The global Synthetic Biology Market report published by Reports and Data assesses the Synthetic Biology Market with regards to market size, market share, revenue growth, key segments, and regional bifurcation. The global Synthetic Biology Market is highly fragmented with numerous players operating on a global and regional level. The companies are engaged in mergers and acquisitions, joint ventures, and collaborations along with product advancements and RD activities to cater to the growing global demand and gain a robust footing in the market.
According to RnD, the global Synthetic Biology Market size is expected to reach USD XX Billion in 2027 from its valuation of USD XX billion in 2020 and register a CAGR of XX% during the forecast period of 2022-2027.
Key companies operating in the market and profiled in the report include: Genscript Biotech Corp., Merck KGaA, Genewiz Inc., Eurofins Genomics, and Bio Basic Inc., among others.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. Combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription have significantly contributed to the revenue growth of the market.
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For the purpose of this study, Reports and Data has segmented the global Synthetic Biology Market on the basis of product type, end-use, and region:
By Product Type (Revenue, USD Million, 2017 – 2027)
- Gene Library Synthesis
- Custom Gene Synthesis
By End-Use (Revenue, USD Million, 2017 – 2027)
- Research Organizations
- Academic and Research Institutes
- Biopharmaceutical Companies
By Region (Revenue, USD Million, 2017 – 2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- France
- Italy
- Russia
- Spain
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Australia
- Latin America
- Brazil
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
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Growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper market growth
Imposition of strict government regulations and shortage of funds have put a halt on the product launches and RD activities and are expected to restrain market growth over the forecast period. In addition, launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering market growth.
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