HOME › Research Insight › Europe to Offer Significant Growth Opportunities for the Synthetic Biology Market in the Coming Years
Europe to Offer Significant Growth Opportunities for the Synthetic Biology Market in the Coming Years
The global synthetic biology market is witnessing significant growth and is likely to continue to do so over the next five years. Factors such as strong government funding and investments in North America and Europe, growing number of international alliances and conferences in Europe and Asia, and growing demand for synthetic genes and biofuels are driving the growth of the synthetic biology market. Europe is expected to grow at the highest CAGR during the forecast period. Growth in this region is likely to be centered at U.K and Germany. However, countries such as France, Denmark, and Switzerland are also expected to witness high-growth rates.
The synthetic biology market in Europe has been growing at a faster pace as compared to other regions. Factors such as rising international alliances and collaborations are driving the growth of the synthetic biology market in this region. For instance, in January 2012, the European Commission, through the Seventh Framework Program, funded the European Research Area Network in Synthetic Biology (ERASynBio) project. Through this project, Europe formed collaborations with the U.S. by bringing together 12 funding organizations from both the regions. The U.K. is the leading country in the synthetic biology market in Europe and is expected to grow at the highest CAGR from 2013 to 2018 on account of huge government investments. For instance, in January 2014, three new multidisciplinary research centers were established for synthetic biology in Bristol, Nottingham, and Cambridge/Norwich. These centers were a result of funding from the Biotechnology and Biological Sciences Research Council (BBSRC) and the Engineering and Physical Sciences Research Council (EPSRC).
However, the Asian regions of China and Japan provide untapped potential to the synthetic biology market. These countries have been taking steps to establish themselves in this field. In addition, the government of China is supporting the growth of this market by providing funds for synthetic biology research, due to which numerous synthetic biology-related conferences are being organized in these countries.
Synthetic Biology Market by Tool (XNA, Chassis, Oligos, Enzymes, Cloning kits), Technology (Bioinformatics, Nanotechnology, Gene Synthesis, Cloning & Sequencing), Application (Biofuels, Pharmaceuticals, Biomaterials, Bioremediation) - Global Forecast to 2018
North - Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252