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Synthetic Biology Market Size, and Trends Analysis

  • The surging geriatric population in several countries is one of the major factors fueling the global demand for synthetic biology. As per the 2019 World Population Ageing report published by the United Nations Department of Economic and Social Affairs (UNDESA), the global population of people in the age group- 65 years or above will rise from 703 million in 2019 to 1.5 billion by 2050. This will create a huge demand for synthetic biology solutions in the future.

    Apart from the aforementioned factor, the increasing number of initiatives being implemented by various government organizations around the world are also fueling the demand for synthetic biology solutions. The National Science Foundation (NSF), the Centre for Chemical and Synthetic Biology (CCSB), the National Aeronautics and Space Administration (NASA), the International Association Synthetic Biology (IASB), and the Synthetic Biology Engineering Research Center (SynBERC) are some of the major government organizations allocating funds for the development of synthetic biology solutions.

    When application is taken into consideration, the synthetic biology market is classified into pharmaceutical and diagnostic, chemical, energy, R&D, and agriculture. Out of these, the pharmaceutical and diagnostic category recorded the highest growth in the market during the past few years and it is predicted to exhibit huge market expansion in the upcoming years as well. However, in the forthcoming years, the energy category is predicted to demonstrate the fastest growth in the market.

    Globally, the synthetic biology market will exhibit rapid advancement in North America in the upcoming years, as per the forecast of the market research company, P&S Intelligence. This will be because of the rising incidence of chronic diseases and the soaring population of geriatric people in the regional countries. In this region, the market is registering huge expansion in the U.S. currently and this trend is likely to continue in the upcoming years.

    Hence, it can be said with full confidence that the demand for synthetic biology technology will rise tremendously across the world in the future years, primarily because of the increasing geriatric population in several countries.

    This study covers

    • Major factors driving the market and their impact during the short, medium, and long terms
    • Market restraints and their impact during the short, medium, and long terms
    • Recent trends and evolving opportunities for the market participants
    • Historical and the present size of the market segments and understand their comparative future potential
    • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
    • Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
    • Major players operating in the market and their service offerings

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