The growth of this market is primarily attributed to factors such as the increasing demand for synthetic genes & synthetic cells, wide range of applications of synthetic biology, declining cost of DNA sequencing & synthesizing, increasing R&D funding & initiatives in synthetic biology, and increasing investments in the market.
1. Wide Range of Applications of Synthetic Biology
2. Rising R&D Funding and Growing Initiatives in Synthetic Biology
3. Declining Cost of Dna Sequencing and Synthesizing
Based on tools, the market segmented into oligonucleotides and synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms and xeno-nucleic acid. In 2019, the oligonucleotides and synthetic DNA segment accounted for the largest share of the market, followed by enzymes. The large share of the segment can be attributed to the rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of research applications.
Based on technology, the market is segmented into gene synthesis, genome engineering, cloning, sequencing, site-directed mutagenesis, measurement & modeling, microfluidics, nanotechnology, and bioinformatics technologies. In 2019, the gene synthesis segment accounted for the largest share of the market.
The synthetic biology market is projected to reach USD 19.8 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 23.9%.
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Critical questions the report answers:
1. How will current technological trends affect the market in the long-term?
2. What are the current growth trends in the market for the food & agriculture segment?
3. What are the application areas of the market?
4. Which regions are likely to grow at the highest CAGR?
5. What are the growth strategies being implemented by major market players?
The APAC market is expected to grow at the highest CAGR during the forecast period
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as 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 are expected to drive the growth of these markets during the forecast period.
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Key Players and Strategies Adopted by Them:
Abbott Laboratories, Becton, Dickinson and Company, Biomérieux SA, Bio-Rad Laboratories, Danaher Corporation, Diasorin, Luminex, Meridian Bioscience, Quidel, Roche Diagnostics, Siemens AG, Thermo Fisher Scientific