Synthetic Biology Market to Surge Ahead at 32.6% Cagr from 2013 - 2019 Supported by Healthcare Applications

Synthetic biology is on the path to becoming a US$13.4 billion market by 2019, exhibiting a sharp CAGR of 32.6% between 2013 and 2019, estimates Transparency Market Research in its latest report. The report, titled “Synthetic Biology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast,2013 - 2019”, puts the value of the market at US$1.8 billion in 2012.Synthetic biology is a process that utilizes biology and genetic engineering to produce artificial biological systems and devices.

The process is proving to be especially pivotal in producing affordable medicines and improved nutritional products. The report zeroes in the following key factors that have shaped the growth curve of the global synthetic biology market: Increased government participation and investments being routed into scientific research as well as active initiatives taken by private players in R&D.

Besides pharmaceutical and nutrition-related applications, synthetic biology has been used for mitigating the damaging effects of marine pollution. The process has been extensively applied for developing engineered microorganisms to limit oil spill damages. Additionally, researchers have successfully used synthetic biology to convert regular plastics into microplastics that can be re-used. With DNA sequencing prices taking a plunge, the synthetic biology market will gain momentum. However, the global synthetic biology market is still impeded by ethical issues relating to synthetic biology products.

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Synthetic Biology Market Segmentation by Product, Application, and Technology

The TMR reports offers a highly detailed study of the global synthetic biology market by classifying it on three fronts: Application, products and technologies.

By application, the synthetic biology market is classified according to sectors such as: Healthcare, chemicals, agriculture and others....