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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The global synthetic biology market is projected to reach USD 8.84 Billion by 2022 from USD 3.57 Billion in 2017, at a CAGR of 19.9%. This high growth rate can be attributed to the wide range of applications of synthetic biology, rising R&D funding and initiatives, increasing demand for synthetic genes and synthetic cells, and increasing investments in synthetic biology companies. Factors such as rising concerns regarding fuel consumption and increasing demand for protein therapeutics are expected to offer lucrative opportunities for players in the global market.

In this report, the global synthetic biology market is segmented on the basis of tool, technology, application, and region. Based on tools, the market is segmented into oligonucleotides, enzymes, cloning technology kits, chassis organisms, and xeno-nucleic acids. In 2017, oligonucleotides are expected to account for the largest share of the global market owing to the large-scale production of modified oligonucleotides for next-generation sequencing and the increasing market demand for synthetic genes.

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Based on region, the synthetic biology market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2017, North America is estimated to account for the largest share of the global market. Regarding growth rate, Europe is expected to register the highest growth rate from 2017 to 2022. Factors such as increasing investments for the adoption of adoption of novel synthetic biology technologies, rising R&D funding and collaborations are driving the growth of the market in this region.

While the overall market is expected to grow at a high rate, possible environmental and security issues related to synthetic biology is likely to restrain the growth of this market to a certain extent.

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

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