According to the new market research report, "Synthetic Biology Market, by Product (Core Products and Enabling Products), Application (Chemical, Healthcare and Agriculture), Technology (Genome Engineering, DNA Sequencing, Bioinformatics and Biological Components and Integration Systems) - Global Revenue, Trends, Growth, Share, Size and Forecast to 2022", published by Scalar Market Research, the global synthetic biology market is expected to grow from USD 2.64 billion in 2014 and reach USD 37.21 billion by 2022, growing at a CAGR of 27.7% from 2014 to 2022.
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The global synthetic biology market report offers in-depth analysis of the market size (revenue), market share, major market segments, different geographic regions, key players, premium trends and forecast to 2022. It also focuses on the key drivers and opportunities in this market.
Key Premium Industry Insights
- The synthetic biology market is witnessing tremendous growth as the demand for the renewal fuels, bio-based chemicals, expensive drugs, and vaccines that utilize synthetic biology are increasing at a rapid rate.
- The organization such as BioBricks, DIYbio, and SynBERC are participating in developing the synthetic biology products, which is anticipated to increase the demand for the market during the forecast period.
- Apart from that, the increase in the research and development expenditure in pharmaceutical and biotechnology industries, the rising demand for the synthetic genes, and the increasing production of the genetically modified crops will further boost the demand for the synthetic biology market.
- Many key players such as Novozymes, Amyris, and others are constantly increasing their research and development expenses to develop novel products, leading to the overall growth of the market in the near future.
- The rising demand for protein therapy will also create the growth opportunities for the global market.
- However, high expenses, safety, and regulatory changes are the main restraining factors for the market.
- Standardization and integration of the biological parts at the system-level remains the major challenge for the development of this market in the developing as well as the developed regions.
North America: Projected to lead the synthetic biology market
According to the report, the North America region is expected to hold the largest share in the global synthetic biology market.
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The growth in the research and development activities by the key players in this region is also set to drive the growth of the market during the forecast period.
Browse Report Summary: https://www.scalarmarketresearch.com/market-reports/synthetic-biology-market
Key Benefits of the Report
- Extensive evaluation of all the market dynamics that will impact this market during the forecast period
- Granular understanding of the historical market trend and the resultant market forecast
- Deeper understanding of the behavior of the key players and innovators influencing this market
The report includes information about some of the key players in the synthetic biology market, which include:
- Integrated DNA Technologies, Inc.
- New England Biolabs
- Koninklijke DSM N.V.
- Synthetic Genomics Inc.
- Thermo Fisher Scientific Inc.
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