Westford, USA, July 09, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Synthetic Biology Market will attain a value of USD 87.27 Billion by 2031, with a CAGR of 25.5% during the forecast period (2024-2031). The market for synthetic biology is associated with an interdisciplinary field that applies engineering concepts to biology. Creating biological structures and components that are not found in the natural world is its main objective, which is relatively recent when compared to other scientific and technological fields. Researchers use a combination of chemical synthesis of DNA and developments in genomics expertise to ensure the quick manufacture of altered DNA sequences and their integration into two genomes. Synthetic biology is expected to be a successful tool for solving issues in manufacturing, agriculture, and medicine.
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Browse in-depth TOC on the "Global Synthetic Biology Market"
- Pages - 165
- Tables - 132
- Figures – 81
Synthetic Biology Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 14.18 Billion |
| Estimated Value by 2031 | USD 87.27 Billion |
| Growth Rate | Poised to grow at a CAGR of 25.5 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Tool and Technology |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | There is a rising demand for synthetic biology in biotechnological and pharmaceutical businesses for research and development |
| Key Market Opportunities | Investments made by governments in technology for the discovery of pharmaceuticals and synthetic biological products is creating more market opportunities |
| Key Market Drivers | Synthetic biology has the ability to solve issues related to medical and agriculture driving the market |
Rising Demand for Synthetic Biology in Research and Development is Driving the Market Growth
The growing need for synthetic biology for research and development purposes by biotechnological and pharmaceutical companies aids in the growth of this industry. The application of synthetic biology techniques in medicine discovery and development is a major driver for the global synthetic biology market. Moreover, investments from the government and other organizations in science and technology for the development of pharmaceuticals and synthetic biological products are immensely boosting market growth. Synthetic biology turned out to be extremely efficient when scientists were researching COVID-19 vaccines.
Increasing Number of Reputable Synthetic Biology Companies in North America is Boosting its Market Growth
North America accounts for the largest share of the synthetic biology market, with Europe and Asia-Pacific following closely after. The large share of the North America market is associated with an increase in the number of reputable synthetic biology companies and research centers in the US and Canada. The large number of ongoing research projects and the globalization of the healthcare industry are two other important factors.
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Synthetic Biology Market Insight
Drivers:
- Pharmaceutical and biotechnology businesses invest in synthetic biology to produce game-changing compounds
- Government bodies making huge investment in synthetic biology for the discovery of novel cures
- Easy access through online purchase resulting in higher sales is driving the market growth
Restraints:
- Intentional or accidental discharge of synthetic organisms into the environment during research and other purposes can cause biosafety risk
- Synthetic bacteria have the potential to mutate or interact with other species when released into the environment causing bio-errors and crossbreeding.
- The rise of superbugs that are resistant to antibiotics is another biosafety concern
Prominent Market Players in the Synthetic Biology Market
The following are the Top Synthetic Biology Companies
- Thermo Fisher Scientific Inc.
- Ginkgo Bioworks
- Twist Bioscience Corporation
- Codexis Inc.
- Intrexon Corporation
- Synthetic Genomics Inc.
- Amyris Inc.
- Zymergen Inc.
- GenScript Biotech Corporation
- Evolva Holding SA
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Key Questions Answered in Global Synthetic Biology Market
- Why are government bodies investing heavily in the market?
- Who are the main key players of the market?
- Why does North America hold the largest share of the market?
This report provides the following insights:
- Analysis of key drivers (Investment in synthetic biology to produce game-changing compounds and government investments for the discovery of novel cures), restraints (Discharge of synthetic organisms in the environment, rise of superbugs resistant to antibiotics, and potential to mutate or interact with species causing bio-errors), opportunities (High demand in biotechnological and pharmaceutical businesses), and challenges (Can cause bio hazard) influencing the growth of synthetic biology market
- Market Penetration: Comprehensive information on the product offered by the top players in the synthetic biology market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the synthetic biology market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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Biologics Market
Next Generation Sequencing Market
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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