Ocean View, DE -- (SBWIRE) -- 06/09/2020 -- The global Synthetic Biology market was valued at USD 11 Billion in 2018 and is projected to touch USD 55 Billion by 2025, developing at a CAGR of 24 % from 2019 to 2024.Burgeoning demand from various sectors will impel synthetic biology market share over the forecast spell. Prominent among these are the healthcare, energy, industrial chemicals and agriculture industries.
Major players in the industry are implementing several R&D activities across technology, science and engineering domains to modify living organisms by altering biological and genetic systems. This, along with favorable regulatory initiatives for biotechnology development will present lucrative avenues for synthetic biology industry growth.
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Top Manufacturers:
- Thermo Fischer Scientific
- Gevo Inc
- Royal DSM
- Bristol-Myers Squibb
- Amyris Inc.
- Genomatica Inc.
- Synthetic Genomics Inc.
- Codexis Inc.
- Butamax Scarab Genomics LLC
- Scarab Genomics LLC
- MorphoSys AG
- Ginkgo Bioworks
- Evolva
- Igenbio Inc.
Rising investments in research and development to understand genetic element functions will expand synthetic biology market, with increasing support from both the public and private institutions. Synthetic biology applies the principles of engineering to biology with a goal to redesign and fabricate biological components that are non-existent in the natural world. Researchers are able to manufacture catalogued DNA sequences owing to synthetic biology, combining chemical synthesis of DNA and assembling them into new genomes.
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Facilities in numerous countries have been running projects and research studies on biotechnology and genetic modifications that have looked into complexities found in the genomes of organisms for creating efficient therapies to treat disease. The products offered by synthetic biology industry players have a wide range of applications across several business verticals. Gradually reducing cost of research and decent techniques to engineer the organisms have accelerated development of novel solutions.
With respect to the product spectrum, the core products segment is poised to depict growth at a commendable rate of 25% though 2025. This is attributable largely to broad application potential in synthetic genes, organisms and DNA components across the pharmaceutical product manufacturing and diagnostics sectors.
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Product Type Segment:
- Core Products
- Enabling Products
- Enabled Products
Application Segment:
- Pharmaceuticals & Diagnostic
- Chemicals
- R&D
- Agriculture
- Energy
Regional Segment:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
On the regional front, Europe synthetic biology market size is anticipated to record revenue more than $18 billion by 2025. Major climate changes and rising pollution levels are encouraging higher adoption of synthetic biology in agriculture.
Genome engineering is one of the most prominent technologies in healthcare today and is anticipated to account for a major portion of the synthetic biology market. Several government institutions are supporting biomass initiatives with regard to climate change, which has driven many companies to invest in genome engineering. Additionally, factors like advances in DNA synthesis technologies and CRISPR-toolbox has fulfilled the requirement for fast, multiple genome modifications and the current research activities are propelling the growth of genome engineering segment.