Synthetic Biology Market Scientists Focused on R & D of Synthetic Biology to Develop Genetic Circuits
Synthetic biology is a branch of both Biology and engineering. Synthetic Biology industry refers to the application of engineering principles to the fundamental components of Biology. Synthetic Biology is used in various applications like environmental, medical and industrial applications. In medical applications, synthetic Biology is used for developing synthetic vaccines. Also, it plays an important role in cancer and HIV treatment. Synthetic Biology accepts different technologies such as synthetic DNA, bioinformatics technologies, nanotechnology, biotechnology and even some more other technologies.
Increasing number of individuals who conducts research and growing number of industries entering in the market are the major growth drivers for the Synthetic Biology Market. Rising demand for improved drugs and vaccines has been attracting investments globally into the healthcare sector. Hence, the market is set to witness significant growth in coming years due to strong investments from both public and private sector.
However, creation of stringent regulatory bodies and formation of ethical challenges are the major key restraints for the market growth. But, declining price of DNA sequencing, wide range of opportunities are being created for the market growth.
Europe is leading the Synthetic Biology Market, as it is largest revenue generating region, followed by North America. Asia-Pacific is expected to experience the highest growth rate during the forecast period. Rest of the World is also projected to witness the moderate growth during forecast period in the countries like Middle East and Africa. Among all the segments, biofuels is the fastest growing segment during the forecast period.
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