Portland, OR -- (ReleaseWire) -- 07/07/2014 -- The report expects the global synthetic biology market to reach $38.7 billion by the year 2020, registering a CAGR of 44.2% during 2014 - 2020. Europe holds largest share in the overall market and would continue to remain by 2020. However, Asia Pacific would grow rapidly, enrolling a CAGR of 46.4% from 2014 to 2020.
The market would experience adoption in wide-ranging domains such as chemicals, energy and agriculture, pharmaceuticals. Factors contributing towards the market growth are support from government and private organizations, increasing research and falling prices in DNA sequencing and synthesizing. Bio-safety & bio-security and ethical issues are slowing down the market growth.
The report segments the market into product, technology, application, and geography. The product market within synthetic biology is sub- segmented into enabling products, enabled products and core products. Enabling product is growing quickly due to numerous researches that would provide innovative ideas.
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DNA synthesis holds the largest share within enabling products sector, whereas, oligonucleotide synthesis would grow fastest with a CAGR of 57.8% during 2014-2020.
In terms of technology, the report segments the Synthetic biology market into enabled technology and enabling technology. With an impressive CAGR of 48.6%, enabling technology is growing rapidly. In terms of application the market is classified based on chemicals, agriculture, research & development, biofuels, pharmaceuticals & diagnostics, and others. Europe generates the maximum revenue; while, Asia Pacific would grow fastest during the analyzed period.
Major companies analyzed by the market are
Butamax Advanced Biofuels
BioSearch Technologies, Inc.
Origene Technologies, Inc.
Synthetic Genomics, Inc.
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