WILMINGTON, DE / ACCESSWIRE / December 6, 2022 / Transparency Market Research Inc. - In 2021, the global synthetic biology market size was worth around US$ 10.7 Bn in 2021. As per the synthetic biology research, the global market is likely to expand at 21.3% CAGR during the forecast period, from 2022 to 2031. It is expected that by 2031, the global synthetic biology market is will surpass value of US$ 74.7 Bn. The global market for synthetic biology is likely to expand rapidly as a result of rising need for bio-based products and alternative fuels. Additionally, low-cost pharmaceuticals and vaccines made with synthetic biology methods and materials are estimated to support market expansion in the forthcoming years.

Different organizations' and synthetic biology researchers' engagement in the production of synthetic biology, including DIYbio, BioBricks, and SynBERC, is also anticipated to boost the global synthetic biology market throughout the course of forecast timeline. The global synthetic biology market is also being driven by breakthroughs in synthetic biology and rising demand for genetically altered crops due to massive population growth. For the purpose of expanding their revenue streams, market participants are concentrating on innovations in the synthetic biology domain, including cell free synthetic biology. It also plays an important role in redesigning organisms.

In 2021, a significant portion of the global market for synthetic biology was held by Europe, as per the study. This is attributable to the European Union's (EU) ongoing efforts to promote the growth of regional synthetic biology market. In Europe, the industry is being driven by rising utilization of synthetic biology methods in the fields of environment, health and energy.

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Key Findings of Market Report

• The expansion of the global synthetic biology market is being influenced by an increase in the occurrence of infectious disorders. Infectious illnesses like dengue fever, H1N5, and H1N1 are common in the global population, and to combat them, specialized and cutting-edge therapies (drugs or vaccinations) are required. As a result, pharmaceutical firms have modified or embraced synthetic biology procedures to identify and better the management of a certain disease or problem. Market trends for synthetic biology throughout the world point to major improvement in healthcare industry.

• Techniques for molecular biotechnology, such as aCGH, PCR, and FISH have advanced rapidly. With the emergence of these cutting-edge technologies, specialists can now identify hidden chromosomal abnormalities and genetic anomalies at the preliminary phase of a disease. These developments in molecular biology allow researchers to discover a successful outcome in a very short time. As a result, the global market for synthetic biology is being driven by advances in molecular biology.

• In 2021, the core products category was led by the synthetic DNA sub-segment. Items that offer outstanding consumer advantages and satisfaction are considered core products. These are mostly high-level synthesis product-designed tools. The synthetic DNA sub-segment is growing as a result of advances in synthetic biology and advent of highly advanced technologies in the fields of computer science, genetics, engineering, and biology.

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Global Synthetic Biology Market: Growth Drivers

• In terms of technology, the market category of genome engineering accounted for a significant portion in 2021. Gene therapy, gene cloning, and genetically modified foods can all be altered through genome engineering. The method might also be utilized to treat a variety of disorders.

• In terms of application, in 2021, the healthcare market segment held the largest market share globally. This is explained by the rise in the production of pharmaceuticals and vaccines using synthetic biology methods, which are more often used and more efficiently. Also propelling the healthcare category is the commercial supply of synthetic DNA and genes.

Global Synthetic Biology Market: Key Players

Some of the key market players are

• Genomatica, Inc.

• The Bristol-Myers Squibb Company

• Twist Bioscience

• Precigen, Inc.

• Koninklijke DSM N.V.

• Ginkgo Bioworks

Global Synthetic Biology Market: Segmentation

Product Type

• Core Products

• Enabling Products

Technology

• Genome Engineering

• DNA Sequencing

• Bioinformatics

• Biological Components & Integrated Systems

• Nanotechnology

• Others

Application

• Healthcare

• Chemicals

• Agriculture

• Others

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