Synthetic Biology Market - A Story Of Very Rapid Development With Cagr Of 26.5% | Marketsandmarkets

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Expanding the scope of synthetic biology applications for multi-diagnostic and cellular recording, the demand for therapeutic genome editing in the course of research is expected to surge.
According to the new market research report global synthetic biology market size is projected to reach $ 30.7 billion by 2026 from $ 9.5 billion in 2021, at a CAGR of 26.5% during the forecast period.
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OPPORTUNITY: Demand for fuel alternatives
With the increasing fuel consumption and growing concerns over energy security, biofuels are achieving significant importance. Globally over 150 billion tons of biomass is generated annually. Presently, edible commodities such as maize, sugarcane, and vegetable oil are being used to produce biofuels. This is subsequently paving the way for the application of synthetic biology techniques in the development of renewable energy.
Thermo Fisher Scientific (US) held the leading position in the synthetic biology market in 2020. The company offers synthetic biology products, which include DNA fragments, ...
... software, engineering kits, DNA oligos, and clones. Its large share in this market can be attributed to its broad product portfolio, years of experience, and vast distribution channel. The company’s distribution network comprises broad sales force and a global network of resellers and distributors.
Recent Developments
• In January 2021, Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
• In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
• In January 2021, Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.
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This study involved four major activities in estimating the current size of the synthetic biology market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
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