Pharmaceutical and diagnostic application segment would continue to dominate throughout the forecast period. This is attributed to the rising adoption of technologies including, bioinformatics in drug discovery and development and widespread use in diagnostic kits and toxicity screening. Moreover, favorable regulations and high R&D investment by companies intend to further supplement the growth of the pharmaceuticals and diagnostics application market.
Synthetic Biology Market Report, published by Allied Market Research, forecasts that the global market was valued to be $5.2 billion in 2015 and is expected to grow a CAGR of 23% during the period 2015 – 2020. Nucleotide synthesis and sequencing technology segment would continue to lead the market until 2020. Synthetic oligos and software tools segment, collectively, held around half of the market share in 2015.
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The global synthetic biology market is poised to grow at a CAGR of 23% between 2015 to 2020 owing to its growing applications in drug & vaccine development, biofuel production and high demand for bio-based polymers & biochemical. Emerging applications across novel fields of research, such as agriculture and bioremediation are expected to further drive the market growth. Synthetic biology has gained popularity in hazardous waste cleanup initiatives through engineered microbes, which can degrade recalcitrant chemicals such as dioxins, pesticides or even radioactive compounds. Engineered crops, through synthetic biology, would bridge the gap between supply and demand globally. However, factors such as biosafety and biosecurity issues may hinder the market growth.
Key Findings of Synthetic Biology Market:
- Synthetic cells segment is projected to grow at a highest CAGR of 25.5% during the forecast period.
- Synthetic oligos would continue to remain as the leading revenue generating segment, garnering around one fourth of the market share by 2020.
- Microfluidics technology is projected to be the fastest growing segment, registering a CAGR of 32.5%.
- Biofuels application segment is expected to register a highest CAGR of 24.2%.
- Asia-Pacific bagged about 22% market share in 2015.
Europe is estimated to be the highest revenue generator in the synthetic biology market in 2015. North America and Europe, collectively, accounted for around two-thirds of the overall market in 2015, and this trend is expected to continue during the forecast period. The key companies profiled in the report are Thermo Fischer Scientific, GenScript, DNA2.0, Integrated DNA technologies, Eurofins Scientific, Inc., Origene technologies, Scientific genomics Inc. Editas Medicine, Inc., Pareto Biotechnologies, Blue heron, TeselaGen, Twist biosciences, Syntrox Inc., and others.
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