Albany, NY -- (SBWIRE) -- 09/22/2017 -- According to this report, the global synthetic biology market will expand at a 32.60% CAGR during the forecast period from 2013 to 2019. In 2012, the global synthetic biology market was worth US$1.8 bn and by 2019, the market is expected to be worth US$13.4 bn. The global synthetic biology market is driven by the growing demand for improved drugs and vaccines. Furthermore, advancement in molecular biology will also fuel the global synthetic biology market. This trend is gaining traction in the market as the participation of government bodies and universities in research on synthetic biology is rising. Furthermore, the demand for genetically modified crops (GMOs) due to the expanding global population is also driving advancement in molecular biology.

By product type, the global synthetic biology market is divided into core products (chassis organisms, XNA, synthetic cells, synthetic genes, and synthetic DNA) and enabling products (oligonucleotide synthesis and DNA synthesis). In 2012, the synthetic biology market was dominated by the synthetic DNA segment due to the higher commercial availability of this product as compared to other core products.

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On the basis of technology, the global synthetic biology market is divided into bioinformatics, DNA sequencing, genome engineering, and biological components and integrated systems. As genome engineering can be used for genetically modifying foods, gene therapy, and gene cloning, the application of genome engineering has grown, in turn driving the global synthetic biology market.

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Application-wise, the global synthetic biology market is segmented into agriculture, chemicals, healthcare, and others. The largest market share in the global synthetic biology market is held by the healthcare sector, as there is high utilization of synthetic biology techniques to make cheap vaccines and drugs. On the other hand, the agriculture application segment of the global synthetic biology market is expected to experience the highest growth during the forecast period.

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On the basis of geography, the global synthetic biology market is classified into Asia Pacific, Europe, North America, and Rest of the World (RoW). Europe held the largest market share in the global synthetic biology market in 2012 and is projected to grow consistently in the foreseeable future. The Europe synthetic biology market benefits from the efforts of government and private firms towards the development of this field. Funding for synthetic biology research in Europe is high. The start of the €70-bn Horizon 2020 program in Europe represents a pivotal moment for this regional synthetic biology market.

Some of the key players operating in the global synthetic biology market are Amyris, Bayer, Biosearch Technologies, Genomatica, Ginkgo Bioworks, Green Biologics, and Thermo Fisher Scientific. Several of these players in the global synthetic biology market are involved in many R&D initiatives.

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