IMPACT OF COVID-19 on Synthetic Biology Market 2020 Growth of CAGR with Focusing Key players like Thermo Fisher Scientific,Merck KGaA & Agilent Technologies
Several countries across the globe have seen non-urgent diagnostic imaging surgeries being postponed due to the pandemic. These procedures utilize additional resources and increase the risk of complications; depending on the procedure, they also increase the chance of needing equipment, resources, or materials such as hospital beds and PPE.
The growth of this market is primarily attributed to factors such as the increasing demand for synthetic genes & synthetic cells, wide range of applications of synthetic biology, declining cost of DNA sequencing & synthesizing, increasing R&D funding & initiatives in synthetic biology, and increasing investments in the market.
What the synthetic biology Looks Like?
MarketsandMarkets forecasts synthetic biology market is projected to reach USD 19.8 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 23.9%. The APAC market is expected to grow at the highest CAGR during the forecast period
Based on tools, the market segmented into oligonucleotides and synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms and xeno-nucleic acid. In 2019, the oligonucleotides and synthetic DNA segment accounted for the largest share of the market, followed by enzymes.
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What Drives the synthetic biology Market?
The growth of the global market for synthetic biology Market is primarily influenced by the following factors:
- Wide Range of Applications of Synthetic Biology
- Rising R&D Funding and Growing Initiatives in Synthetic Biology
- Declining Cost of Dna Sequencing and Synthesizing
- Increasing Investments in the Market
Based on technology, the market is segmented into gene synthesis, genome engineering, cloning, sequencing, site-directed mutagenesis, measurement & modeling, microfluidics, nanotechnology, and bioinformatics technologies. In 2019, the gene synthesis segment accounted for the largest share of the market. This large share of the segment can be attributed to the rising demand for synthetic DNA, synthetic RNA, and oligonucleotides across various application industries and its increasing use with genome engineering for the ease and efficiency in genome editing and genome targeting.
Recent Developments :
- In December 2019, Amyris, Inc. (US) launched the PURECANE Brand Sweetener.
- In December 2019, Cyrus Biotechnology Inc. (US) collaborated with the Broad Institute of MIT and Harvard to develop an optimized CRISPR gene-editing technology. This helped Cyrus to gain further commercial access for its Rosetta technology.
- In August 2019, Agilent Technologies, Inc. (US) acquired BioTek Instruments (US), a manufacturer of life science instrumentation, thereby expanding Agilent’s growing presence and expertise in cell analysis and also strengthening the company’s position in the large and growing immuno-oncology and immunotherapy areas.
- In June 2019, Novozymes A/S (Denmark) opened its Innovation Campus in Lyngby, Denmark, for research in biological solutions.
- In April 2019, Precigen, Inc., a wholly-owned subsidiary of Intrexon Corporation (US), opened a new manufacturing facility in Germantown, Maryland, for supporting the gene therapy manufacturing.
Geographical growth scenario of synthetic biology :
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as growth in the number of pharmaceutical & biopharmaceutical companies, the increasing number of healthcare & life science facilities, and increasing requirements for regulatory compliance in pharmaceutical and biopharmaceutical companies, growing number of international alliances, heavy funding for synthetic biology research, and strong government support are expected to drive the growth of these markets during the forecast period.
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Leading market players and strategies adopted
- The prominent players in the synthetic biology market are Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Novozymes A/S (Denmark), Ginkgo Bioworks (US), Amyris, Inc. (US), Intrexon Corporation (US), GenScript Biotech Corporation (China), Twist Bioscience (US), Synthetic Genomics, Inc. (US), Codexis, Inc. (US), Synthego Corporation (US), Creative Enzymes (US), Eurofins Scientific (Luxembourg), Cyrus Biotechnolog
- The global market was dominated by Thermo Fisher Scientific, Inc. (US) in 2019. The company offers synthetic biology products, which include DNA fragments, software, engineering kits, DNA oligos, and clones.
Critical questions the report answers:
- How will current technological trends affect the market in the long-term?
- What are the current growth trends in the market for the food & agriculture segment?
- What are the application areas of the market?
- Which regions are likely to grow at the highest CAGR?
- What are the growth strategies being implemented by major market players?
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