Portland, OR -- (ReleaseWire) -- 09/03/2014 --Synthetic biology is a novel field that finds its origin at the intersection of biology and engineering. It’s a multidisciplinary effort made by scientists to understand the functioning of biological organisms, cells & genes and implementation of artificial genetic processes to give specific characteristics to an organism. It can even be used to develop a completely new biological system. Global synthetic biology market was valued at $3.0 billion in 2013 and it is estimated to reach $38.7 billion by 2020, growing at a CAGR of 44.2% during the forecast period.
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Synthetic Biology Technology market is segmented into enabling technology and enabled technology. Synthetic Biology Enabling technologies segment is growing at a faster rate, and growing at a CAGR of 48.6% during the forecast period.
Synthetic Biology Application market is segmented into research & development, chemicals, agriculture, pharmaceuticals & diagnostics, biofuels and others (biotechnology and biomaterials). Biofuels is the fastest growing segment at a CAGR of 85.2% during the forecast period.
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Synthetic Biology product market is segmented into enabling products, enabled products and core products. Enabling product is the fastest growing segment at a CAGR of 53.7% during the forecast period.
Assistance from government and private organizations, rising number of entities conducting research and declining cost of DNA sequencing and synthesizing are key driving factors of the market. Governments are providing funds to research organizations, assisting them to find novel applications of synthetic biology. Bio-safety & bio-security issues, ethical issues and regulations are key retraining factors of the market. The fact that synthetic biology can be misused has raised concerns all around the world. Further, there are possibilities of accidental release of pathogens or genetically modified organisms into free atmosphere.
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