The global synthetic biology market was valued at $3,933.9 million in 2014, and it is expected to grow with a CAGR of 35.4% during the period 2015 – 2020. The global synthetic biology market is growing, due to increasing support from government organizations, and growing geriatric population. In addition, the innovative and advanced applications of synthetic biology, increasing research activities, and increasing R&D investments in drug discovery and development are also supporting the growth of this market.
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On the basis of type of segment, the technology segment is expected to be the largest market and would witness fastest growth during the forecast period. Among the application segment, pharmaceutical and diagnostic had the largest market size in the global market in 2014.
The increasing support from government organizations and growing geriatric population are playing a pivotal role in the growth of this market. Some of the major organizations include National Science Foundation (NSF), National Aeronautics and Space Administration (NASA), Centre for Chemical and Synthetic Biology (CCSB), Synthetic Biology Engineering Research Center (SynBERC), and International Association Synthetic Biology (IASB). These organizations are providing support in form of funding, and initiatives implemented by them for basic and applied research with their respective goals.
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Additionally, the innovative and advanced applications of synthetic biology, increasing research activities, and increasing R&D investments in drug discovery and development are also supporting the growth of this market. However stringent regulatory requirements, expensive research procedures, and harmful effects of synthetic biology act as hindrance in the growth of the global market. The growing number of mergers and acquisitions is one of the latest trends observed in this market.
Geographically, North America dominated the global market, among all the regions in 2014; and it is expected to grow with a CAGR of 35.2% during the period 2015 – 2020. However, the Asian market is expected to witness fastest growth, with a CAGR of 39.8% during the forecast period.
SYNTHETIC BIOLOGY MARKET SEGMENTATION
Breakdown by Segment
- Enabled Technology
- Gene Synthesis
- Genome Engineering
- Gene Measurement and Modeling
- Enabling Technology
- Pathway Engineering
- Next Generation Sequencing
- Enabled Technology
- Cloning Kit
- Xeno Nucleic Acid
- Chassis Organisms
Breakdown by Application
- Pharmaceutical and R&D
Breakdown by Geography
- North America – The U.S., Canada, and Rest of North America
- Europe – the U.K., Germany, France, Italy, Spain, and Rest of Europe
- Asia – China, Japan, India, and Rest of Asia
- Rest of the World (RoW)
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