Covina, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Prophecy Market Insights forecasts that the global synthetic biology market size will increase from US$ 14.5 billion in 2024 to US$ 126.9 billion by 2034, with a compound annual growth rate (CAGR) of 24.2% expected over the next decade.
Synthetic Biology Market Report Overview
Synthetic biology is the combination of science and engineering which is used in testing, construction, and designing of novel artificial organisms, cells etc. through combination of domains such as molecular biology, genetic engineering and evolutionary biology to modify or redesign existing natural biological systems. It integrates chemical synthesis of DNA with growing knowledge of genomics to empower researchers to quickly manufacture catalogued DNA sequences and fabricate them into new genomes that can be used in the production of advanced bio fuels, bio-products, renewable chemicals, bio-based specialty chemicals and in the health care sector as well.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Competitive Landscape:
The Synthetic Biology Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Thermo Fischer Scientific
- GenScript
- Biosearch Technologies
- Integrated DNA technologies
- Eurofins Scientific, Inc.
- Origene technologies
- Scientific genomics Inc.
- Editas Medicine, Inc.
- Pareto Biotechnologies
- Syntrox Inc
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Market Dynamics:
- Increasing involvement of government bodies
Increasing involvement of government bodies, research institutes, large-scale organizations and declining cost of DNA sequencing & synthesizing synthetic biology research activities, rising R&D funding drives the growth of the global synthetic biology market. Further, the increasing need for food owing to the increasing population and demand for synthetic genes and synthetic cells fosters the growth of global synthetic biology market. Moreover, advancement in genome engineering such as CRISPR and DNA synthesis technologies also enhances the growth of global synthetic biology market. However, bio-safety & bio-security, ethical issues related to misuse of synthetic biology and possibilities of accidental release of pathogens into free atmosphere hamper the growth of global synthetic biology market. In addition, complicated and irregular construction and testing process of biological systems restrains the growth of synthetic biology market.
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Segmentation:
Synthetic Biology Market is segmented based on Type, Application, and Region.
Type Insights
- Gleevec is anticipated to boost the growth for target market as one of the first-line treatments for CML, Gleevec has become a standard part of leukemia treatment protocols worldwide.
Application Insights
- Hospital is anticipated to boost the growth for target market as hospitals provide a broad range of treatments and supportive care for leukemia patients including chemotherapy, targeted therapy, immunotherapy and stem cell transplants.
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Recent Development:
- In March 2024, Novartis India, the local arm of Swiss pharma giant Novartis AG, is in discussions to secure a distribution partner for the imminent launch of Asciminib, the first-in-class treatment for chronic myeloid leukemia (CML) targeting the ABL myristoyl pocket (STAMP).
Regional Insights
- North America: The highly developed and quickly growing synthetic biology market in North America is being propelled by substantial R&D expenditures, a thriving biotech sector and a regulatory framework that is favourable to growth.
- Asia Pacific: Growing use of synthetic biology technologies in industries like industrial biotechnology, healthcare and agriculture characterizes the Asia-Pacific market. Synthetic biology is being utilized for instance to improve medicine manufacture, produce novel bio products and cultivate increasingly durable crop kinds.
Browse Detail Report on "Synthetic Biology Market Size, Share, By Product type (Core Products, Enabling Products and Enabled Products), By Application (Healthcare, Agriculture, Chemicals and Others) and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-Synthetic-Biology-Market-By-942
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