(EMAILWIRE.COM, December 14, 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%.

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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 synthetic biology market in Europe is expected to register the highest growth rate from 2017 to 2022. The rising international alliances between the European countries and other countries and heavy funding from the government to foster the synthetic biology research in Europe are major factors driving the growth of synthetic biology market in this region. Additionally, factors such as increasing investments for the adoption of novel synthetic biology technologies, rising R&D funding and collaborations are driving the growth of the market in this region.

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