Press release
Global Synthetic Biology Market Report (2023-2028): Growth, Research Analysis, Rising Demand for Bio-based Products, Rising Potential in Consumer Goods, Increase in Synthetic Vaccines
Global Synthetic Biology Market
What is the market for synthetic biology?
The global synthetic biology market size reached US$ 13.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.8 Billion by 2028, exhibiting a growth rate (CAGR) of 18.1% during 2023-2028.
For an in-depth analysis, you can refer sample copy of the report : https://www.imarcgroup.com/synthetic-biology-market/requestsample
Factors Affecting the Growth of the Synthetic Biology Industry:
• Growing Demand for Sustainable Solutions:
The escalating demand for sustainable practices across diverse industries is a major driver of the synthetic biology market. Synthetic biology presents a compelling solution to address the urgent need for environmentally friendly processes. It offers the potential to revolutionize agriculture, pharmaceuticals, and energy production by engineering biological systems for enhanced efficiency and reduced environmental impact. As societies increasingly prioritize sustainability, synthetic biology's ability to provide innovative, eco-conscious solutions positions it at the forefront of technological advancements. Furthermore, the integration of synthetic biology into various industries aligns with global sustainability goals, making it a crucial enabler for businesses seeking to meet environmental challenges while maintaining competitiveness in an ever-evolving market landscape.
• Advancements in Gene Editing Technologies:
The rapid evolution of gene editing technologies, notably CRISPR-Cas9, propels the synthetic biology market forward. These breakthroughs empower scientists to manipulate genetic material precisely, opening new frontiers in drug development, genetic therapies, and bioproduction. The remarkable precision and efficiency of these tools enable the creation of customized genetic constructs and synthetic organisms, driving innovation across multiple industries. This driver highlights the market's potential for transformative impacts on healthcare and biotechnology. It underscores the importance of staying current with gene-editing advancements, given their far-reaching implications for the synthetic biology field.
• Increased Research and Development Investments:
The synthetic biology market is experiencing significant growth driven by increasing investments in research and development (R&D), both from the public and private sectors. These investments provide critical support for the development of cutting-edge tools, organisms, and applications. They drive innovation and enable the market to evolve rapidly. As more resources flow into synthetic biology, businesses can harness their full potential to develop novel products and solutions. Furthermore, as the synthetic biology market continues to expand, it drives economic growth. It has the potential to address critical global challenges, such as healthcare, environmental sustainability, and renewable energy, making it a focal point for both investors and stakeholders looking to shape a sustainable and technologically advanced future.
Leading Companies Operating in the Global Synthetic Biology Industry:
• Agilent Technologies Inc.
• Amyris Inc.
• Codexis Inc.
• Danaher Corporation
• Eurofins Scientific
• GenScript Biotech Corporation
• Illumina Inc.
• Merck KGaA
• New England Biolabs
• Synthego Corporation
• Thermo Fisher Scientific Inc.
• Twist Bioscience
• Viridos Inc.
Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/synthetic-biology-market
Synthetic Biology Market Report Segmentation:
By Product:
• Oligonucleotide/Oligo Pools and Synthetic DNA
• Enzymes
• Cloning Technologies Kits
• Xeno-nucleic Acids
• Chassis Organism
Oligonucleotide/oligo pools and synthetic DNA represented the leading segment due to their vital role in the creation of customized genetic constructs and the development of synthetic organisms and bioproducts.
By Technology:
• NGS Technology
• PCR Technology
• Genome Editing Technology
• Bioprocessing Technology
• Others
Based on the technology, the market has been divided into NGS, PCR, genome editing, bioprocessing, and other technologies.
By Application:
• Healthcare
o Clinical
o Non-Clinical/Research
• Non-Healthcare
o Biotech Crops
o Specialty Chemicals
o Bio-Fuels
o Others
On the basis of the application, the market has been segmented into healthcare (clinical and non-clinical/research) and non-healthcare (biotech crops, specialty chemicals, bio-fuels, and others).
Regional Insights:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
North America's dominance in the synthetic biology market is attributed to its robust research and development infrastructure, significant investments in biotechnology, and a high demand for synthetic biology solutions across various industries.
Global Synthetic Biology Market Trends:
The global synthetic biology market is experiencing significant growth driven by the increasing demand for sustainable solutions in various industries, including agriculture, pharmaceuticals, and energy. It offers innovative ways to engineer biological systems for more efficient and environmentally friendly processes.
Apart from this, ongoing advancements in gene editing technologies such as CRISPR-Cas9 have significantly enhanced the capabilities of synthetic biology, enabling precise manipulation of genetic material. This has expanded the potential applications of synthetic biology in drug development, biofuel production, and genetic therapies, thus fueling market growth. Furthermore, rising investments in research and development (R&D) by public and private sectors are contributing to market growth.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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