The synthetic biology market was valued at $3,933.9 million in 2014, and it is expected to grow with a CAGR of 35.4% during the period 2015 - 2020.
The top-down approach has been used to calculate the global synthetic biology market size by segment, and application. The market numbers for countries are obtained through top-down approach.
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The increasing support from government organizations and growing geriatric population are playing a pivotal role in the growth of this market. Some of the major organizations include National Science Foundation (NSF), National Aeronautics and Space Administration (NASA), Centre for Chemical and Synthetic Biology (CCSB), Synthetic Biology Engineering Research Center (SynBERC), and International Association Synthetic Biology (IASB).
These organizations are providing support in form of funding, and initiatives implemented by them for basic and applied research with their respective goals.
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Geographically, North America dominated the global market, among all the regions in 2014; and it is expected to grow with a CAGR of 35.2% during the period 2015 – 2020. However, the Asian market is expected to witness fastest growth, with a CAGR of 39.8% during the forecast period.
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The key companies operating in the global synthetic biology market include E. I. du PONT de Nemours and Company, Amyris Inc., GenScript USA Inc., Intrexon Corporation, Thermo Fisher Scientific Inc., Synthetic Genomics Inc., Royal DSM, Novozymes A/S, New England Biolabs Inc., and Integrated DNA Technologies Inc.
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