HYDERABAD, India, July 1, 2019 /PRNewswire/ -- The synthetic biology market is forecast to reach $22 billion by 2024, growing at a CAGR of 10%. The growth of the market can be attributed to increasing demand for synthesized cells and synthesized genes, and growing investment into businesses involved in synthetic biology.
With global population figures on the rise, the need for food is increasing while scarcity of food caused by declining cropland in the wake of industrialization is a major concern. Farmers can grow more plants in low-crop soil using synthetic biology methods, which result in more effective use of water and nutrients in the plants, nitrogen fixation, photosynthetic efficiency and stronger resistance to pests. Increasing investments by companies for R&D and synthetic biology projects offer worthwhile opportunities for building products. Synthetic biology enterprises are making incredible progress in development of modified biological goods, and these developments are receiving support leading to more cash being poured into the sector to increase research. In 2018, 98 synthetic biology firms raised $3.8 billion through funding from investors. The effect of fresh biological techniques on areas varying from healthcare to chemical manufacturing to agriculture will offer enormous opportunities to the market.
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Various factors such as growing incidence of chronic diseases, rising demand for synthetic genes and synthetic cells and declining cost of synthesized genes are leading growth of the synthetic biology market. Rising applications of synthetic biology and advancements in genome engineering including CRISPR and DNA synthesis technologies which are expected to reduce the risks of life-threatening and chronic diseases such as cancer, are some of the significant drivers which will boost the synthetic biology market.
By application, the healthcare sector will dominate the synthetic biology market in terms of revenue in 2018. Its popularity can be attributed to the fact that cheap priced as well as efficient medication can be given to patients with the help of synthetic biology. These medicines can be used to treat a wide range of illnesses.
Drivers such as the huge success rate of NGS which is being used for sequencing of complete genomes, discovery of genes related to hereditary human disorders and elucidation of complex diseases on a molecular basis, are propelling growth for the synthetic biology market. By technology, the synthetic biology market is dominated by gene synthesis, which accounted for a significant share in 2018. Growing R&D initiatives into synthetic biology technologies such as CRISPR are some of the major driving factors behind growth of the synthetic biology market.
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The use of synthetic biology will continue to thrive with application across various sectors such as healthcare, pharmaceuticals, and others. Furthermore, as technology continues to break down obstacles to access synthetic biology, it is expected that more and more synthetic biology applications will hit the market like NGS. For instance, next-generation DNA synthesis which is being used for sequencing of complete genomes, discovery of genes related with hereditary human disorders and elucidation of complex diseases on a molecular basis is one of the techniques offered by Twist Bioscience. Advances in preclinical and clinical research with CRISPR, and other fields like Bioinformatics, Genetic Engineering are fresh evidence of concept studies shifting towards new commercial applications in the space of synthetic biology market, which is expected to give rise to immense opportunities.
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