics Inc., Royal DSM, Novozymes A/S, New England Biolabs Inc., and Integrated DNA Technologies Inc.
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