- Biotechnology players have been leveraging modern gene-editing tools in synthetic biology for finding treatment for various diseases, notably cancer
- Targeted research programs funded by governments in numerous countries together with steady decline in costs of DNA sequencing has constantly expanded the application scope in the synthetic biology market
ALBANY, New York, Feb. 13, 2020 /PRNewswire/ -- Continuous advances in tools used in engineering of biological components and systems, such as in automated design and modeling techniques, underlie the evolution of the synthetic biology market, observes analysts at Transparency Market Research (TMR). Expanding array of computer algorithms, software environments, and machine learning has boosted the capacities of gene-editing tools. These will advance the capabilities of Synthetic Biology for chronic disease treatment. The prospects are incredible: the market valuation was pegged at US$ 4.96 bn in 2018 and is projected to garner a robust CAGR of 26.3% during 2019 – 2027.
"Expanding networks of research centers in developing and developed countries are unlocking access to novel gene-based methods for chronic disease treatment. Governments and industry players around the world pin hopes on such methods for cancer treatment, expanding the outlook of the synthetic biology market," contend analysts at TMR.
Key Findings of the Synthetic Biology Market Study
- Genome engineering accounted for the major share in the global synthetic biology market in 2018. Biotechnology players are increasingly harnessing CRISPR/Cas9-based genome editing approaches and platforms, aimed at augmenting the capabilities of synthetic biology; other key genome engineering technologies are zinc finger nucleases and TALENs.
- Of the various applications, the health care sector accounted for a prominent share in the market in 2018.
Explore 143 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Synthetic Biology Market (Product: Synthetic DNA, Synthetic Genes, Synthetic Cells, XNA, Chassis Organisms, DNA Synthesis, Oligonucleotide Synthesis) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019–2027 at https://www.transparencymarketresearch.com/report-toc/421
Synthetic Biology Market: Key Driving Factors
The drive of industries for redesigning the existing biological systems and components forms the crux of groundswell of interest in synthetic biology. Industry experts tracking the developments in such bio-engineered processes assert that several technological developments in automation and scientific discoveries in DNA synthesis permeate the change. A few macroeconomic factors and industry-specific trends that support the evolution of the synthetic biology market are:
- A great deal of the optimism in the synthetic biology market has stemmed from the growing role of synthetic biology to advance personalized healthcare and find remedies to insect-borne diseases
- Spending on healthcare sector in OECD has increased, albeit marginally, over the past few years. The spending also includes research on the data-driven bio-engineering methods
- Growing interest in International Genetically Engineered Machine (iGEM) competition will likely open new windows of possibilities in the synthetic biology market
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Key Impediments to Synthetic Biology Market Players
- Numerous ethical concerns and policy debates have interspersed the evolution trajectory of the synthetic biology market. Regulation hurdles for synthetic biology research has hampered the prospects for the synthetic biology market
- Lack of policy deliberations on what construe responsible research in synthetic biology in some regions has dampened private funding on bioengineering research
Synthetic Biology Market: Region-wise Analysis
The synthetic biology market has been witnessing incredible business potential for industries in developed regions. Of all the key markets, North America held the major share in the global synthetic biology market in 2018. A big momentum for growth comes from the U.S. The country that has been witnessing unprecedented attention of researchers in harnessing new bio-design automation tools, particularly for engineering genes and proteins.
Countries in other regions such as Europe and Asia Pacific are also showing lucrative potential of synthetic biology for various applications. Key ones include finding sustainable alternatives to industrial processes and in disease treatment.
Analyze synthetic biology market growth in 30+ countries including US, Canada, Germany, United Kingdom, India, China, and Japan. Request a sample of the study.
Key players focus on expanding the capabilities of DNA synthesis are offering gene-editing platforms that reduce sequencing costs. Several biotechnology companies have upped their stakes in the synthetic biology market by adopting new technologies in bio-design automation. Their initiatives garner support via collaborations and deals with technology providers and software providers.
Prominent names in the syhtehtic biology market include Eurofins Genomics LLC, Thermo Fisher Scientific, Integrated DNA Technologies, Inc., BASF SE, ATG:biosynthetics GmbH, and Bristol-Myers Squibb Company.
The synthetic biology is segmented on the basis of:
- Core Product
- Synthetic DNA
- Synthetic Genes
- Synthetic Cells
- XNA (Xeno Nucleic Acid)
- Chassis Organisms
- Enabling Product
- DNA Synthesis
- Oligonucleotide Synthesis
- Genome Engineering
- DNA Sequencing
- Biological Components and Integrated Systems
- Health Care
- Chemicals (Including Biofuels)
- Others (Biosecurity, R&D, Energy, and Environment)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Pharmaceutical industry:
Gene Editing Technology Market - There are several factors that are helping to drive the development of the global gene editing technology market. One of the most notable trends in the global market has been the growing prevalence of chronic disorders such as cardiovascular diseases, cancer, genetic diseases, and neural disorders among others.
Chronic Disease Management Market - Chronic diseases are long-term clinical conditions that progress over the time. It is considered an expensive and most prevalent health care issue across the globe. Chronic disease management programs, thus, is an organized and proactive set of interventions that focuses on needs of the patient population.
Health & Wellness Services Market - Increase in indirect health care costs associated with lack of productivity of employees, absenteeism, loss of work days, and other factors have led employers in various organization across the world to indulge in health & wellness service offerings at their workplace. This helps them reduce healthcare costs and increase productivity and efficiency of employees.
DNA and RNA Sample Preparation Market - The report finds that numerous factors are benefitting the uptake of DNA and RNA sample preparation. Those include increased allocation on medical research to find cures for various health conditions. Continued improvement in underpinning technologies is also having a positive impact on the market.
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