Dublin, June 21, 2024 (GLOBE NEWSWIRE) -- The "Synthetic Biology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The synthetic biology market is set to experience an explosive compound annual growth rate (CAGR) of 32%, morphing from its USD 21 billion estimation in 2024 to a staggering USD 150 billion by 2031. Driving this unprecedented rise are the advancements in genome editing, heightened investments, and reduced costs of DNA sequencing and synthesis. This augmented growth trajectory signifies an era of transformative evolution within the sector, implicating deep-rooted changes and opportunities across multitude industries.
Healthcare and Agriculture: Sectors of Focus
Leading the race, the healthcare sector maintains a strong hold as the preeminent segment in terms of revenue within the synthetic biology market, with a CAGR of 30% expected. Meanwhile, the agriculture sector is harnessing synthetic biology to pioneer high-yield crops and advanced pest management solutions, effectively responding to the surging global population demands and dietary shifts.
Market Segmentation Outlook
The sector is scrutinized through a prism of various dimensional segments including applications in healthcare and non-healthcare areas, diverse product types ranging from oligonucleotide pools to chassis organisms, and a suite of technologies like NGS, PCR, and Genome Editing. End-user analysis spans biotechnology firms, pharmaceutical giants, and academic research institutes, framing a multi-faceted view of the synthetic biology landscape across the strategic key regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Geographic Market Insights
North America currently stands as the predominant region in synthetic biology market share, boasting over 35% globally. Within the United States, supportive regulatory policies, government backing, and robust private investment further accentuate its dominating market presence. Concurrently, the Asian market, with Japan being a noteworthy example, is undergoing rapid escalation, positioned to reach significant market valuations attributed to healthcare progressions and investment influx in medical research.
Competitive Landscape and Recent Developments
The market landscape of synthetic biology observes a highly competitive environment wherein key industry players engage in strategic partnerships and innovation to maintain and strengthen their standing. This bustling commercial terrain is marked by breakthrough developments, such as Ribbon Biolabs' recent funding injection aimed at scaling DNA synthesis techniques and Bota Bioscience's Series B capital procurement, both heralding the forward momentum of sustainable biomanufacturing solutions.
A selection of companies mentioned in this report includes, but is not limited to:
- Bota Biosciences
- Codexis, Inc.
- Creative Biogene
- Creative Enzymes
- EnBiotix
- Eurofins Scientific
- Illumina
- Merck (Sigma Aldrich)
- New England Biolabs
- Novozymes
For more information about this report visit https://www.researchandmarkets.com/r/i116oq
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