“Global Synthetic Biology Market, By Product Type (Core Products, Enabling Products, Enabled Products), By Application (Agriculture, Chemicals, Bio-fuels, Healthcare, Other Applications), By Technology (DNA Sequencing, Genome Engineering, Biological Components and Integrated Systems, Bioinformatics), as well as by Region – Global Forecast 2021 to 2030.”, which offers a comprehensive view of the Global Synthetic Biology Market through systematic segmentation that encompasses every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this sector is projected to be over $19,292.0 Mn, and is estimated to increase substantially over the latter part of the forecast period.
Synthetic biology is a multidisciplinary area of research that seeks to create new biological parts, devices, and systems, or to redesign systems that are already found in nature.
The steady increase in the application of synthetic biology across a wide spectrum of end-use industries such as pharmaceuticals, therapeutics, drug discovery, etc., as a means of increasing biomedicine production, as well as to lower the potential for wastage. This is a major factor that is anticipated to continue to fuel the revenue growth of the Global Synthetic Biology Market over the next 10 years. Additionally, the increasing use of synthetic biology by various other end-use sectors such as the F&B, healthcare industry, etc., for the purpose of improving product quality and processes. Furthermore, as a direct result of booming population figures which have led to the gradual increase in urbanization and industrialization levels globally, synthetic biology is now being extensively used in the energy sector. This is another major factor that is slated to have a profound influence on the projected market growth of the Global Synthetic Biology Industry, and is anticipated to further augment the overall market footprint of this global sector. These are some of the most crucial factors anticipated to play a critical role in catapulting projected revenues for the Global Synthetic Biology Market to $40,559.8 Mn by 2030, at a CAGR of 20.6%.
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