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Synthetic Biology Market worth $ 11.00 Billion, Globally, by 2028 at 6.60% % CAGR: Verified Market Research
- Numerous applications of Synthetic Biology, a decrease in costs of DNA Sequencing and synthesizing, and elevating demand for synthetic genes and synthetic cells contribute as the primary drivers of the growth of the market
JERSEY CITY, N.J., May 11, 2021 /PRNewswire/ Verified Market Research recently published a report, Synthetic Biology Market By Product (Core Products and Enabling Products), By Technology (Gene Synthesis, Genome Engineering, Cloning, Sequencing, Site-Directed Mutagenesis & Others), By Application (Medical Application, Pharmaceuticals, Drug Discovery and Therapeutics, Artificial Tissue and Tissue Regeneration & Others), and by Geography. According to Verified Market Research, the Global Synthetic Biology Market was valued at USD 6.60 Billion in 2020 and is projected to reach USD 11.00 Billion by 2028, growing at a CAGR of 6.60% from 2021 to 2028.
Global Synthetic Biology Market Overview
Increasing demand of synthetic biology by Biotechnological and Pharmaceutical companies for research and development purposes contributes to the growth of this market. According to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), over 149.8 Billion USD is spent on R&D per year by the pharmaceutical research-based industry. The application of Synthetic Biology techniques in drug discovery and development acts as a growth driver for the Global Synthetic Biology market. In 2015 witnessed the launch of 56 new pharmaceuticals products out of more than 7,000 compounds in development which includes the synthesis of new bio-based products. For instance, Cell-free systems were used to design biosynthetic pathways for the antiviral agent valinomycin.
Gene Synthesis Market to 2025 - Global Analysis and Forecasts By Products & Services, Application, End User
tipFebruary 23, 2021
Gene Synthesis Market
The global gene synthesis market estimated to grow at a CAGR of 28.7% during the forecast period from 2018 to 2025. The gene synthesis market was valued at USD 2,866.1 Mn in 2017 and is estimated to reach US$ 20,122.3 Mn by 2025.
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