Synthetic Biology Market value was estimated to be $4.37 billion in 2017 and is projected to reach $21.13 billion by the end of 2023 with a CAGR of 30.1% during 2018-2023
America dominates with major share and growth in the Synthetic Biology Market
Americas is the leading region for synthetic biology market, followed by Europe and Asia-Pacific and Rest of the world. With a CAGR of 29.9%, the American market will reach $7.94 billion by the end of 2023. In the American market, the U.S. is the leading region to grow at a CAGR of 30.2% among all. Europe is the second largest market, growing at a CAGR of 29.9% to reach a value of $6.31 million by 2023. Asia-Pacific market will grow faster at CAGR of 33% to reach value of $5356 million by 2023. Increasing demand for the synthetic biological products such as biofuels and some other bio-plastics from the different end-user industries are stimulating the revenues for synthetic biology market in the Asia-Pacific region.
Selected Tool and Technology Analysis done in the full Report:
Synthetic Biology Market comprises of Xeno-nucleic acids, chassis organisms, oligonucleotides synthesis, cloning technology kits, and systemic enzymes and others. Cloning technology kits dominated the market value in 2017 with a value of $1.72 billion. The statistics for tools segment defined in the report will help you to know how the cloning technology market is leading market and is stated to grow at a CAGR of 29.70% to reach value of $8.18 billion by 2023. Whereas, Xeno-Nucleic Acids are established to grow at a CAGR of 34.1% during 2018-2023, due to rise in applications in medicine segment as a disease fighting agent. Based on technology, the synthetic biology market is segmented into DNA synthesis and sequencing, computational modelling, bioinformatics technology, microfluidics chip technology, nano technology chip, pathway engineering and others. Bioinformatics technology is the leading market to grow at a CAGR of 27.5% to reach value of $4.5 billion by 2023. Pathway genetic engineering market is estimated to witness highest prominent growth of CAGR 39.2% during 2018-2023, while computational modelling vertical is analysed to grow by lowest CAGR of 22.2% during forecast period.
Excerpts on Market Growth Factors
- Synthetic biology technology is witnessing multi-fold implementation in medical sector for artificial tissue regeneration and development of advanced drugs and therapeutics.
- Increasing scarcity and damaging impact on environment due to excessive use of fuel have led to an urgent need to develop alternative fuels. Synthetic biology is used for the development of biodegradable plastics, and renewable energy sources. Hence, the need for alternative fuel for decreasing the dependency on natural fuel has driven the synthetic biology market.
- Notable technologies such as next generation sequencing (NGS), advanced polymerase chain reaction (PCR) are the current advancement of genetic and molecular biology that has boosted the market.
Key players of the Synthetic Biology Market
Life technologies Corp. and Intrexon Corp, Thermo Fisher Scientific, Inc. and GenScript Biotech Corp are the dominant players in the synthetic biology market. Thermo Fisher Scientific, Inc. offer products such as Antibodies, Exosomeresearch products, Platinum Enzymes, Lipofectamine 3000 Reagent, TOPO Cloning Kits, used over 50 countries. Intrexon Corp. has products such as UltraVector®, RheoSwitch® Cell Systems Informatics, LEAP®, ActoBiotics®, Porcine Research Models, BeyondBio™. Cargill Inc., has set of few products present in 70 countries are EverSweet™ nextgeneration sweetener, Agri-Pure™ High Oleic Vegetable Oils and Envirotemp™ 200 Fluid.
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