HOME Research Insight Market Leader - Synthetic Biology Market

Market Leader - Synthetic Biology Market

The synthetic biology market is projected to reach USD 8.84 ? Billion by 2022 from USD 3.57 Billion in 2017, at a CAGR of 19.9%. Factors such as the wide range of applications of synthetic biology, rising R&D funding and initiatives, increasing demand for synthetic genes and synthetic cells, and increasing investments in synthetic biology companies.

In this report, the market is segmented by tool, technology, application, and region. On the basis tool, the synthetic biology market is segmented into oligonucleotides, enzymes, cloning technology kits, chassis organisms, and xeno-nucleic acids. The chassis organisms segment is expected to grow at the highest rate during the forecast period. The increasing demand for green alternatives (biomass is converted to chemicals using engineered bacteria, yeasts, and other microorganisms) to fossil fuels is a key driver for this segment.

Based on of technology, the synthetic biology market is segmented into gene synthesis, genome engineering, cloning and sequencing, next-generation sequencing, site-directed mutagenesis, modeling and measurement, microfluidics, and nanotechnology. The genome engineering segment is projected to grow at the fastest rate. Factors such as growing research in DNA synthesis technologies, genome modification, and CRISPR-toolbox are expected to drive the growth of this market.

By application, the synthetic biology market is segmented into medical (pharmaceutical, drug discovery & therapeutics, and artificial tissue and tissue regeneration), industrial (biofuel & renewable energy, industrial enzymes, and biomaterials & green chemicals), food & agriculture, and environmental (bioremediation and biosensing) applications. The biofuel and renewable energy segment is estimated to grow at the highest CAGR during the forecast period. This high growth rate is attributed to the rising popularity of biofuels and the advantages of using genetically engineered organisms for the synthetic production of biofuels.

Geographically, North America is estimated to hold the largest share of the market in 2017, however, Europe is expected to register the highest CAGR during the forecast period. The expected high growth of this region can be attributed to factors such as the growing number of international alliances, heavy funding for synthetic biology research, and strong government support.

Among countries, the US is estimated to account for the largest share of the synthetic biology market in 2017. Whereas, China is expected to witness the fastest growth during the forecast period. This is mainly due to the factors such increasing funding and collaborations in the field of synthetic biology.

Related Reports:

Synthetic Biology Market by Tool (Oligonucleotides, Chassis Organisms, Enzymes), Technology (Genome Engineering, NGS, Cloning and Sequencing), Application (Medical (Pharmaceutical, Drug Discovery), Industrial (Renewable Energy)) - Global Forecast to 2022

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