Dublin, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The "Synthetic Biology - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Synthetic Biology Market to Reach US$28.8 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Synthetic Biology estimated at US$6.4 Billion in the year 2020, is projected to reach a revised size of US$28.8 Billion by 2026, growing at a CAGR of 28.1% over the analysis period. Oligonucleotides & Synthetic DNA, one of the segments analyzed in the report, is projected to grow at a 29.5% CAGR to reach US$16.1 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Enzymes segment is readjusted to a revised 27% CAGR for the next 7-year period. This segment currently accounts for a 22.9% share of the global Synthetic Biology market.
The commanding position of the Oligonucleotides & Synthetic DNA segment is attributed to increasing uptake of synthetic RNA, synthetic DNA and synthetic genes that are used in a broad array of applications. Synthetic biology is used to engineer several microbial enzymes such as inulinase, xylanases, laccases, lipases and amylases among others. Synthetic biology tools such as genetic modification, nanotechnology and post translational modification can be used to modify microbial enzymes and enable their widespread application in various industries.
Amid the ongoing COVID-19 pandemic, scientists are looking at synthetic biology as a way to speed up the process of vaccine development. For drug discovery, the enhanced accuracy and speed offered by modern synthetic biology tools can help in significantly accelerating drug development as well as reducing expenses.
Technology advances in DNA synthesis, nano-liter scale screening, genome engineering, application of in vitro transcription, continuous and cell-free evolution formats, and machine learning and artificial intelligence are expected to widen opportunities for synthetic biology.
Synthetic biology market is also expected to benefit immensely from plunging DNA sequencing and DNA synthesis costs. Other factors driving market growth include increase in the number of entities focused synthetic biology research, growing demand for cross-breed animals, growing incidence of oceanic oil spills, increased R&D funding on drug development, and an upsurge in demand for sustainable energy resources such as biofuels.
The U.S. Market is Estimated at $3.3 Billion in 2021, While China is Forecast to Reach $2.9 Billion by 2026
The Synthetic Biology market in the U.S. is estimated at US$3.3 Billion in the year 2021. The country currently accounts for a 39.8% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$2.9 Billion in the year 2026 trailing a CAGR of 32.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 26.3% and 27.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 29.3% CAGR while Rest of European market (as defined in the study) will reach US$3.8 Billion by the end of the analysis period.
The US and Europe represent the largest markets for synthetic biology propelled by increased investments for promoting research and development activities in the rapidly evolving sector, strong support from government and private organizations, growing awareness, and high demand for synthetic biology-enabled products.
Growth in the US is supported by strong investments in research and development. The region is also witnessing a growing interest for using synthetic biology for development of countermeasures against chemical and biological threats. Synthetic biology is also gaining popularity in developing countries such as India and China with research activities promoted and supported by the government.
Cloning Technology Kits Segment to Reach $4.6 Billion by 2026
Cloning kits refers to collections of reagents commonly used to perform rapid DNA fragments cloning. Advanced cloning kits based on synthetic biology combine standard DNA components to provide custom vector constructs. In the global Cloning Technology Kits segment, USA, Canada, Japan, China and Europe will drive the 26.7% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$939.9 Million in the year 2020 will reach a projected size of US$4.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$509.7 Million by the year 2026.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of Covid-19 and a Looming Global Recession
2020 Marked as a Year of Disruption & Transformation
As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
COVID-19 Pandemic Poised to Drive Demand for Synthetic Biology
Synthetic Biologists Create Slow-Growing Version of COVID-19 as Vaccine Candidate
Role of Synthetic Biology in Combating COVID-19
Synthetic Biology - A New Interdisciplinary Field
Growing Importance of Synthetic Biology
Applications of Synthetic Biology
Synthetic Biology Tools
Market Prospects and Outlook
Major Challenges and Concerns
Teaming R&D Funding & Potential to Alter Molecular Landscape Enable Global Synthetic Biology Market to Remain in High Spirits
Synthetic Biology to Radically Change the World for Good with Endless Applications
Major Players by Industry Verticals
Select Market Participants
Synthetic Biology Startups Get Aggressive on Bioengineered Product Commercialization
Compelling Breakthroughs Drive Funding
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 141 Featured)
Agilent Technologies, Inc
Cyrus Biotechnology, Inc
Editas Medicine, Inc
Eurofins Genomics Blue Heron LLC
GeneWorks Pty Ltd
Genscript Biotech Corporation
Integrated Dna Technologies, Inc
New England Biolabs
OriGene Technologies, Inc
TeselaGen Biotechnology Inc
Thermo Fisher Scientific, Inc
3. MARKET TRENDS & DRIVERS
Synthetic Biology Market Witnesses Significant Rise in Investments
Importance of Synthetic Biology for Investments
Efforts from Leading Players Bodes Well for Market Growth
Patent Landscape Gets Richer
Select Patent Assignees for Synthetic Biology in the US: 2019
Robotics and Workflow Automation Support Market Expansion
Advancements in Instrumentation Augurs Well
Improvements in Computer-Aided Biology
Fusion of AI and Synthetic Biology Expands Opportunities
Synthetic Biology Brings a Paradigm Shift in the Field of Biological Research
DNA Sequencing Plays an Important Role
Plummeting Cost of DNA Sequencing Bolsters Market Growth
Food Scarcity to Fuel Synthetic Biology Application in Agriculture
Select Companies Engaged in Making Food Using Synthetic Biology
Synthetic Biology Aids in Development of Exotic and Artificially Grown Meats and Proteins to Meet Future Food Demand
Growing Demand for GM Crops Opens Up Growth Avenues
Synthetic Biology-based Ingredients Gain Traction
Role of Synthetic Biology in Producing Plants with Desirable Characteristics
Synthetic Biology Gains Prominence in Biomedical Applications
Synthetic Genes open up a New World of Drug Development
Synthetic Biology to Transform Healthcare with Captivating Advances in Biomedicine
Synthetic Biology Enables Creation of Advanced Biosensing Systems
Synthetic Biology Gains Significance in Production of Bio-Based Chemicals and Biofuels
Synthetic Biology Gains Importance as Focus on Carbon Recycling Increases
Synthetic Biology Disrupts the Cosmetics Sector
Capability of Synthetic Biology in Environmental Applications
Synthetic Biology Creates Buzz as Key Enabler of Exciting & Dynamic Applications for Diverse Domains
Synthetic Biology for Advanced, Multifunctional Materials
Genetically Engineered Fabrics and Sustainable Dyes Using Synthetic Biology to Transform Textile Industry
Select Synthetic Biology Offerings in Textile Industry
Personalized Medicine to Display Notable Leap Forward with Synthetic Biology
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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