What is Synthetic Biology Market growth?

Posted by Johnny on September 7th, 2022

Expected Revenue Growth:

[377 Pages Report] The global synthetic biology market size is projected to reach USD 30.7 billion by 2026 from USD 9.5 billion in 2021, at a CAGR of 26.5% during the forecast period.

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What This Report Will Provide?

This study involved four major activities in estimating the current size of the synthetic biology market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.

Major Growth Boosters:

Factors such as a wide range of applications of synthetic biology, the rising RD funding and growing initiatives in synthetic biology, declining cost of DNA sequencing and synthesizing, and increasing investments in the market are propelling the growth of this market.

COVID-19 impact on the synthetic biology market

Many established pharmaceutical and biopharmaceutical companies, along with players of the market, have stepped forward to contribute to worldwide research efforts by providing synthetic biology for developing test kits, treatments, and vaccines to target the infection caused by the coronavirus. Synthetic biology is highlighted as one of the emerging technologies in a report from the European Parliament. It can fight the COVID-19 pandemic.

Regional Growth Analysis:

North America accounted for the largest share in market, followed by Europe and the Asia Pacific. The dominance is attributed to various factors such as the increase in the number of well-established synthetic biology companies and research institutes in the US and Canada.

Key Market Players

Key players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies (US), Novozymes (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and Eurofins Scientific (Luxembourg).

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Recent Developments

• In January 2021, Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
• In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
• In January 2021, Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.

Frequently Asked Questions (FAQ):

1. What is the impact of COVID-19 on the synthetic biology market?
2. Who are the key players in the synthetic biology market?
3. Which tools segment dominates in the synthetic biology market?
4. Which applications segment of the global synthetic biology market is expected to witness the highest growth?
5. What is the market for Synthetic Biology?

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