Albany, NY -- (SBWIRE) -- 09/10/2018 -- Global Synthetic Biology Market: Snapshot
When the organisms are engineered with new techniques of synthetic biology then they are more efficient, because then the genetically modified microorganisms can be used for many industrial purposes and are also cost effective. And this has increased the usage of synthetic biology products by the researchers throughout the world. The rise of the synthetic market is attributed to the universities, other large organisations, as well as the government bodies as they carried out researches on the synthetic biology activities.
With the growth in the field of technology there has been rise in the synthetic biology market. The synthetic biologics market accounted for a total of US dollars 5.48 billion in the year 2016 and is predicted to grow at a brilliant CAGR of 32.6% during the years between 2013 to 2019 thereby accounting for a total of US dollars 13.37 billion towards the end of 2019.
Agricultural Segment to Exhibit Whopping 52.5% CAGR
In terms of application, it is predicted that the healthcare sector will continue to dominate this market during the assessment period. The main reason behind this is the continuously rising population along with the growth in the number of diseases in the world. With the help of synthetic biology, cheap priced as well as effective drugs can be provided to the patients which are also safe to use. These drugs can be used for a variety of diseases. Due to the less number of agricultural lands existing today as well as the continuously growing requirement of food, even the agricultural segment is predicted to grow at a staggering CAGR of 52.5% throughout the assessment period.
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Genome Engineering to Continue to be Leading Technology
On the basis of technology, it is predicted that till 2019, genome engineering will continue its dominance in the synthetic biology market. There has been a continuous growth in the adoption of technology as it helps to modify a particular part of the DNA. And, it is also predicted that the biological components and integrated systems sector will dominate other sectors by growing at an incredible CAGR of 43.0% throughout the assessment period. The reason behind such a high CAGR is its ability to minimise the costs of manufacturing biofuels and medicines in bulk.
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North America Predicted to Generate Highest Revenue for Synthetic Biology
On the basis of the revenue generated, Europe generated the highest income in the year 2016 and this is attributed to the investment and studies that the government has undertaken for the growth of the synthetic biology. Along with this, the growth in the usage of this technology in the energy, health, environment, as well as other sectors has also lead to the rise of this market in this region. But, it is predicted that North America will perform better than Europe towards the end of the assessment period. The steps undertaken by both the private organisations as well as the government for promoting synthetic biology research activities has led to the rise of the North America region. North America is predicted to account for a total of 46% of the total income generated by synthetic biology market by 2019.
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