The factors propelling the advancement of the market are the soaring geriatric population, advanced and innovative applications of synthetic biology, rising support from several government organizations, ballooning research activities, and surging investments being made in research and development (R&D) activities pertaining to drug development and drug discovery all over the world.
Synthetic biology is basically an interdisciplinary domain that deals with the redesigning and fabrication of various biological components and systems that do not exist in the world around us. This interdisciplinary field focusses on the application of several engineering principles to biology. Synthetic biology helps researchers and healthcare professionals majorly in the study and development of advanced bio-products, biofuels, bio-based specialty chemicals, and in various applications of the healthcare industry.
The increasing geriatric population in several countries is pushing up the requirement for medicines which is, in turn, boosting the growth of the market. Additionally, many government organizations are making huge investments in the development of synthetic biology, thereby fueling the expansion of the market. In addition to this, these organizations are implementing various initiatives for promoting applied and basic research and also providing funding for R&D activities required for the development of synthetic biology.
When application is taken into consideration, the synthetic biology market is divided into energy, agriculture, pharmaceutical and diagnostic, R&D, and chemical. Out of these, the pharmaceutical and diagnostic category registered considerably high growth in the market during the past few years. Moreover, the category will exhibit huge advancement in the market in the upcoming years. Under this segment, the energy category will demonstrate rapid growth in the market in the future years.
Across the globe, the synthetic biology market is currently progressing at a rapid pace in North America and this trend will continue in the years to come as well, mainly because of the rising incidence of chronic diseases in the region. In addition to this, the growing geriatric population, the soaring investments being made in R&D activities, and rapid technological innovations are further boosting the growth rate of the market in the region.
Hence, it can be said with surety that the market will exhibit explosive growth all around the world in the forthcoming years, mainly because of the growing incidence of chronic diseases, increasing geriatric population, huge investments being made by many private and public organizations in synthetic biology research, and surging research and development (R&D) activities being conducted in synthetic biology across the world.
