Northbrook, IL 60062 -- (SBWIRE) -- 11/30/2022 -- According to the new market research report "Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), Technology (Gene Synthesis, Genome Engineering), Application(Tissue Regeneration, Biofuel, Consumer Care, Food & Agriculture, Environmental) and Region - Global Forecast to 2026", is projected to reach USD 30.7 billion by 2026 from USD 9.5 billion in 2021, at a CAGR of 26.5% during the forecast period.

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The Factors such as a wide range of applications of synthetic biology, the rising R&D funding and growing initiatives in synthetic biology, declining cost of DNA sequencing and synthesizing, and increasing investments in the market are propelling the growth of this market. However, biosafety, biosecurity, and ethical concerns related to synthetic biology would hamper the growth of this market.

On the basis of tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2020, oligonucleotides & synthetic DNAaccounted for the largest share of market. This segment's large share can be attributedto factors such as rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.

Based on application, the synthetic biology market is categorized into four segments—medical applications, industrial applications, food & agriculture, and environmental applications. In 2020, medical applications segment accounted for the largest share of market. Factors such as the extensive research on new and better treatments, coupled with the availability of huge private and public funding for the discovery of novel therapies, is the primary driver for the medical applications segment's growth.

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Geographical Growth Scenario:

The Asia Pacific region is estimated to grow at the highest CAGR in the synthetic biology market during the forecast period, this is mainly due to factors such the growing collaborations in the field of synthetic biology, growing partnerships in the Chinese market, and investments in Asia Pacific countries for research.

Key Players:

Some of the prominent players in the Synthetic Biology Industry are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc (US), Novozymes A/S (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and Eurofins Scientific (Luxembourg).

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