Selbyville, Delaware, United States, November 4 2020 (Wiredrelease) Global Market Insights, Inc –:Burgeoning demand from various sectors will impel synthetic biology market share over the forecast spell. Prominent among these are the healthcare, energy, industrial chemicals and agriculture industries.
Major players in the industry are implementing several R&D activities across technology, science and engineering domains to modify living organisms by altering biological and genetic systems. This, along with favorable regulatory initiatives for biotechnology development will present lucrative avenues for synthetic biology industry growth.
Rising concern regarding food safety across the globe, due to surging populations has led to an increase in waste during storage. Additionally, import & export, manufacturing processes alongside shifting climate conditions and environmental distress will propel industry development in the years ahead.
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With respect to the product spectrum, the core products segment is poised to depict growth at a commendable rate of 25% though 2025. This is attributable largely to broad application potential in synthetic genes, organisms and DNA components across the pharmaceutical product manufacturing and diagnostics sectors.
Technological evolution and lower DNA synthesis costs will assert a positive influence on synthetic biology market dynamics in coming years. Furthermore, proliferating demand for sophisticated medication and vaccines in tandem with robust application potential in bioremediation will bolster industry outlook.
Synthetic biology market from the microfluidics technology segment accounted for over 20% of the overall industry share in 2018. This is due to the growing use of the technology across clinical research and pharmaceutical facilities, given its strong potential in cancer treatment. Industry expansion is driven also by escalating demand for high-speed and accurate diagnostics as well as the shifting preferences towards customized medication for the treatment of various diseases.
Synthetic biology market from the agriculture application segment is anticipated to register appreciable growth at a CAGR of 24% through 2025. This is owing to numerous factors including minimal use of chemical fertilizers in crop production and yields with enhanced nutritional values and longer shelf lives.
Increasing food demand, stemming from population growth alongside propitious government mandates are necessitating the development of genetically modified transgenic crops, which will in turn spur synthetic biology market growth over the estimated timeframe.
The technology is being widely adopted in the agricultural domain, due to the growing necessity to enhance crop yields in contaminated and limited arable land.
On the regional front, Europe synthetic biology market size is anticipated to record revenue more than $18 billion by 2025. Major climate changes and rising pollution levels are encouraging higher adoption of synthetic biology in agriculture.
Persistent R&D efforts in the region, pertaining to clinical research and strong pharmaceutical presence will boost industry share in the foreseeable future. Rising public awareness, prevalence of chronic illnesses and the subsequent surge in demand for bio-based products will further drive synthetic biology market outlook over the projected timeline.
Advancements in the synthetic biology business landscape are characterized by consistent R&D efforts and investments by key industry players. These include Evolva, Blue Heron, Thermo Fischer Scientific, GenScript, Integrated DNA Technologies, Novozymes, DSM, Amyrus and Editas Medicine, among many others.
Strategic maneuvers like collaborations and extensive research initiatives to expand product portfolios will facilitate synthetic biology market expansion in the years to come.
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