Dublin, July 08, 2021 (GLOBE NEWSWIRE) -- The "Global Synthetic Biology Market Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global synthetic biology market size is projected to reach USD 30.7 billion by 2026 from USD 9.5 billion in 2021, at a CAGR of 26.5% during the forecast period.
Factors such as the increasing demand for synthetic genes and synthetic cells, wide range of applications of synthetic biology, declining cost of DNA sequencing and synthesizing, increasing R&D funding and initiatives in synthetic biology, and increasing investments in the market are propelling the growth of this market.
However, rising biosafety, biosecurity, and ethical concerns related to synthetic biology is likely to hamper the growth of this market.
The oligonucleotides and synthetic DNA segment is expected to grow at the highest rate during the forecast period
On the basis of tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2020, the oligonucleotides and synthetic DNA segment is expected to register the highest CAGR during the forecast period.
This can be attributed to factors such as the rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications, such as pharmaceuticals, nutraceuticals, personal care, flavors and fragrances, probiotics, green chemicals, and industrial enzymes.
The genome engineering segment is expected to grow at the highest CAGR during the forecast period
On the basis of technology, the market is segmented into gene synthesis, genome engineering, sequencing, bioinformatics, cloning, site-directed mutagenesis, measurement and modeling, microfluidics, nanotechnology.
The genome engineering segment is expected to register the highest CAGR during the forecast period due to factors such as the increasing use of engineering technologies for manipulating complex genomes, growing therapeutics development for cancer and other diseases, and the increasing technological advances in CRISPR-toolbox and DNA synthesis technologies.
The medical applications segment is expected to grow at the highest CAGR during the forecast period
Based on application, the synthetic biology market is segmented into medical applications, industrial applications, food & agriculture, and environmental applications. The medical applications segment is expected to register the highest CAGR during the forecast period. Factors such as the extensive research on new and better treatments, coupled with the availability of huge private and public funding for the discovery of novel therapies, is the primary driver for the medical applications segment's growth.
The Asia Pacific is projected to witness the highest growth during the forecast period
In 2020, North America accounted for the largest share of the synthetic biology market. However, the APAC region is expected to witness the highest growth during the forecast period owing to the growth in the number of pharmaceutical & biopharmaceutical companies, the increasing number of healthcare & life science facilities, and increasing requirements for regulatory compliance in pharmaceutical and biopharmaceutical companies, growing number of international alliances, heavy funding for synthetic biology research, and strong government support.
Furthermore, the increasing focus on the Asia Pacific markets due to their low-cost manufacturing advantage also provides growth opportunities for manufacturers.
Wide Range of Applications of Synthetic Biology
Rising R&D Funding and Growing Initiatives in Synthetic Biology
Declining Cost of DNA Sequencing and Synthesizing
Increasing Investments in the Market
Biosafety, Biosecurity, and Ethical Concerns
Rise in the Need for Fuel Alternatives
Increase in the Demand for Protein Therapeutics and Personalized Medicines
Growth in Research on Synthetic Drugs and Vaccines
Standardization of Biological Parts
Porter's Five Forces Analysis
Value Chain Analysis
Key Market Players
Thermo Fisher Scientific
Synthetic Genomics (SGI)
Integrated DNA Technologies
New England Biolabs
For more information about this report visit https://www.researchandmarkets.com/r/dqh7n9
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