(EMAILWIRE.COM, December 08, 2018 ) According to the new market research report “Synthetic Biology Market” by Tool (Oligonucleotides, Chassis Organisms, Enzymes), Technology (Genome Engineering, NGS, Cloning and Sequencing), Application (Medical (Pharmaceutical, Drug Discovery), Industrial (Renewable Energy)) - Global Forecast to 2022", published by MarketsandMarkets™, The synthetic biology market is expected to reach USD 8.84 Billion by 2022 from an estimated USD 3.57 Billion in 2017, at a CAGR of 19.9%.

Synthetic biology has an array of applications in the fields of medicine, agriculture, nanotechnology, and industrial biotechnology. This has attracted interests of researchers from across the globe and has led to a rise in funding from public and private organizations, which, in turn, help in the growth of the market. Additionally, the reduction in costs per raw megabase of DNA sequencing and a drastic reduction in the cost of synthetic genes is expected to propel the market growth of synthetic biology. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
Based on tools, the synthetic biology market is subsegmented into oligonucleotides, enzymes, cloning technology kits, chassis organisms, and xeno-nucleic acids. The oligonucleotides segment is expected to account for the largest share of the market in 2017 owing to the rising demand for synthetic DNA, RNA, and genes, which are used in a wide range of applications, such as pharmaceuticals, nutraceuticals, personal care, flavors and fragrances, probiotics, green chemicals, and industrial enzymes.
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The US is expected to dominate the synthetic biology market in 2017

In 2017, the US is estimated to account for the largest share among other regions in the synthetic biology market, followed by the UK and Germany. The dominant share of the US is attributed to factors such as increased demand for bio-based products, increased investments in synthetic biology companies, and rising R&D funding for synthetic biology.

The major players in the global synthetic biology market include Thermo Fisher (US), Novozymes (Denmark), Merck KGaA (Germany), Intrexon (US), and Agilent Technologies (US).

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