The global synthetic biology market is estimated to be valued at US$ 31693.59 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expanding applications of synthetic organisms is expected to drive the growth of synthetic biology market over the forecast period. Synthetic organisms are being engineered for production of biofuels, chemicals and materials. For instance, engineered yeast is used for production of bioethanol as an alternative fuel. Similarly, programmed bacteria can synthesize drugs, flavors and fragrances. Advancements in genome engineering tools such as CRISPR is enabling the precise and efficient modification of genomes of synthetic organisms. This is increasing their suitability for diverse industrial applications and accelerating the market growth.
Segment Analysis
The Global Synthetic Biology Market Analysis dominated by the tools segment, which accounted for more than XX% market share in 2023. The tools segment includes software, DNA synthesis and sequencing equipment. This segment is dominating as synthetic biology tools help in genome engineering and designing for various applications like healthcare, industrial, food & agriculture and others.
Key Takeaways
The global synthetic biology market is expected to witness high growth during the forecast period of 2023-2030. The global synthetic biology market is estimated to be valued at US$ 31693.59 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030
The regional analysis related content comprises that North America is expected to dominate the global synthetic biology market during the forecast period attributed to rising investments in synthetic biology research projects in the region by both public and private sectors. The United States is dominating the North American synthetic biology market due to the presence of major players and research institutions.
Key players operating in the synthetic biology market are DiaSorin S.p.A., Abbott Laboratories, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers, Beckman Coulter Inc., F. Hoffmann-La Roche AG, Inova Diagnostics, Inc., Maccura Biotechnology Co., Ltd., Tosoh Corporation, and Ortho Clinical Diagnostic.
The key players related content comprises that key players operating in the synthetic biology market are focusing on new product launches. For instance, in 2022, DiaSorin S.p.A. launched Liaison QuantiFERON-TB Gold Plus assay, which helps in screening and diagnosis of tuberculosis.
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