DUBLIN--(BUSINESS WIRE)--Nov 22, 2022--
The "Global Synthetic Biology Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global synthetic biology market is anticipated to grow at a substantial CAGR of 32.0% during the forecast period. Increased research and development funding for synthetic biology research and declining cost of DNA sequencing & synthesizing are the major factors driving the growth of synthetic biology market. Pharmaceutical and biotechnology companies continuously invest in research to develop breakthrough molecules to cater to the growing needs of the healthcare industry and fight new diseases. Increased R&D funding for pharmaceutical company's in order to develop new treatments is anticipated to contribute majorly in the market.
According to a report from the USA-based Tufts Center for the Study of Drug Development, Global R&D spending through the largest publicly-traded biotech companies grew 13.7% annually, from $4.8 billion in 2001 to $55.0 billion in 2020. Moreover In 2019, the US pharmaceutical industry spent $83 billion on R&D which is roughly 10 times what it spent per year in the 1980s as per Congressional Budget Office (CBO).
The global synthetic biology market is segmented on the basis of product, technology, and applications. Based on the product, the market is segmented into enabling product, core product, and enabled product.
Based on technology, the market is segmented into gene synthesis & sequencing, genome engineering, bioinformatics, and others.
Based on application, the market is segmented into medical application, industrial application, food & agriculture, and environmental applications. The above-mentioned segments can be customized as per the requirements.
On the basis of application, the medical application is expected to register significant growth rate during the forecast period. This growth is attributed to extensive research on new and improved treatments coupled up with availability of private and public funding for the discovery of novel therapies.
The ongoing extensive research taking place on new and better treatments with the availability of huge private and public funding are acting as a growth driver for the medical applications segment.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is anticipated to hold a considerable share in the global synthetic biology market owing to relatively less cost of manufacturing and increasing number of research entities. Asia Pacific markets incur relatively less cost of manufacturing, which makes it an attractive prospect for many global organizations in the pharmaceutical space and provides growth opportunities for manufacturers. Furthermore other factors such as growing pharmaceutical & biopharmaceutical companies, strong government support and increasing healthcare & life science facilities are further supporting the growth of the market in this region.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
3. Competitive Landscape
4. Market Segmentation
5. Regional Analysis
6. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/rl3bfb
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KEYWORD:
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/22/2022 09:48 AM/DISC: 11/22/2022 09:48 AM
http://www.businesswire.com/news/home/20221122005592/en