WASHINGTON, Oct. 26, 2022 (GLOBE NEWSWIRE) -- According to a report by Vantage Market Research, the Global Synthetic Biology Market was worth USD 10.11 Billion in 2021 and is expected to be worth USD 32.73 Billion by 2028, with a CAGR of 27.1% between 2022 and 2028.
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.
The report gives an in-depth look at the top segments, changing market trends, value chain, key investment pockets, competitive scenario, and regional landscape. The report is an important and helpful source of information for leading market players, investors, new entrants, and other stakeholders who want to make new plans for the future and take steps to strengthen their position in the market. 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)”.
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What is Synthetic Biology? How Big is Synthetic Biology Market Size?
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.
List of Prominent Players in the Synthetic Biology Market:
- 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)
- Eurofins Scientific (Luxembourg)
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Key Insights and Findings from the In-depth Report:
- Under the product segment, synthetic DNA sub-segment is anticipated to dominate the Synthetic Biology market growth at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to an extensive market penetration rate owing to wide use in Research and Development (R&D) and more commercialization than any other product segment.
- Gene synthesis technology segment held a significant share of Synthetic Biology market in 2021, owing to the mounting demand for synthetic DNA, and synthetic RNA.
- North America is the largest regional segment. The market growth in the region is attributed due to the increase in the number of well-established synthetic biology companies and research institutes in the region.
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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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
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.
Browse market data Tables and Figures spread through 156 Pages and in-depth TOC on Synthetic Biology Market Forecast Report (2022-2028).
Some of The Key Questions from Our Customers Are:
- Which are the top companies in the market?
- How will the market change in the next years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- Which area offers the most significant benefit for the world market?
- What are the threats to business and the impact of the current scenario on growth and market perception?
- What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 10.11 Billion |
| Revenue Forecast by 2028 | USD 32.73 Billion |
| CAGR | 27.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | • 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) • Eurofins Scientific (Luxembourg) |
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