The Global Synthetic Biology Market is Driven by High Demand for New Drug Development
A large and growing market, synthetic biology involves the design and construction of new biological components and systems that do not already exist in nature as well as the redesign of existing natural biological systems for useful purposes. Synthetic biology utilizes various techniques including genome engineering, cloning and protein engineering to achieve goals such as developing novel biofuels, generating biomaterials, developing new drugs and therapeutics, and more. The advantages of synthetic biology include enabling applications across various end-use industries, greater control and precision compared to natural biology, and facilitating cost-effective production.
The Global synthetic biology market is estimated to be valued at US$ 36511.02 Mn in 2024 and is expected to exhibit a CAGR of 8% over the forecast period 2024 to 2031.
Key Takeaways
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. These players are focusing on new product launches, collaborations, and geographic expansions to enhance their market presence.
The global Synthetic Biology Market Size is expected to witness significant growth due to the growing demand for new drug development and discovery. Synthetic biology tools and techniques can be leveraged for designing and engineering cells to produce novel drugs and biomolecules economically. This is becoming increasingly relevant as drug development costs continue rising.
Countries across North America, Europe, Asia Pacific, Latin America, and Middle East and Africa are actively supporting the expansion of synthetic biology through funding and initiatives. As synthetic biology applications become viable in more industries, its adoption is projected to increase globally.
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