Synthetic Biology Market is set to grow from its current market value of more than USD 11 billion to over USD 55 billion by 2025; according to a new research report by Global Market Insights.
Synthetic Biology Market is estimated to exceed USD 55 billion by 2025; according to a new research report by Global Market Insights, Inc.Increasing investment by the private sector to accentuate new possibilities emerging from synthetic biology techniques such as cloning, sequencing, gene synthesis, genome engineering, and nanotechnology will support the overall market growth. Potential positive impacts of components, organisms, and products resulting from synthetic biology techniques will promulgate the market growth for the forecasted timeframe. Additionally, Rising prevalence of chronic diseases among the adults and the geriatric population will further boost the development of genetically modified products and organ-on-chip technologies for pharmaceuticals and diagnostics applications.
North America Synthetic Biology Market, By Product, 2018 & 2025 (USD Million)
Rising demand for enzyme-based kits and solutions required for gene manipulation will boost the synthetic biology market growth. Increase in applications of genome editing technology for improving farming practices will positively influence the product penetration over the forecast timeframe. With the applications of synthetic biology techniques, farmers can increase their crop yield by substantial amount due to advantages in terms of nitrogen fixation, better resistance to pests, and improved photosynthesis performance provided by technology.
Favorable governments policies and guidelines for the promotion of the technology coupled with rising investment by private organizations and research institutes will fuel overall industry growth. For instance, synthetic biology has been recognized as one of the eight prominent technologies of the future by the UK government and supported a robust investment of around USD 330 million over from 2008-2016.
Key factors including rising concerns regarding fuel consumption and increasing demand for novel synthetic biology technologies including protein therapeutics and gene synthesis products in research institutes and academic will provide lucrative opportunities for the industry participants. Growing awareness regarding the use of green and environmentally friendly materials such as biofuels owing to declining fossil fuel will further stimulate the demand for the product. However, uncertainty in government policies, environmental and security-related issues concerning to genetic modification may hamper the business growth.
Core products is anticipated to witness a CAGR of over 25% from 2019 to 2025. Advancements in the technology such as microchip-based gene synthesis and sequencing will augment the product demand in numerous end-use applications. Moreover, factors such as higher investments required in producing genetically modified plants and favorable government policies towards the use of natural biological systems will augment the product demand.
Nucleotide synthesis and sequencing accounted for more than 45% of the market share in 2018. Growing application of the technology in molecular diagnosis of inherited disorders have enhanced the scope of the product. Moreover, development of new sets of protecting amino groups, better coupling reagents, and high-throughput synthesizers has revolutionized the nucleotide synthesis and sequencing process for therapeutic and diagnostic applications.
Pharmaceuticals and diagnostic application accounted for more than 75% of market share in 2018. Factors such as integration of custom engineering methods coupled with technological advancement in genetic engineering methods have enabled the development of pharmaceutical drugs with reliable results and high accuracy. Synthetic biology offers a potential platform for the discovery of future medicines, where genetically engineered cells can fight diseases such as cancer and diabetes. Rising prevalence of diabetes and obesity among adults and young populace will propel the product demand. For instance, as per International diabetes federation, 45.9 million adults aged between 20-29 years were living with diabetes in North America in the year 2017.
Europe synthetic biology market will witness over 25% CAGR from 2019 to 2025. Presence of major academic institutions, private companies and strength in biotechnology research, are among the key reasons for high growth across the region. Huge investments and government funding will contribute significantly towards the regional growth. For instance, EraSynbio project funded by EU has led out a strategic plan to encourage the development of coordinated and coherent European policy framework. Increase in innovations carried out in the field of synthetic biology such as the development of toolkit of novel proteins, that can be used as synthetic building blocks for biomaterials has proliferated market growth in this region.
Amyris, GenScript, DNA2.0, Evolva, DSM, Integrated DNA technologies, Twist biosciences, Editas Medicine, Inc., Pareto Biotechnologies, Blue heron, TeselaGenSyntrox Inc, and Thermo Fischer Scientific are among the major companies involved in synthetic biology technology. Due to the presence of dominating players in the market, industry share is highly competitive in nature. Collaborations, mergers & acquisitions, and product enhancements are among the key strategies adopted by major market players for enhancing their global market share. For instance, in July 2017, DSM announced to partner with Amyris Inc, a synthetic biology company for the development of food and nutrition molecule technology. This intuitive will help DSM in reducing the cost for products using technology platform of Amyris Inc.
Source: – https://www.gminsights.com/industry-analysis/synthetic-biology-market
