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Global Synthetic Biology Market Size to grow by US$30.8 Bn in 2030

The global synthetic biology market was valued at USD 9.6 Bn in 2021. The market is projected to grow USD 30.8 Bn in 2030, at a CAGR of 23%.


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Pharmaceutical companies now receive more funds for research and development in order to create new therapies. The government has made steps to fund various pharma and biotech enterprises in order to advance the pharmaceutical industry and boost global competitiveness. This has led to a consistent rise in R&D investment and spending over time. In order to meet the expanding demands of the healthcare sector and find new treatments for ailments, pharmaceutical and biotechnology businesses make significant investments in research. More than 80% of all R&D expenditures in the life sciences sector are made up by the worldwide pharmaceutical R&D sector.


Biofuels are becoming increasingly important due to rising fuel usage and growing worries about energy security. Over 150 billion tonnes of biomass are produced annually on a global scale. At the moment, biofuels are made using food products like maize, sugarcane, and vegetable oil. In turn, this is opening the door for the use of synthetic biology methods in the creation of renewable energy.


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Environmental problems including pollution control, resource management, and climate change can be handled through synthetic biology. In order to create microbes that function as biosensors for detecting hazardous environmental toxins, the approach can be paired with genetic engineering. Growing R&D initiatives in this area are anticipated to drive market expansion. For example, synthetic biology has been applied to the agricultural sector to provide chemical-free substitutes for fertilisers. Synthetic nitrogen fertilisers that are safe for the environment have been created by businesses like Pivot Bio.


Identification of sustainable food production methods has benefited from synthetic biology. The method has also helped to boost food harvests and handle pest control more effectively. As evidenced by the growing number of firms entering the industry, several businesses are exploring using synthetic biology for the creation of novel food solutions. For instance, businesses promising alternatives to synthetic meat include Beyond Meat, Upside Foods, Innocent Meat, and Impossible Foods, among others.



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KEY INDUSTRY DEVELOPMENTS:


December 2021- Codexis has launched Codex® HiTemp Reverse Transcriptase for use in one-step quantitative reverse transcription PCR (RT-qPCR).


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.


Read More Details On This Report: https://extrapolate.com/Healthcare-Medical-Devices-Biotechnology/synthetic-biology-market/25964


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