Synthetic Biology Market Size To Reach USD 33120 Million By 2028 With A CAGR of 22.0% | Valuates Reports
BANGALORE, India, Nov. 21, 2022 /PRNewswire/ -- The Synthetic Biology market is segment by Type - Gene Synthesis, Genome Engineering, Cloning and Sequencing, Next-Generation Sequencing, Site-Directed Mutagenesis, Measurement and Modeling, Microfluidics, Nanotechnology, by Application - Medical Applications, Industrial Applications, Food and Agriculture, Environmental Applications. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Biological Sciences Category.
Due to the COVID-19 pandemic, the global Synthetic Biology market size is estimated to be worth USD 10060 million in 2022 and is forecast to be a readjusted size of USD 33120 million by 2028 with a CAGR of 22.0% during the review period.
Major factors driving the growth of the Synthetic Biology market are
Applications for synthetic biology are growing, as is the emphasis on growth efforts and increased financing for R&D in this field.
The demand for better drugs and vaccines is expected to grow, driving the global synthetic biology market.
Increased funding for research and development in synthetic biology will further drive the Synthetic Biology market.
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TRENDS INFLUENCING THE GROWTH OF SYNTHETIC BIOLOGY MARKET
The demand for better drugs and vaccines is expected to grow, driving the global synthetic biology market. One way to lessen the possibility of antibiotic-resistant microbes, which pose a serious threat to companies that develop pharmaceuticals, is through the use of synthetic biology. As synthetic biology is a process in which man-made biological materials are manufactured utilizing biological devices and systems, manufacturers are using it for the development of drugs and vaccines. Companies frequently use synthetic biology in the creation of novel, individualized medicines (drugs and vaccines). This factor is expected to drive the growth of the Synthetic Biology market.
The food industry benefits from the use of synthetic biology techniques by increasing food quality, production, and safety. We observe new food varieties or substances with therapeutic value or longer shelf lives. There will be a rise in the manufacturing of more potent, ecologically friendly plant growth treatments. Pesticides and fertilizers that can react to particular biotic or abiotic circumstances will be available. Additionally, traditional agricultural practices and food production technologies have a minimal influence on the environment. Because of the decreased cost of production, farmers, producers, and manufacturers can save time and money. Access to sources of human food or animal feedstock that are renewable and more inexpensive will also be improved. This factor is expected to drive the growth of the Synthetic Biology market.
Biofuels are becoming increasingly important due to rising fuel usage and growing worries about the security of the energy supply. Over 150 billion tonnes of biomass are produced annually on a global scale. At the moment, biofuels are made using food products like maize, sugarcane, and vegetable oil. In turn, this is opening the door for the use of synthetic biology methods in the creation of renewable energy. The use of synthetic biology products has expanded during the last two years as a result of the COVID-19 outbreak. By using novel methods for creating test kits, treatments, and vaccinations for COVID-19, many major pharmaceutical and biotechnology businesses as well as synthetic biology industry participants have intensified their research operations globally. Thus the increasing use of Synthetic Biology to find fuel alternatives is expected to drive the Synthetic Biology market.
Pharmaceutical companies now receive more funds for research and development in order to create new therapies. The government has made steps to fund various pharma and biotech enterprises in an effort to advance pharmaceutical research and boost global competitiveness. This has led to a consistent rise in R&D investment and spending over time.
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SYNTHETIC BIOLOGY MARKET SHARE ANALYSIS
The market segment for medical applications is anticipated to expand at the highest CAGR during the forecast period. More money is currently given to pharmaceutical companies for R&D in order to find new treatments. To enhance pharmaceutical research and increase global competitiveness, the government has taken initiatives to fund various pharma and biotech companies. As a result, spending and investment in R&D have steadily increased over time.
The region with the biggest market share was North America, followed by Europe and the Asia-Pacific region. Numerous variables, including the rise in well-known synthetic biology businesses and research centers in the US and Canada, are blamed for the domination.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Thermo Fisher
- Novozymes
- Merck KGaA
- Intrexon
- Agilent
- Amyris
- Genscript Biotech
- Ginkgo Bioworks
- Integrated DNA
- New England Biolabs
- Synthetic Genomics
- Twist Bioscience
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