Synthetic Biology Market Expected to Grow 23% by 2020 : Allied Market Research
Latest report "Synthetic Biology Market to grow at a CAGR of 23%, Globally, by 2020", published by Allied Market Research. Report forecasts that the global market was valued to be $5.2 billion in 2015 and is expected to grow a CAGR of 23% during the period 2015 - 2020.Nucleotide synthesis and sequencing technology segment would continue to lead the market until 2020. Synthetic oligos and software tools segment, collectively, held around half of the market share in 2015.
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The global synthetic biology market is expected to grow at a CAGR of 23% between 2015 and 2020. New applications in research areas such as agriculture and biological restoration are expected to drive market growth. Synthetic biology is gaining popularity in hazardous waste disposal initiatives through engineered microorganisms that can degrade chemical-resistant chemicals such as dioxins, pesticides, or even radioactive compounds. Engineering crops through synthetic biology eliminate the gap between demand and supply around the world. But factors like biosafety and biosecurity can hinder market growth.
Key Findings of Synthetic Biology Market:
• Synthetic cells segment is projected to grow at a highest CAGR of 25.5% during the forecast period.
• Synthetic oligos would continue to remain as the leading revenue generating segment, garnering around one fourth of the market share by 2020.
• Microfluidics technology is projected to be the fastest growing segment, registering a CAGR of 32.5%.
• Biofuels application segment is expected to register a highest CAGR of 24.2%.
• Asia-Pacific bagged about 22% market share in 2015.
Europe is estimated to be the highest revenue generator in the synthetic biology market in 2015. North America and Europe, collectively, accounted for around two-thirds of the overall market in 2015, and this trend is expected to continue during the forecast period. The key companies profiled in the report are Thermo Fischer Scientific, GenScript, DNA2.0, Integrated DNA technologies, Eurofins Scientific, Inc., Origenetechnologies, Scientific genomics Inc. Editas Medicine, Inc., Pareto Biotechnologies, Blue heron, TeselaGen, Twist biosciences, Syntrox Inc., and others.
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