LONDON--(BUSINESS WIRE)--The global synthetic biology workstation market is expected to grow at a CAGR of more than 7% from 2018-2022, according to a new market research report by Technavio.
Global synthetic biology workstation market segmentation by application and geography
Technavio’s report on the global synthetic biology workstation market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, including pharmaceutical and biotechnology, food and agriculture, biochemicals, and biofuels. As projected in 2017, around 37% of the market share originated from pharmaceutical and biotechnology. The growth can be attributed to the use of synthetic biology in applications such as drug discovery, drug synthesis, bioprocess, and industrial biotechnology, which has increased the demand for the pharmaceutical and biotechnology industry.
Based on geography, the global synthetic biology workstation market has been segmented into APAC, EMEA, and the Americas. As of 2017, 46% of the market share came from the Americas.
“Due to significant investments by venture capitalists and a large number of government-funded research studies in the Americas, the region held the largest market share of the global synthetic biology workstation market. Countries such as the US and Canada dominate the market as synthetic biology techniques have spread widely across various applications. A large number of vendors present in this region are contributing to the growth of the market,” says a senior analyst at Technavio for life science research tools research.
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Synthetic biology workstation market: competitive vendor landscape
The global synthetic biology workstation market is concentrated because the major vendors hold a large share of the market. Hudson Robotics, Intrexon, Synthetic Genomics, Tecan, and Thermo Fisher Scientific are some of the players in the market. Pure-play companies are offering synthetic biology workstation. The key vendors are focusing on increasing their global footprint and are expanding into developing countries through mergers and acquisitions or partnerships with the regional vendors.
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Other topics covered in the report:
Market drivers:
- Increasing applications of synthetic biology
- Growing investments in synthetic biology
Market trends:
- Growing number of startups in synthetic biology
- Rising demand for laboratory automation
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