(PharmaNewsWire.Com, April 08, 2020 ) According to the new market research report “Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), by Technology (Gene Synthesis, Bioinformatics), by Application (Tissue Regeneration, Biofuel, Renewable Energy, Food & Agriculture, Bioremediation) - Global Forecast to 2025", published by MarketsandMarkets™, The synthetic biology market is projected to reach USD 19.8 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 23.9%.
The synthetic biology market is projected to reach USD 19.8 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 23.9%.
Synthetic biology has an array of applications in the fields of medicine, agriculture, nanotechnology, and industrial biotechnology. This has attracted interests of researchers from across the globe and has led to a rise in funding from public and private organizations, which, in turn, help in the growth of the market.
Additionally, the reduction in costs per raw megabase of DNA sequencing and a drastic reduction in the cost of synthetic genes is expected to propel the market growth of synthetic biology. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
In this report, the market is segmented by tool, technology, application, and region. On the basis tool, the synthetic biology market is segmented into oligonucleotides, enzymes, cloning technology kits, chassis organisms, and xeno-nucleic acids. The chassis organisms segment is expected to grow at the highest rate during the forecast period. The increasing demand for green alternatives (biomass is converted to chemicals using engineered bacteria, yeasts, and other microorganisms) to fossil fuels is a key driver for this segment.
By technology, the market is segmented into gene synthesis, genome engineering, cloning and sequencing, next-generation sequencing, site-directed mutagenesis, measurement and modeling, microfluidics, and nanotechnology. In 2017, the gene synthesis segment is expected to account for the largest share of the market in technology.
The market is segmented into medical (pharmaceutical, drug discovery & therapeutics, and artificial tissue and tissue regeneration), industrial (biofuel & renewable energy, industrial enzymes, and biomaterials & green chemicals), food & agriculture, and environmental (bioremediation and biosensing) on the basis of application.
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