Synthetic Biology Market Is Going Through Major Technological Transformations
Seeking Alpha Analyst Since 2014
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- What the Market Looks Like?
- What Drives the Market?
Based on application, the market is segmented into environmental, medical, industrial, and food & agricultural applications. In 2019, the medical applications segment accounted for the largest share of the market, followed by industrial applications. 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
What the Market Looks Like?
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%.. Base year considered for the report is 2016. The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The global Synthetic Biology Market was dominated by Thermo Fisher Scientific, Inc. (US) in 2019. The company offers synthetic biology products, which include DNA fragments, software, engineering kits, DNA oligos, and clones. The company‘s large share in this market can be attributed to its broad product portfolio, years of experience, and vast distribution channel.
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What Drives the Market?
The growth of the Synthetic Biology Market is primarily influenced by the following factors:
- 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
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. This large share of the segment can be attributed to the rising demand for synthetic DNA, synthetic RNA, and oligonucleotides across various application industries and its increasing use with genome engineering for the ease and efficiency in genome editing and genome targeting.
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