The Global Synthetic Biology market can be categorized on the basis of technology into segments like Genome Engineering. DNA Sequencing, Bioinformatics and Biological Components.
The global synthetic biology market is forecasted to reach USD 38.7 billion by 2020 at a CAGR of 44.2% in the forecast period from 2014-2020. Increasing incidence of oceanic oil spills and other kinds of pollution, increasing population and the requirement for alternative energy sources like biofuel are some of the factors that are driving the growth of the market. Furthermore, synthetic biology is extensively being used as a potential substitute of genetic engineering wherein increasing demand for crossbred animals, dropping prices of DNA sequencing and DNA synthesis, increased demand for genetically modified food, and rising R&D investments in drugs has further led to the development of the market.
This report, Global Synthetic Biology Market 2014-2018, highlights the market landscape and the key vendors of the industry. The increased demand of genetic engineering and because of its ability to alter existing metabolic pathways alongwith creating new ones, the engineered biological systems are being extensively used to manipulate chemicals and improve the efficiency of drugs and vaccines. These abilities have further increased demand, especially for alternate forms of energy and provide genetically modified food for the eco-friendly and health-conscious consumers.
Growth prospects of the market
Synthetic biology market is still in the nascent stage and has only recently ventured into the commercial market. However, there are still technologies that use synthetic biology and are yet to be commercialized,although, these markets are still waiting for approvals from the respective regulatory bodies. Despite these hurdles, the synthetic biology market is expected to see rapid adoption in various domains, including chemicals, pharmaceuticals, agriculture and energy. The key factors that are fuelling the growth of the market in these segments includes assistance from government and private organizations, increased number of entities conducting R&D and the declining cost of DNA sequencing and synthesizing.
DNA synthesis the largest-growing segment
DNA synthesis is the largest-growing segment within the other enabling segment, as the ongoing researches would bring innovative ideas for application of synthetic biology in new fields. The obligonucleotide synthesis in DNA synthesis will be the fastest-growing market at 57.8% CAGR over 2014-2020. Of the core products, the chassis organism would be fastest-growing segment of synthetic which will be closely followed by the study of DNA synthetic cells and XNA.
Closely following the enabling segment is biofuels, which is expected to record exponential growth and register a CAGR of 110.1% during the forecasted period from 2014-2020. In terms of geography, Europe remains the largest revenue-generating segment, but Asia Pacific is expected to see the highest growth rate in the coming years. However, it has been found that synthetic biology-based pharmaceuticals and diagnostic products have generated the largest share of the revenue, which is followed by agriculture and other chemical sub-segments.
Despite the opportunities and overall impact being positive, there are some factors like bio-safety, bio-security and ethical issues considered to be the restraining factors of the market. Furthermore, there are concerns that synthetic biology can be misused.
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