Global
Synthetic Biology Market: Snapshot
Organisms
engineered with novel techniques of synthetic biology are more
affordable as it increases the use of genetically modified
microorganisms for various industrial applications and cuts down the
cost of research. This is leading to the greater utilization of
synthetic biology technologies and products by researchers across the
globe. The growth of the global synthetic market is backed by the
intervention of government bodies, universities, and large
organizations in synthetic biology research activities.
Furthermore,
the rapid advancements in technologies are working in favor of the
growth of the market. According to a report by Transparency Market
Research (TMR), the opportunity for the global market for synthetic
biologics was worth US$5.48 bn in 2016 and is anticipated to rise at
a tremendous CAGR of 32.6% from 2013 to 2019, reaching a valuation of
US$13.37 bn by 2019.
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Market Research
Report:
http://www.transparencymarketresearch.com/synthetic-biology-market.html
http://www.transparencymarketresearch.com/synthetic-biology-market.html
North
America to Outperform Europe Owing to Increasing Research and
Development Efforts
Europe
was the leading regional market in terms of revenue in 2016. The
increasing government participation and funding for the development
of synthetic biology are driving the growth of the region. Moreover,
the growing applications of this technology in the field of health,
energy, environment, and other areas are contributing to the growth
of the region. However, the region is expected to lose its dominance
to North America by the end of the forecast period.
The
growth of the North America region can be attributed to the positive
initiatives by government and private organizations to promote
synthetic biology research activities. The rising scientific research
and development of new technologies are expanding the scope for the
development of synthetic biology in the region. Furthermore, the
domicile of a large number of key players offers North America an
edge over other regions. The region is anticipated to represent 46%
of the overall market revenue by 2019.
On
the other hand, Asia Pacific is likely to rise at a noteworthy CAGR
of 34.2% during the same period. The immense growth potential in this
region is attracting the support of many international organizations
for the development of synthetic biology. The burgeoning demand for
high-quality nutrition and cheap medicines among people is surging
the demand for synthetic biology techniques and thus fuelling the
market in the region. Some of the prominent players in the global
synthetic biology market are Gevo Inc., Bristol Mayer, DSM, Life
Technologies, DuPont Inc., LS9 Inc., Genomatica Inc., and Amyris Inc.
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