This Synthetic Biology Market report covers the detailed competitive outlook of the market including the market share and company profiles of the key participants in the market. Various market Analysis Like SWOT analysis, Porter five Analysis, Industry value chain analysis are included in this research report. This Synthetic Biology Market research report provides discussion of research and development and the demand for new products and new applications. This Synthetic Biology Market report also provided comprehensive company profiles of major players in the industry. The scope of the report includes a detailed study of global and regional markets for various Synthetic Biology Market for variations in the growth of the industry in certain regions.
This Synthetic Biology Market report will impact the industry and profiles of leading suppliers of the market. These key players compete based upon pricing, quality, technology and reputation. The market is forecasted to demonstrate a stunning growth, surpassing its previous growth record in terms of value with striking CAGR during the estimated period. The Synthetic Biology Market report for global market further comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market.
Data Bridge Market Research analyses that the synthetic biology market which was USD 9.5 billion in 2021, would rocket up to USD 48.81 billion by 2029, and is expected to undergo a CAGR of 22.70% during the forecast period 2022 to 2029.
Definition
Synthetic biology combines engineering and science to create unique biological systems with practical applications. Synthetic biology is the process of creating new biological units such as cells, enzymes, and genetic circuits and modifying existing biological systems. Synthetic biology's primary goal is to create new biological components that do not exist in nature, such as advanced biofuels, renewable chemicals, and bio goods. Synthetic biology discovers standardised genomic units that can be utilised to quickly synthesize and assemble small genomic parts into integrated large systems to tackle specific biological difficulties for the development of biological systems.
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Key Growth Drivers:
- Increase in synthetic drugs and vaccines
The market is predicted to expand as demand for protein therapies and personalised medicine grows and research into synthetic pharmaceuticals and vaccines. Other factors such as increased synthetic biology application, increased synthetic biology investment, lower DNA sequencing and synthesising costs, and increased R&D expenditure and activities are likely to accelerate synthetic biology market expansion during the forecast period of 2022 to 2029.
- Increased research and development funding
R&D spending in the life sciences industry climbed by 22% from 2018 to 2019, according to a Business Wire report published in September 2020. Pharmaceutical companies have received more funds for research and development in order to discover new therapies. The government has made steps to fund various pharmaceutical and biotech enterprises in order to advance pharmaceutically and boost international competitiveness. As a result, R&D spending and funding have steadily rised throughout the years. Pharmaceutical and biotechnology businesses devote significant resources to research in order to create game-changing compounds that will meet the expanding demands of the healthcare industry and tackle emerging ailments. Pharmaceutical research and development accounts for more than 80% of all R&D spending in the life sciences industry.
- Improving diagnosis and better treatment
Synthetic biology is used in the healthcare industry because it can help improve diagnostics and offer better treatment options for a variety of diseases by targeting only the disease site and creating no side effects. In addition, the use of genetically designed viruses to fix damaged genes in patients with inherited disorders such as epidermolysis bullosa or severe combined immune deficiency (SCID) has increased significantly. Aside from that, technologies for executing synthetic biology are becoming more accessible, and internet usage has facilitated free interchange of ideas and information, encouraging market expansion. Furthermore, the market is being influenced positively by significant expansion in the healthcare sector and an increase in the number of synthetic biology research units around the world.
The report emphasizes the participation of key entities, notably:
- Thermo Fisher Scientific Inc. (U.S)
- Merck KGaA (Germany)
- Agilent Technologies, Inc. (U.S)
- Novozymes (Denmark)
- Ginkgo Bioworks (U.S)
- Amyris (U.S)
- Precigen Inc. (U.S)
- GenScript (China)
- Twist Bioscience (U.S)
- Synthetic Genomics (U.S)
- Codexis Inc. (U.S)
- Synthego (U.S)
- Creative Enzymes (U.S)
- Eurofins Scientific (Luxembourg)
- Cyrus Biotechnology Inc. (U.S)
- ATUM (U.S)
- TeselaGen (U.S)
- Arzeda (U.S)
- Integrated DNA Technologies Inc. (U.S)
- New England Biolabs (U.S)
Major Points in the Report
- Understanding the entirety of the Synthetic Biology Marketlandscape thoroughly.
- Exploring the leading entities in this sector, delving into their range of products and core approaches.
- Examining the prominent geographical areas where Synthetic Biology Marketdemonstrates significant growth.
- Keeping abreast of the latest shifts and advancements within the industry.
- Identifying specific areas or markets with high potential and promising expansion opportunities.
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Key Market Segmentation
By Tool (Oligonucleotides and Synthetic DNA, Enzymes, Cloning Technology Kits, Synthetic Cells, Chassis Organisms, Xeno-Nucleic Acids), Technology (Gene Synthesis, Genome Engineering, Sequencing, Bioinformatics, Cloning, Site-Directed Mutagenesis, Measurement and Modeling, Microfluids, Nanotechnology), Application (Medical Applications, Industrial Applications, Food and Agriculture, Environmental Applications), Products (Synthetic DNA, Synthetic Oligos, Synthetic Genes, Software Tools, Chassis Organisms, Synthetic Clones, Synthetic Cells)
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