Synthetic Biology Market Anticipated to Witness Enhanced Applications Into Agricultural, Healthcare & Food Sectors Till 2020 | Million Insights

FELTON, California, Nov. 13, 2019 /PRNewswire/ -- The global Synthetic Biology Market is expected to witness a stupendous CAGR in the years to come. This could be attributed to its presence across loads of end-users like industrial chemicals, agriculture, and healthcare. The synthetic biology market would be catalyzed further by extensive research along with collaboration of technology, science, and engineering for designing, redesigning, producing or modifying biological systems, genetic materials, and living organisms. The U.S., according to National Science Foundation, did invest close to $820 million between 2008 and 2014 in synthetic biology and is expected to continue with the same in the upcoming period as well.

Market Insights:

Food security has been a matter of utmost concern off late. Population explosion, environmental stress, and changing climate are adding to the concern. Factors like production of food with much better shelf life, and tailored medicinal or nutritional value are expected to bolster the applications of synthetic biology in agricultural and food sector. At the same time, ethical risk and biosafety regarding synthetic biology could hamper the expansion of business. The tools used in synthetic biology as of now include Oligonucleotides, enzymes, cloning technology kits, Chassis Organisms, and Xeno-Nucleic Acid.

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Market Segmentation:

The synthetic biology market is segmented based on product, application, technology, and geography. By product, the market says core products, enabled products, and enabling products. By technology, it spans DNA synthesis, DNA sequencing, computational modelling, bioinformatics technology, nanotechnology, microfluidics technology, pathway engineering, modular protein assembly, genome engineering, and synthetic microbial consortia.

By application, the synthetic biology industry says environmental (bioremediation, whole-cell biosensors), and medical application (drug delivery therapeutics, pharmaceuticals, artificial tissue and regeneration), and industrial application (biofuel and renewable energy, industrial enzyme, food & beverages, paper industry, personal care, biomaterials & green chemicals). By geography, the market says North America (U.S., Canada, Mexico, and the Rest of North America), LATAM (Brazil, Venezuela, Argentina, Costa Rica, Columbia, Peru, and the rest of LATAM), Europe (U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark, and the Rest of Europe), Asia Pacific (India and the rest of Asia Pacific), and MEA.