Synthetic Biology Market Overview Synthetic Biology Market is expected to grow from USD 32.40 billion in 2020 to USD 105.13 billion by 2026 at a CAGR of 19.23% from 2020 to 2026. An interdisciplinary field which includes the application of engineering principles to biology is known as synthetic biology. Relatively new as compared to other disciplines of Science and Technology, its main objective is to (re-)design and fabricates such biological components and systems which do not already present in the natural world. To ensure speedy manufacture of modified DNA sequences, and their assembly into two genomes, researchers integrate a chemical synthesis of DNA with better knowledge of genomics. The rising demand for synthetic biology from Biotechnological and Pharmaceutical companies for research and development purposes which contributes to the growth of Synthetic Biology Market. The application of synthetic biology methods in drug discovery and development also acts as a growth driver for the global synthetic biology market. Furthermore, the investments made by the governments and several corporate organizations in the science and technology field for the discovery of drugs and synthetic biological products, specifically for the development of successful vaccinations to COVID-19 are offering to be a key driver for the growth of synthetic biology market. Moreover, the increasing demand for bio-fuel as a result of global energy crisis, exhaustion of fossil fuels and rising pollution will further favor Synthetic Biology Market growth. Latest advancements in synthetic biology are paving the way for fourth-generation bio-fuels production, where particularly engineered microorganism/crops will act as feedstock material. Increased per capita energy consumption across the world due to the rapid industrialization with an increase in global population is projected to propel synthetic biology applications across energy sector. However, the dearth of predictability in biology which eventually results in a risk of failure of research and experiments may hamper market growth.
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