Global Synthetic Biology Market Analysis: Size and Share
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Synthetic Biology Market |
The Synthetic Biology Market is projected to be valued at
US$ 31,693.59 million in 2023, with an expected CAGR of 28% during the forecast
period from 2023 to 2030, according to a newly published report by Coherent
Market Insights.
Key Market Trends:
A prominent trend in the Global Synthetic Biology Market is
the escalating demand for bio-based chemicals and materials. Traditional
petrochemical resources face challenges related to crude oil price volatility
and environmental concerns. Synthetic biology provides a solution by enabling
the production of bio-based chemicals and materials through a fermentation
process, reducing dependence on petrochemicals. Companies are investing in the
development of bio-based alternatives for plastics, solvents, fragrances, and
more using synthetic biology, thereby driving market growth.
Porter’s Analysis:
Threat of New Entrants: The synthetic biology market demands
substantial investment in research and development, acting as a barrier for new
entrants.
Bargaining Power of Buyers: Large pharmaceutical and
biotechnology companies, major buyers in the market, possess significant
bargaining power.
Bargaining Power of Suppliers: Due to specialized knowledge
in synthetic biology, suppliers have limited numbers, granting them significant
power in price negotiations.
Threat of New Substitutes: Currently, there are no direct
substitutes for products and services derived from synthetic biology.
Competitive Rivalry: The market is dominated by a few large
international players, intensifying competition.
SWOT Analysis:
Strength: Synthetic biology offers innovative solutions for
advancing healthcare, pharmaceuticals, agriculture, and various industries,
revolutionizing existing industrial processes.
Weakness: High initial costs and lengthy development cycles
make synthetic biology products expensive, with a lingering risk of product
failure.
Opportunity: Growing demand for the development of biofuels,
nutritional supplements, and new materials presents significant opportunities.
Advances in gene editing technologies further boost the market.
Threats: Stringent regulations and ethical concerns related
to genetic modifications pose challenges. Commercialization of products needs
to balance environmental and societal impact.
Key Takeaways:
The Global Synthetic Biology Market Demand
is anticipated to witness substantial growth, with a projected CAGR of 28% over
the forecast period, driven by the increasing demand for the development of new
drugs and bio-based products.
Regional analysis indicates North America's current dominance
in the synthetic biology market, with Asia Pacific emerging as the
fastest-growing region, driven by significant investments in countries like
China and India.
Key players in the synthetic biology market include Thermo
Fisher Scientific, Synbio Technologies, Merck KGaA, Agilent Technologies, Inc.,
GenScript, Amyris, Eurofins Genomics GmbH, Integrated DNA Technologies, Inc.,
Codexis, Inc., EnBiotix, Inc., Synthego, New England Biolabs (UK) Ltd., Scarab
Genomics, LLC, and Genomatica, Inc.
For more details on
the report, Read- https://www.pressreleasebulletin.com/synthetic-biology-market-growth-demand-and-overview/
Get more insights on
this topic: https://ceocolumn.com/health/bisphenol-a-odyssey-navigating-the-controversial-waters-of-this-ubiquitous-chemical-compound/
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