According to a new report, published by KBV research, The Global Synthetic Biology Market size is expected to reach $46.7 billion by 2030, rising at a market growth of 18.7% CAGR during the forecast period.
The Healthcare segment is registering a strong potential in the Global Synthetic Biology Market by Application in 2022, thereby, achieving a market value of $32 billion by 2030. Synthetic biology techniques are increasingly being used for the production of bio-based products, including biofuels, biochemicals, and bioplastics. The healthcare industry can benefit from sustainable and bio-based materials for various applications. CRISPR-Cas9 and other gene editing technologies, often associated with synthetic biology, have transformative potential in healthcare. They can be used for precise gene editing, gene therapy, and the treatment of genetic disorders. Thus, these aspects will fuel the demand in the segment.
The Academic and Government Research Institutes segment is experiencing a CAGR of 19% during (2023 - 2030). Availability of funding for synthetic biology research projects from government agencies and academic institutions is a significant driver. Increased funding can support research initiatives, infrastructure development, and collaboration among researchers. Collaborations between academic institutions, government research agencies, and private entities can accelerate research efforts. These partnerships often lead to the sharing of resources, expertise, and access to diverse datasets. Hence, these aspects will lead to increased demand in the segment.
The Oligonucleotide/Oligo Pools and Synthetic DNA segment is leading the Global Synthetic Biology Market by Product in 2022 thereby, achieving a market value of $16 billion by 2030. Oligonucleotides and synthetic DNA play a crucial role in the research and development of synthetic biology applications. As the field expands, there is a growing need for custom-designed genetic constructs and sequences, leading to an increased demand for synthetic DNA. Thus, these factors will boost the demand in the segment.
The NGS Technology segment would witness a CAGR of 19% during (2023 - 2030). NGS technology allows for rapid and cost-effective DNA sequencing, which is essential for synthetic biology applications. Researchers use NGS to read and understand the genetic code, facilitating the design and construction of synthetic DNA sequences. Techniques like CRISPR-Cas9, a powerful genome editing tool, benefit from NGS for validating and verifying the outcomes of genetic modifications. NGS helps researchers analyze the effectiveness and precision of gene editing processes in synthetic biology projects. Therefore, these factors will pose lucrative growth prospects for the segment.
Full Report: https://www.kbvresearch.com/synthetic-biology-market/
The North America region dominated the Global Synthetic Biology Market by Region in 2022 thereby, achieving a market value of $18,644.2 million by 2030, growing at a CAGR of 18 % during the forecast period. The Europe region would witness a CAGR of 18.5% during (2023 - 2030). Additionally, The Asia Pacific region is experiencing a CAGR of 19.6% during (2023 - 2030).
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