The size of the synthetic biology market will power at a compound annual growth rate of 23.1% during 2022-2030, to touch a value of USD 61,220.9 million by 2030.
This significant growth of the industry is due to decreasing cost of DNA sequencing and the accessibility of efficient and precise next-genome sequencing systems at lower prices.
Further, the surge in various initiatives in synthetic biology research along with high R&D investments from the governments as well as private institutes is another reason for the growth of the industry.
The surging adoption of the NGS technologies by pharmaceutical and biopharmaceutical firms around the world is also enhancing the market overview. The increase in chronic diseases, such as diabetes, cancer, and autoimmune diseases has led to the increased demand for innovative treatments.
The market was dominated by North America mainly owing to surging government projects on countless generic biological compound synthesis, highly developed healthcare infrastructure, the existence of numerous research labs conducting studies on rare and genetic diseases, developments in genome sequencing and a numerous synthetic biology patents.
With the continuous technological developments in nanopore sequencing technology, declining cost of DNA sequencing, increasing prevalence of chronic diseases globally the demand for synthetic biology drugs will continue to grow in the future.
