October 20th,2021/IndustryNewsGlobal/ — The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Synthetic Biology Market.
Synthetic Biology Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Synthetic Biology Market is likely to witness an impressive CAGR of 23.9% during the forecast period. Increasing use of synthetic biology for various applications such as biofuel development, protein therapeutics, personalized medicine, and synthetic drugs & vaccines is one of the prime factors contributing to the demand for synthetic biology. Large scale adoption of synthetic biology coupled with decreasing cost of DNA sequencing & synthesis of genes resulting in increasing investment in companies and start-ups is another crucial factor fueling the growth of the market.
Based on the tool type, the market is segmented as oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. The oligonucleotides & synthetic DNA segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The growing demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of research applications is propelling the segment’s market.
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Based on the technology type, the synthetic biology market is segmented as gene synthesis, genome engineering, sequencing, bioinformatics, cloning, site-directed mutagenesis, measurement & modeling, microfluidics, and nanotechnology. The genome engineering segment is expected to grow at the highest rate in the market, owing to its superior properties as compared to other technologies. Synthetic biology is a preferred choice in genome engineering as it offers ease and efficiency in genome editing and genome targeting.
Based on the end-use industry type, the market is segmented as medical, industrial, food & agriculture, and environmental. The medical segment is expected to grow at the highest rate in the market over the forecast period. With growing population and increased life expectancy comes increased occurrence of disease, which demands better, newer, and more efficient modalities of treatments. Increasing focus towards research & development for better treatments along with huge private and public funding for the discovery of new therapies is a key factor driving the growth of the synthetic biology market for medical applications.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. This growth can be attributed to the presence of major synthetic biology companies in the region. Availability of funds for research from government organizations, advancing efforts to increase the output of the healthcare industry, rising demand for high-quality research tools for data reproducibility, and increasing focus on development of personalized therapeutics are some prime factors driving the region’s synthetic biology market.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Synthetic Biology Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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