Kings Research published a new report on Synthetic Biology Market Global Industry Size, Share, Growth, Industry Trends & Forecast 2031, covering various industry elements and growth trends helpful for predicting the industry future. Synthetic Biology Market Size was valued at USD 17.12 billion in 2023 and is projected to reach USD 78.74 billion by 2031, growing at a CAGR of 21.15% from 2024 to 2031.
The synthetic biology market is experiencing rapid growth, driven by advancements in biotechnology, increased investment in research and development, and the rising application of synthetic biology across various sectors. As a transformative field that combines biology and engineering, synthetic biology aims to design and construct new biological parts, devices, and systems, or re-design existing natural biological systems for useful purposes.
Key Companies in Synthetic Biology Market:
- Thermo Fisher Scientific Inc
- Synbio Technologies
- Merck KGaA
- Agilent Technologies Inc.
- GenScript
- Novozymes
- Codexis, Inc.
- Bota Biosciences Inc.
- Illumina, Inc.
- Synthego
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Future Outlook:-
The future of the synthetic biology market looks promising with continuous technological advancements and increasing applications across various sectors. The integration of artificial intelligence and machine learning with synthetic biology is expected to further accelerate innovation and commercialization
Over the projection period, Asia-Pacific is expected to develop significantly at a CAGR of 23.16%. The synthetic biology market in the Asia Pacific area is growing at a rapid pace, driven by advancements in technology, rising investment levels, and a growing recognition of the revolutionary potential of biotechnology.
Market Segmentation:
By Product:
- Synthetic DNA: The demand for synthetic DNA is growing as it is a fundamental component in various synthetic biology applications. Companies are focusing on reducing the cost and time required for DNA synthesis.
- Oligonucleotides: These are short DNA or RNA molecules that are used in genetic testing, research, and forensics. The market for oligonucleotides is expanding due to their crucial role in diagnostics and therapeutic applications.
- Enzymes: Enzymes engineered through synthetic biology are being used in industrial processes, pharmaceuticals, and agriculture, leading to increased market demand.
By Application:
- Medical Applications: Synthetic biology is being used to develop new therapies, vaccines, and diagnostic tools. The COVID-19 pandemic highlighted the importance of synthetic biology in rapidly developing vaccines.
- Agricultural Applications: Creating genetically modified crops that are more resilient and have higher yields is a key application of synthetic biology in agriculture.
- Environmental Applications: Synthetic biology is also being used to develop solutions for environmental challenges, such as bioremediation and sustainable biofuels.
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