DNA synthesis is the largest segment within enabling products segment, whereas oligonucleotide synthesis is expected to be fastest growing market at 57.8% CAGR during 2014 and 2020. Chassis organism would be the fastest growing core product during the forecast period with synthetic DNA occupying largest market share
Synthetic Biology Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $38.7 billion by 2020, registering aCAGR of 44.2% during the period 2014 – 2020.Europe occupies largest share in the global market and would hold-on to its position throughout 2020. However, Asia Pacific is the fastest growing market with a CAGR of 46.4% from 2014 – 2020.
Synthetic biology is at a nascent stage and has recently entered the commercial market. Many technologies that utilize synthetic biology are yet to be commercialized, and are waiting for approvals from the respective regional regulatory bodies. Key factors fueling the growth of this market include assistance from government and private organizations, rising number of entities conducting research and declining cost of DNA sequencing and synthesizing. Bio-safety & bio-security and ethical issues are key restraining factors of the market.
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TheGlobal synthetic biology market is segmented based on product, technology, application, and geography. Synthetic biology product market is further segmented into enabling products, enabled products and core products. Enabling product is the fastest growing segment in the product market due to ongoing researches that may bring-innovative ideas for application of synthetic biology in new fields. Thus, the need for enabling products, during R&D activities and in the development of enablingproducts, would rise.
Synthetic biology technology market is segmented into enabling technology and enabled technology. The Enabling technologies segment is growing speedily, with a CAGR of 48.6% during the forecast period. The market by application includes research & development, chemicals, agriculture, pharmaceuticals & diagnostics, biofuels and others. Biofuels is the fastest growing segment during the forecast period. In terms of geography,Europe is the largest revenue-generating segment, where as Asia Pacific would experience the highest growth rate during the forecast period.
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This factor results in high demand for synthetically modified crops. Rising petroleum based fuel prices are resulting in high demand for bio-diesel, which is also contributing to the growth of the synthetic biology market. In addition, raised awareness about synthetic biology market such as generation of new life, manipulation of life, etc., are also some of the factors that are unlocking the doors for the growth of the market.
Product launch holds a second highest share in strategies adopted by key players accounting for about 32% of the strategic moves by key companies. Companies profiled in the report include BASF, GEN9 Inc., Algenol Biofuels, Codexis Inc., Gensript Corporation, Dupont, Butamax Advanced Biofuels, BioAmber, BioSearch Technologies, Inc., Origene Technologies, Inc. and Synthetic Genomics, Inc.