The synthetic biology market is a new interdisciplinary area that involves the application of engineering principles to biology. It aims to design and fabricate biological components and systems that do not already exist in the natural world. It is an emerging field of research that aims to combine the knowledge and methods of biology, engineering, and related disciplines in the design of chemically synthesized DNA to create organisms with novel or enhanced characteristics and traits. Besides its substance in the area of fuel, metabolites, pharmaceutics, and protein production, its possibilities seem endless. The field can provide potential products with high commercial values and lead to efficient and less energy-consuming economical processes. Furthermore, the productions of the high-value compounds are now being extracted from whole new cells created by synthetic biology.
The global synthetic biology market is estimated to grow at a considerable CAGR over the up coming forecasting period 2020-2027. The growing demand for synthetic biology is due to its range of applications, including bio-based chemicals, industrial enzymes, biofuels, vaccines, antibody production, and life science research. Additionally, the increasing R&D activities and initiatives in life science will spur the global Synthetic Biology market in the future periods. Furthermore, the growing public-private funding for synthetic biology activities and the easy development of synthetic biology-based biomedical products is expected to witness remarkable growth of synthetic biology. The increasing clinical usage of synthetic biology in pharmacology, such as drug-target identification, drug-discovery platforms, treatment, therapeutic delivery, and drug production and disease treatment, is expected to propel the demand for synthetic biology over the coming years.
Moreover, the declining cost of DNA sequencing and synthesis of genesis positively impacting the market for synthetic biology in the healthcare industry. Furthermore, the rapidly expanding research and development activities at the academic and industrial level and increasing scope of personalized medicine are fueling the demand for synthetic biology in the healthcare market. Additionally, the growing population and increasing healthcare demand and life science companies in the developing world propel the growth of the synthetic biology market across the globe.
Synthetic Biology is used to manufacture green chemicals, low-cost sugars for petroleum substitutes, cost-effective vaccine development, naturally replicating rubber for tires and other biobased products. It also provides us a way to clean up our environment. We can build organisms to consume toxic chemicals in water or soil that would not otherwise decompose. Due to the advantage of synthetic biology devices, physicians can detect diseases at an early stage and provides the tool for medical intervention at the molecular level. It also has wide applications in drug development, such as antimalaria drugs and synthetic vaccines. The main advantage of synthetic biology would be the creation of new pathogens. However, the major biosafety risk of synthetic biology is the accidental release of a synthetic organism which could affect the environment & health and can be a restraint of the market.
Based on the tools, the global synthetic biology market is categorized into oligonucleotides & synthetic DNA, synthetic cells, enzymes, cloning technologies kits, xeno-nucleic acids, and chassis organisms. The oligonucleotides & synthetic DNA segment held a significant market share in 2019 and will gain maximum market revenue by 2027. It is attributable to the rising demand for synthetic genes and synthetic RNA & DNA for various research applications.
The Cloning Technologies Kits segment is poised to witness significant growth over the forecast period as it is used for understanding disease and developing new treatments for disease.
Based on the technology, the global synthetic biology market is classified into bioinformatics, nanotechnology, site-directed mutagenesis, gene synthesis, genome engineering, cloning, sequencing, measurement, and modeling & microfluidics. The gene synthesis segment is expected to be the highest revenue share for synthetic biology during the forecast period. It is straightforward, faster, and less costly than using alternative methods of molecular cloning and mutagenesis. Its increasing use with genome engineering for the ease and efficiency in genome targeting & editing.
The site-directed mutagenesis will witness a lucrative growth rate in the estimated period due to their wide application in crop improvement, agriculture, and other applications.
Based on the application, the global synthetic biology market’s division segmented into artificial tissue and tissue regeneration, biofuel, and renewable energy, bioremediation, biosensing, biomaterials and green chemicals, drug discovery and therapeutics, environmental applications, food & agriculture, industrial applications, industrial enzymes, medical application, and pharmaceuticals. The medical applications segment will dominate the global synthetic biology market by 2027. It is due to the surge in public & private fundings to discover novel therapies and increase research for better diagnostics &treatment.
Industrial applications accounted for the largest share of the synthetic biology market in 2019 because of the increasing use in textiles and paper industries and other industries.
The global synthetic biology market is merged into North America, Europe, Asia Pacific, South America, and Middle East & Africa by geography. North America is estimated to project considerable patients over 2020-2026. It is owing to advents in technology, the presence of leading industry players offering updated products, and increasing healthcare expenditure.
The Asia Pacific will capture the foremost share of the synthetic biology market by 2027. It is due to the increasing pharmaceutical companies and rising fundings in the field of synthetic biology.
Companies such as Agilent Technologies, Thermo Fisher Scientific Inc, Merck KGaA, Novozymes A/S, Ginkgo Bioworks, AmyrisInc, Intrexon Corporation, DuPont, Intrexon Corporation, New England Biolabs, Inc., Royal DSM, GenScriptInc., Integrated DNA Technologies (IDT), Novozymes, and Synthetic Genomicsare the key players in the global synthetic biology market.