New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Persistence Market Research, a leading Market Research firm, the Synthetic Biology Market was valued at US$ 9.8 billion in 2021 and is anticipated to reach a revenue of US$ 163 billion by the end of 2032, growing at a CAGR of 29.5%. Furthermore, the market is expected to witness an absolute dollar opportunity of US$ 150.4 Mn in the upcoming 10 years.
Factors such as increased R&D funding and development activities in synthetic biology reduced DNA sequencing and synthesizing costs, and increasing investments are projected to drive the market. Government agencies, research institutes, and large corporations are increasingly involved in synthetic biology research, which will boost market growth in the forthcoming years.
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Industry growth will be driven by a shift in production trends towards natural plant-derived materials like rubber, essential oils, food flavors, and fragrances. Over the projected period, increasing research efforts involving science, technology, and engineering to develop, redesign, generate, or change genetic materials and biological systems will create new growth prospects for industry participants. The synthetic biology market will rise significantly due to the rising demand for biofuel owing to fossil fuel depletion, the global energy crisis, and increased pollution.
The growing population and changing eating habits, combined with resource scarcity, have aided nutrition research and development. With the use of synthetic biology, various procedures have been developed for producing food, thus resulting in increased food yield.
Competitive Landscape
Private and public organizations are making significant investments in the market. Bolt Threads, Spiber, and Modern Meadow are among the companies that have witnessed tremendous growth in consumer biotechnology. These businesses are working to create sustainable synthetic yet "natural" biomaterials. The existence of major, regional, and transnational competitors in the synthetic biology market makes it competitive. Companies are using tactics like collaborations to conduct R&D, new product launches, and joint ventures to expand their businesses.
Some of the prominent companies in the Global Synthetic Biology market are Bota Biosciences, Codexis, Inc., Creative Biogene, Creative Enzymes, EnBiotix, Inc., Eurofins Scientific, Illumina, Merck, New England Biolabs, Novozymes, Pareto Biotechnologies, Inc., Scarab Genomics, Synthego, Synthetic Genomics, and Thermo Fisher.
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Some of the recent developments in the Global Synthetic Biology Market are:
- In January 2022, Ribbon Biolabs raised 18 million Euros in its Series A funding to build commercial-scale manufacturing plants and expand its DNA synthesis technique across the United States.
- In August 2021, Bota Bioscience raised US$ 100 million in its Series B funding for making technological advancements in its sustainable biomanufacturing program.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Synthetic Biology market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Application (Healthcare and Non-Health Care), Product Type (Oligonucleotide/Oligo pools and Synthetic DNA, Enzymes, Cloning Technologies Kits, Xeno-nucleic Acids, Chassis Organism), Technology (NGS, PCR, Genome Editing, Bioprocessing Technology, Other Technologies), End-use (Biotechnology & Pharmaceutical Companies, Academic & Government Research Institutes, Other End-uses) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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