Synthetic Biology Market Outlook to 2025 - Amyris, Twist Bioscience, Synthetic Genomics, Agilent Technologies, GenScript, Integrated DNA Technologies, New England Biolabs, Merck KGaA, ThermoFisher Scientific and Novozymes
Global Synthetic Biology Market was valued at US$ 8,244.8 Mn in 2017 and is estimated to reach US$ 56,044.9 Mn by 2025
Rising numbers of start-up companies is driving the market for synthetic biology over the forecast period.
The synthetic biology market is estimated to grow at a CAGR of 28.2% during the forecast period from 2018 to 2025. The market for synthetic biology is estimated to reach US$ 56,044.9 Mn in 2025. The market for synthetic biology is witnessing a potential growth rate during the previous years and is expected to witness similar trend in the coming years.
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The major players operating in the market of synthetic biology market include ThermoFisher Scientific Inc., Merck KGaA, Novozymes, Agilent Technologies, Amyris, GenScript, Integrated DNA Technologies, Inc., Twist Bioscience, New England Biolabs, Synthetic Genomics Inc. and others.
Europe is the second largest market whose growth is attributed to rising government funding and increasing focus of market players in the Germany and France.The government of UK has started many initiatives in collaboration with major players in the region. For instance, The Horizon 2020 was started by the European unions as one of the largest EU Research and Innovation program in which approximately US$ 96 billion funding was available. The programmes include biotechnology as a key which enables technology for maintaining Europe’s leadership in industrial applications. The Synthetic Biology Leadership Council (SBLC) developed SynBio Strategic Plan, Biodesign for the Bioeconomy. The Department for Business, Energy and Industrial Strategy (BEIS) supports the SBLC for supporting emerging technologies, such as synthetic biology.
Synthetic biology market is segmented by product, technology and application. On the basis of product, the market is segmented into enzymes, oligonucleotides, chassis organisms and xeno-nucleic acids. Enzymes acquired the largest market among the products due to its wide range of applications in healthcare. On the basis of technology, the market is segmented into gene synthesis, genome engineering, measurement and modeling, cloning and sequencing, nanotechnology, and others. Gene synthesis has the largest market share among the technologies due to an increasing research and development activities in genetics and growing number of market players offering products and solutions for gene synthesis. On the basis of application, global synthetic biology market is segmented into industrial applications, food and agriculture, medical applications, environmental applications, and others. Geographically, the market for synthetic biology is segmented into North America, Europe, Asia Pacific (APC), Middle East and Africa (MEA) and South and Central America (S&CAM).
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