- What the Market Looks Like?
- Recent Developments.
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
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 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.
Gene synthesis accounted for the largest share of the synthetic biology market in 2019.
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.
Recent Developments :
- In December 2019, Amyris, Inc. (US) launched the PURECANE Brand Sweetener.
- In December 2019, Cyrus Biotechnology Inc. (US) collaborated with the Broad Institute of MIT and Harvard to develop an optimized CRISPR gene-editing technology. This helped Cyrus to gain further commercial access for its Rosetta technology.
- In June 2019, Novozymes A/S (Denmark) opened its Innovation Campus in Lyngby, Denmark, for research in biological solutions.
- In April 2019, Precigen, Inc., a wholly-owned subsidiary of Intrexon Corporation (US), opened a new manufacturing facility in Germantown, Maryland, for supporting the gene therapy manufacturing.
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