Synthetic Biology Market 2025 is Rising Internationally With: Novozymes, Agilent Technologies, Amyris, GenScript, Integrated DNA Technologies, ThermoFisher Scientific, Merck KGaA, Twist Bioscience, New England Biolabs, Synthetic Genomics
Rising numbers of start-up companies is driving the market for synthetic biology over the forecast period.
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. These players focus on developing new products in order to increase their offerings in the market.
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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. Global synthetic biology market is driven by extensive use of enzymes kits and other gene synthesis products in research institutes and academics. Additionally, rising demand for enzyme based kits and solutions required for gene manipulation and rising awareness about genetic engineering among the healthcare professionals in developed nations also accelerate the market growth. However, competition among existing market players may restrain the growth of the market.
North America is the largest market owing to government funds, investments made by the major companies, conferences held for the awareness regarding synthetic biology, technological advancements in the field of genomics, and higher acceptance by the consumers.
The market for synthetic biology is well established in the region of North America, owing to the investments made by the major companies and technological developments in the process of synthetic biology. Various market players have been focusing towards shifting their customer base in North America. For instance, the Government of Canada provides US$950 Mn for innovations to address the growing challenge of developing diverse and highly innovative economy. The development aimed to connect the businesses, academics, and policymakers, for the growth of several high-tech fields. So, this development of new clusters is one of the major factors for the development of domestic synthetic biology market of Canada.
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