IMARC Group, a leading market research company, has recently releases report titled “Synthetic Biology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The global synthetic biology market size reached US$ 13.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.8 Billion by 2028, exhibiting a growth rate (CAGR) of 18.1% during 2023-2028.
Industry Overview of Synthetic Biology
Synthetic biology is the science of designing and engineering biological systems. It empowers scientists to create new life forms, redesign existing organisms, and engineer biological parts for specific functions. By amalgamating biology with engineering principles, synthetic biology opens a gateway to creating novel drugs, biofuels, sustainable materials, and tailored organisms to address various challenges. It not only paves the way for innovative solutions but also captures the imagination of businesses looking to harness its vast commercial potential.
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What are the growth prospects and trends in the synthetic biology industry?
The growing demand for sustainable solutions represents one of the key factors offering a favorable market outlook. As businesses and consumers are prioritizing eco-friendly alternatives, synthetic biology offers a unique opportunity to develop renewable resources, such as biofuels and biodegradable materials.
Moreover, the healthcare sector is witnessing a surge in synthetic biology applications, with the development of custom-designed therapeutic agents and gene therapies. Additionally, the convergence of artificial intelligence (AI) and synthetic biology is unlocking unprecedented possibilities. AI-driven design and analysis are accelerating the creation of synthetic organisms, optimizing their functions, and reducing development timelines.
This synergy is providing profound implications for pharmaceutical companies, enabling them to expedite drug discovery and manufacturing processes. Furthermore, the accessibility of genetic editing tools like CRISPR-Cas9 is democratizing the field, allowing startups and established players to participate in the synthetic biology revolution.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Oligonucleotide/Oligo Pools and Synthetic DNA
- Enzymes
- Cloning Technologies Kits
- Xeno-nucleic Acids
- Chassis Organism
Breakup by Technology:
- NGS Technology
- PCR Technology
- Genome Editing Technology
- Bioprocessing Technology
- Others
Breakup by Application:
- Healthcare
- Clinical
- Non-Clinical/Research
- Non-Healthcare
- Biotech Crops
- Specialty Chemicals
- Bio-Fuels
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Agilent Technologies Inc.
- Amyris Inc.
- Codexis Inc.
- Danaher Corporation
- Eurofins Scientific
- GenScript Biotech Corporation
- Illumina Inc.
- Merck KGaA
- New England Biolabs
- Synthego Corporation
- Thermo Fisher Scientific Inc.
- Twist Bioscience
- Viridos Inc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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