WASHINGTON, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Synthetic biology is an area for scientific research that involves redesigning organisms for useful purposes by engineering them to have new abilities. Synthetic biology researchers and companies around the world are harnessing the power of nature to solve problems in medicine, manufacturing and agriculture. This technology enables life technologies to design, synthesize, test and deploy antigens & variants with rapid results, high expression & capacity. It also enables life technologies to develop immunogens engineered for efficacy and produce rapid assays for purification of the immunogens. Due to these benefits of synthetic biological products, it is gaining huge demand in the market, states Vantage Market Research, in a report, titled “Synthetic Biology Market by Product (Core Products, Enabling Products, Enabled Products), by Applications (Healthcare, Chemicals (Including Bio-Fuels), Food and Agriculture, Other Applications (Biosecurity), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
The market size stood at USD 10.11 Billion in 2021. The global Synthetic Biology Market size is expected to reach USD 10.11 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 27.1% during the forecast period.
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List of Prominent Players in the Synthetic Biology Market:
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)
The report on Synthetic Biology Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Porter’s Five Forces Analysis
- Global and Regional Dynamics
Market Overview:
Increase in R&D Funding & Rising Initiatives for Developing Synthetic Biological Products is Driving the Synthetic Biology Market.
Synthetic biology is a new special area which involves and benefits the application of engineering principles to biology. The aim of this technology is redesign and fabrication of biological components & systems that do not already exist in the natural world. Improvements in the speed and cost of DNA synthesis are enabling scientists to design and synthesize modified bacterial chromosomes that can be used in the production of advanced biofuels, bio-products, and renewable chemicals, bio-based specialty chemicals and food ingredients. Key manufacturing players are currently investing huge funds in the development of synthetic biology technology which in future is expected to show great results and flourish the market.
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Rising Number of Challenges in Synthetic Biology Manufacturing System to Slow Down the Synthetic Biology Market
Compared with other modern engineering discipline design process which is more predictable, synthetic biologists have always been trying to make the process systematic as it involves rising number of trial and errors. In addition, such process requires a large amount of time while the efforts might not be satisfying. Another challenge faced by the biologist is the construction of biological system is complicated and unpredictable. Despite these challenges, synthetic biologists still made a lot of progresses. For instance, researchers have developed a system to calculate some biological events by using advance methods. Furthermore, some systems have evolved from bacterial cells to more complex cells. However, large-scale practical application of synthetic biology still takes more time to achieve.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. The Synthetic Biology market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. Moreover, reduced manufacturing activities further affected the demand for synthetic biological technology across the globe. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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Regional Analysis:
Increasing Growth of Synthetic Biology Market in North America
North America accounted for the largest share of the Synthetic Biology market in 2021. The large share of this region in the global Synthetic Biology market can be attributed to the factors such as the rising prevalence pressure injuries across globe. The Asia Pacific is expected to grow at the fastest rate during the forecast period, owing to the prevalence for increase in number of well-established synthetic biology companies and research institutes in the US and Canada, a large number of on-going 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. Key players spending huge funds in R&D are also one of the factors that are booming the development of Synthetic Biology market in this region.
This market titled “Synthetic Biology Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 10.11 Billion |
| Projected Market Size in 2028 | USD 32.73 Billion |
| CAGR Growth Rate | CAGR of 27.1% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Browse market data Tables and Figures spread through 173 Pages and in-depth TOC on "Synthetic Biology Market by Product (Core Products, Enabling Products, Enabled Products), by Applications (Healthcare, Chemicals (Including Bio-Fuels), Food and Agriculture, Other Applications (Biosecurity), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/synthetic-biology-market-895549
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Synthetic Biology Market?
- How will the Synthetic Biology Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Synthetic Biology Market?
- What is the Synthetic Biology market drivers and restrictions?
- What will be the CAGR and size of the Synthetic Biology Market throughout the forecast period?
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