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(IT-NEWSWIRE.COM, June 19, 2021 ) This study involved four major activities in estimating the current size of the synthetic biology market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
[377 Pages Report] 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 a wide range of applications of synthetic biology, the rising R&D funding and growing initiatives in synthetic biology, declining cost of DNA sequencing and synthesizing, and increasing investments in the market are propelling the growth of this market. However, biosafety, biosecurity, and ethical concerns related to synthetic biology would hamper the growth of this market.
Market Dynamics
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
4. Increasing investments in the market
COVID-19 impact on the synthetic biology market
Many established pharmaceutical and biopharmaceutical companies, along with players of the synthetic biology market, have stepped forward to contribute to worldwide research efforts by providing synthetic biology for developing test kits, treatments, and vaccines to target the infection caused by the coronavirus. Synthetic biology is highlighted as one of the emerging technologies in a report from the European Parliament. It can fight the COVID-19 pandemic. The National Institute of Health in the US has also identified synthetic biology as one way to speed up vaccine development. Synthetic biology technologies have the potential to transform the development and production of vaccines, therapeutics, and diagnostics by utilizing their engineering approaches built on a variety of information (genomic sequences, sequence annotations, enzyme properties, metabolic models, lab protocols, algorithms, and scientific knowledge).
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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 geographical regions mapped in the report are:
1. North America
2. Europe
3. Asia-Pacific
4. RoW
Geographically, the synthetic biology market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2020, North America accounted for the largest share of the synthetic biology market, followed by Europe and the Asia Pacific. The large share of the North American market is attributed to factors such as the increase in the number of well-established synthetic biology companies and research institutes in the US and Canada, a large number of ongoing research studies and growth of the overall healthcare sector on a global scale are among the few factors expected to contribute to the growth of this market.
Some key players mentioned in the research report are:
Key players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Novozymes A/S (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and Eurofins Scientific (Luxembourg).
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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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