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Synthetic Biology Market Research 2024 - Outlook, Overview And Forecast To 2033
Synthetic Biology Market Research
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According to The Business Research Company's, The synthetic biology market size has grown exponentially in recent years. It will grow from $16.59 billion in 2023 to $21.02 billion in 2024 at a compound annual growth rate (CAGR) of 26.7%. The growth in the historic period can be attributed to increasing healthcare and life science facilities, increasing investment in drug, wide application in end-user industries, low cost of dna sequencing and synthesizing, and rise in funding.
The synthetic biology market size is expected to see exponential growth in the next few years. It will grow to $45.83 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%. The growth in the forecast period can be attributed to increasing government initiatives, demand for fuel alternatives, increase in demand for genetically modified crops, and increasing investments in private companies. Major trends in the forecast period include strategic collaborations and partnerships, automation in nucleotide synthesis and sequencing, rising focus on gene editing, product innovation rising adoption of cell-free technology, new environmentally friendly process for biofuel production.
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Market Drivers and Trends:
DNA sequencing is important in the development of the synthetic biology in many ways. DNA sequencing finds its use in many synthetic biology applications, therefore the availability of the DNA sequencing technique at low cost drives the production of products based on the applications of synthetic biology. DNA sequencing allows the researchers to determine the DNA sequences in genes and helps a researcher to create a repository of entire genomes. These repositories form the basis for the implementation of synthetic biology applications such as protein expression, directed evolution, and metabolic engineering. According to the Human Genome Research Institute, in 2021,, costs per genome sequenced have decreased from $3 billion to approximately $300 million over the past 17 years and are projected to be gradually lowered by 10 times over the next five years.
The new technological advances in the field of DNA sequencing has enabled the researchers to use DNA to store non-genetic information. With the rise in the demand to store quantum of data, DNA data storage offers a solution where one DNA strand can store about 455 Exabyte of data (455 billion gigabytes). Thus, the concept has received huge investments from the entities in the market. The binary data (data coded in 0O and 1) is converted into DNA strings of four potential base units of unique sequences of A, G, C, T (DNA is made up of four base components: Adenine, Guanine, Cytosine, and Thymine (known as AGCT)). The information coded in DNA lasts for thousands of years when compared to the data in traditional hard drives which gets corrupted or damaged within 30 years. For instance, according to a journal published by Nature Publishing Group, Microsoft and University of Washington researchers stored 35 distinct digital files in DNA-more than 200 megabytes of data and plans to increase future investment to improve the technology.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Medtronic plc, Johnson & Johnson, Stryker Corporation, NuVasive, Inc., Zimmer Biomet Holdings, Inc., Orthofix Medical Inc., SeaSpine Holdings Corporation, Narang Medical Limited, Atlas Surgical, Auxein Medical and Sharma Spine Medical Pvt. Ltd, Teijin Nakashima Medical Co, Seikagaku Corporation, Anatomics, New Zealand Spine (NZOA), Tianjin Walkman Biomaterials, Sunan Zimede Medical Instruments Co., Ltd, Smith & Nephew, aap Implantate AG, Orthopaedic & Spine Development (OSD), Waldemar Link GmbH & Co. KG, Amplitude SAS, Corin Group PLC, Precision Medical Technologies (Poland), Baltic Implants, Aequos Endoprothetik GmbH, Beznoska Company Ltd, SpineGuard, Integra Life Sciences, B. Braun Melsungen AG, Benvenue Medical, DePuy Synthes, Globus Medical, Inc., Aesculap, Inc., Alphatec Spine, Neoortho, NOVAX DMA, Spine Argentina, SAI (South America Implants), Shaarani Group, Babil Medical Equipment, Southern Medical (Pty) Ltd, SASpine, EliteSurgical, TiTaMED, GE Healthcare.
Synthetic Biology Market 2024 Key Insights:
• The synthetic biology market size is expected to see exponential growth in the next few years. It will grow to $45.83 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%.
• Dna Sequencing's Vital Role In Advancing Synthetic Biology And The Impact Of Cost Reductions
• Revolutionizing Data Storage: Dna Sequencing Breakthroughs Fuel Investments In Dna Data Storage
• North America was the largest region in the synthetic biology market in 2023
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