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How is Booming Life Sciences Sector Contributing to Growth of Synthetic Biology Market?
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Apart from the aforementioned factor, the increasing number of initiatives being implemented by various government organizations around the world are also fueling the demand for synthetic biology solutions. The National Science Foundation (NSF), the Centre for Chemical and Synthetic Biology (CCSB), the National Aeronautics and Space Administration (NASA), the International Association Synthetic Biology (IASB), and the Synthetic Biology Engineering Research Center (SynBERC) are some of the major government organizations allocating funds for the development of synthetic biology solutions.
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When application is taken into consideration, the synthetic biology market is classified into pharmaceutical and diagnostic, chemical, energy, R&D, and agriculture. Out of these, the pharmaceutical and diagnostic category recorded the highest growth in the market during the past few years and it is predicted to exhibit huge market expansion in the upcoming years as well. However, in the forthcoming years, the energy category is predicted to demonstrate the fastest growth in the market.
The Asian market is also predicted to demonstrate rapid advancement in the years to come. One of the major trends currently being witnessed in the synthetic biology market is the increasing number of acquisitions and mergers being announced by the players operating in the market. Organizations are adopting these business strategies for several purposes such as expanding their operations and developing innovative and advanced products that will enhance their product range.
Hence, it can be said with full confidence that the demand for synthetic biology technology will rise tremendously across the world in the future years, primarily because of the increasing geriatric population in several countries.
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