Report ID: SQMIG35H2209
Report ID:
SQMIG35H2209 |
Region:
Global |
Published Date: October, 2024
Pages:
165
|
Tables:
132 |
Figures:
81
Synthetic Biology Market size was valued at USD 14.18 Billion in 2023 and is poised to grow from USD 17.8 Billion in 2024 to USD 109.52 Billion by 2032, growing at a CAGR of 25.5% during the forecast period (2025-2032).
The synthetic biology market is projected to witness significant growth in the coming years owing to technological advancements and growing demand for sustainable solutions. Speedy progress in Cas9 and CRISPR gene editing technologies and synthetic gene synthesis is aiding synthetic biology to be more cost-effective and feasible. Moreover, the rising interest in synthetic biology to develop ecological and sustainable solutions like green chemicals, biodegradable materials, and biofuels is impacted by concerns of the environment and the rising need for sustainability. However, the market is negatively impacted by ethical and regulatory concerns. Ethical issues and strict regulations associated with genetic modifications, environmental impact, and biosafety might hamper commercialization and research efforts. Yet, the development of advanced therapies and personalized medicines is offering great potential to transform healthcare and treat the previously known incurable illnesses.
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Report ID: SQMIG35H2209