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Synthetic Biology Market is Reaching a Valuation of US$ 13.37 Billion by 2019
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The investments by leading players in this market have also increased considerably, which is reflecting positively on the growth of this market. Bayer, Biosearch Technologies, Green Biologics, Ginkgo Bioworks, and Thermo Fisher Scientific are some of the other prominent players operating in this market, reports the research study.
As per the research report, the global market for synthetic biology, which stood at US$1.8 bn in 2012, is anticipated to expand exponentially at a CAGR of 32.60% during the period from 2013 to 2019 and reach a value of US$13.4 bn by the end of the forecast period. Among products, core products, especially synthetic DNA, led the global market in 2012 and is expected to remain doing so over the next few years, thanks to its higher commercial availability. Genome engineering has surfaced as the most prominent technology utilized in synthetic biotechnology. Researchers expect this technology to continue to lead over the forthcoming years, states the market report.
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Widening Application Base to Boost Market’s Growth
Synthetic biology technologies and products are finding significant usage in various application areas, thanks to the remarkable increase in their popularity. “Since the organisms engineered with synthetic biology techniques are relatively reasonable, owing to their use in various industrial applications, which also translates in a reduction in the cost of research, the demand for these techniques is increasing considerably across the world,” says a TMR analyst. The increasing involvement of government bodies, research institutes, and large-scale organizations in synthetic biology research activities is likely to support this market over the next few years, notes the research study.
Europe to Maintain Lead
Among the geographies, Europe has been leading the global market for synthetic biology since the past few years. With the rise in the government participation and the increase in the funding for the development of synthetic biology, this regional market is anticipated to continue to lead in the years to come. The augmenting application of synthetic biology in healthcare, energy, and environment is also projected to boost the Europe market for synthetic biology over the forthcoming years, states the report.
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