North America Synthetic Biology Market Share: Key Trends by 2035
The synthetic biology market in North America region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the supportive government initiatives and funding. Governments in North America have been supporting synthetic biology through funding programs and policy frameworks, fostering innovation and market growth.
Global Synthetic Biology Market Size:
The global synthetic biology market is estimated to grow at a CAGR of ~29.50% over the forecast period. The market is estimated to garner a revenue of nearly USD 288 billion by the end of 2035, up from a revenue of about USD 13 billion in the year 2022. The market growth is primarily driven by increasing demand for sustainable and renewable energy sources, increased investments in research and development activities, and advances in synthetic biology technologies. Startups in the synthetic biology industry were found to have raised nearly USD 7.8 billion in investments in 2020 and USD 19 billion in 2021. Companies including Arbor Biotechnologies and DNA Script have raised around USD 215 million and USD 168 million, respectively. The heavy investment of the is expected to increase the cash flow in the market and support the growth of the market across the supply chain. Furthermore, the rising demand for energy efficient systems coupled with the increasing demand for sustainable and renewable energy sources are expected to drive the growth of the market in the near future. Global energy demand was found to have increased by 2.3% in 2019, with buildings and industry accounting for 80% of the increase. Forty per cent of the reduction in global energy demand in 2019 was due to improvements in energy efficiency. Synthetic biology can be used to create biofuels and other sources of renewable energy. This has been assessed as the key factor that is expected to create lucrative opportunities for the market during the forecast period.
Global Synthetic Biology Market: Key Takeaways
· Market in North America to propel highest growth
· The healthcare segment to garner the highest growth
· Market in Asia Pacific to grow at a highest rate
Increasing Expansion in Urbanization across the Globe to Boost Market Growth
Population movements from rural to urban regions, the concomitant decline in the number of people living in rural areas, and the ways in which societies are adapting to this transition are also taken into account as an important growth factor. Urbanization is increasing significantly across the world and is expected to continue to increase over the forecast period. Globally, 55% of people lived in cities in 2018 and by 2050 it is expected to be 68%. The rate of urbanization is increasing as more than people show the trend of moving to urban areas. As a result, the demand for sustainable and renewable energy sources has increased, leading to increased use of synthetic biology for various activities. According to the latest spending data, global healthcare spending has increased over the past two decades, effectively doubling from 8.5% in 2000 to USD 8.5 trillion in 2019, with GDP growth reaching 9.8%. The boom is expected to continue during the forecast period. Governments and private companies are investing heavily in synthetic biology research and development activities. The world is moving towards renewable energy sources and synthetic biology can be used to produce biofuels and other renewable energy sources.
Global Synthetic Biology Market: Regional Overview
The global synthetic biology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Supportive Government Initiatives and Funding to Drive the Market Growth in North America Region
For instance, the U.S. government allocated USD 5.1 billion for synthetic biology research in its 2021 fiscal year budget. Synthetic biology has applications in drug discovery, vaccine development, and personalized medicine, driving demand in the healthcare and pharmaceutical sectors. Increasing investments in synthetic biology companies have fueled research and development activities, driving market growth. Gene editing technologies such as CRISPR-Cas9 have revolutionized synthetic biology by enabling precise modifications of genetic material. The demand for biofuels and renewable chemicals is rising due to environmental concerns and the need to reduce dependence on fossil fuels.
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