The global synthetic biology market is growing significantly due to increasing demand for protein therapeutics and bio-fuels in the industry. Massive unexplored market in synthetic biology industry of developing economies are creating ample opportunities for the synthetic biology market to grow at a considerable rate during the forecasted period. In addition, increasing investment of World Health Organization (WHO) and other NGOs are also creating opportunities for the synthetic biology market in the coming years.
The advanced research and development facilities and new product developments by the companies are propelling the demand of synthetic biology industry. Synthetic biology is a procedure, which employs biology and genetic engineering to manufacture artificial biology devices and systems. It has been used for mitigating damaging effects of marine pollution.
On the basis of products of synthetic biology, the market can be categorized as core products and enabling products. The enabling products are expected to grow with the faster rate in the coming years due to technological advancement in order to reduce the rate of errors in assembling. Core products are further segmented as chassis organisms, synthetic DNA, synthetic genes, synthetic cells, xeno nucleic acid, and others. In addition, enabling products include DNA synthesis, and oligonucleotide synthesis. On the basis of technologies of synthetic biology, the market can be categorized as genome engineering, bioinformatics, DNA sequencing and biological components and integrated systems.
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The synthetic biology market can be categorized on the basis of application as research and development, agriculture, chemicals, pharmaceutical and diagnostics, biofuels, and others. The pharmaceutical and diagnostics lead the synthetic biology market, while biofuels are expected to grow with the fastest rate in the coming years due to high demand for energy security.
Some of the factors driving the growth of the global synthetic biology market are rising need for synthetic genes, increasing demand for genetically modified crops, rising research and development expenditure of pharmaceutical and biotechnology companies, and advancement in molecular biology. In addition, declining cost of DNA sequencing, rising government initiatives in synthetic biology research, and rising demand for enhanced drugs and vaccine are also some of the factors fueling the growth of the global synthetic biology market. However, ethical issues, and bio-security and bi-safety are some of the factors restraining the growth of the global synthetic biology market to some extent.
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Geographically, Europe will be leading the global synthetic biology market in the coming years, due to rising government investment, rising need for enhanced drugs and supporting government regulations. Asia-Pacific is the fastest growing region in the global synthetic biology market. The major reasons for the fastest growth in the region are large pool of under nourished population, rising government initiates in synthetic biology research and high demand for synthetically modified crops in the region. Moreover, the synthetic biology market is growing due to increasing awareness of synthetic biology in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the global synthetic biology market are Bayer AG, Synthetic Genomics, Inc., Bristol-Myers Squibb, Novozyme, New England Biolabs, Inc., Integrated DNA Technologies, Inc., Agrivida, Inc., Amyris, Inc., DuPont, Inc., Bioresearch Technologies, Inc., Thermo Fisher Scientific, Inc., Green Biologics, Inc., Genscript USA, Inc., Intrexon Corporation, and REG Life Sciences, LLC.
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