The global Synthetic Biology Market is expected to reach $5,630.4 Million by 2018 from $1,923.1 Million in 2013, growing at a CAGR of 24% during the forecast period.
The global Synthetic Biology Market is segmented on the basis of tools, technologies, applications, and geographies.
On the basis of tools, the Synthetic Biology Market is categorized into Xeno-nucleic acids, chassis organisms, Oligonucleotide, enzymes, and cloning and assembly kits. The Oligonucleotide segment accounted for a major share of the synthetic biology market, by tool, in 2013.
On the basis of technologies, the Synthetic Biology Market is segmented into enabled and enabling technologies. Enabling technologies accounted for a major share of the Synthetic Biology Market in 2013. On the basis of applications, the Synthetic Biology Market is segmented into environmental, medical, and industrial applications. The medical applications segment accounted for a major share of the Synthetic Biology Market in 2013.
On the basis of regions, the market is divided into North America, Europe, Asia, and Rest of the World (RoW). The Rest of the World region comprises Latin America, Pacific countries, and Middle East and Africa. North America accounted for the largest share of the synthetic biology market, followed by Europe and Asia. However, the European market is expected to grow at the highest CAGR in the coming five years, and serves as a revenue pocket for the companies involved in the manufacturing of synthetic biology products.
Over the years, the demand for synthetic biology is likely to increase owing to the increasing R&D expenditure in pharmaceutical and biotechnology companies, growing demand for synthetic genes, rising production of genetically modified crops, and incessantly rising funding in the field of synthetic biology. However, ethical and social issues such as bio safety and bio security are major factors that are restricting the growth of this market. Furthermore, rising concerns over fuel consumption and increasing demand for protein therapeutics are likely to create opportunities for the synthetic biology market. However, standardization and integration of biological parts at system-level still remains a challenge for this market.
Some of the major players in the global Synthetic Biology Market include Amyris, Inc. (U.S.), DuPont (U.S.), GenScript USA, Inc. (U.S.), Intrexon Corporation (U.S.), Integrated DNA Technologies (IDT) (U.S.), New England Biolabs, Inc. (NEB) (U.S.), Novozymes (Denmark), Royal DSM (Netherlands), Synthetic Genomics, Inc. (California), and Thermo Fisher Scientific, Inc. (U.S.).
Source from: MarketsandMarkets