Synthetic Biology Market is expected to grow over the forecast period owing to the increasing uses of environmental applications such as biodegradation, contaminants, detection of environmental pathogens, distinct chemicals immobilization, and bio-transformation. The other growth drivers of this market are lifestyle induced diseases such as obesity & diabetes, molecular biology advancement, increase demand for biofuels, sophisticated healthcare infrastructure, increasing geriatric population rising demand for improved drugs and vaccines, due to increasing population demand for genetically modified crops are also rising and awareness. These factors are expected to drive the market over the forecast period. Synthetic biology refer as introduction of novel engineering systems, biological based parts, devices and redesigning of existing biological parts. Biological systems production can be increased with the help of new preferred functions by developing genetically modified organisms. Bioscience has witnessed the revolution by the introduction of synthetic biology as it makes new biological parts, systems and devices with the help of engineering principles.
In commercial market, synthetic biology is in nascent stage as it is newly introduced in it. Grocery and departmental store shelves contains the consumer products of which ingredients made by using advanced form of engineering. Synthetic biology market apart from its original aim .i.e. manufacturing of biofuels has recently extended its function in the area of industries such as cosmetics, flavorings and scents. Due to deforestation and habitat destruction there is a huge pressure on ecosystem, so with the help of molecular biology and industrial fermentation procedure are used in the production of renewable algal oils which will reduce the pressure on ecosystem. Under life sciences, the most vital role of synthetic biology is the development of cheap synthesis procedure. With the help of synthetic biology there has been development in sources of green energy, improvement of food crops, medicines and bio based chemicals. Due to the decrease in the price of DNA sequencing the cost of data generation has fallen drastically. Synthetic biology market has a huge opportunity over the forecast period owing to various investments by the government in this sector.
Synthetic biology market is segmented on the basis of product types into DNA synthesis, enabling product oligonucleotide synthesis, chassis organisms XNA, synthetic cells, synthetic DNA, synthetic genes, and core product. Among these, synthetic DNA held the largest Biotechnology market share in 2013 owing to high commercialization and more R&D.
Synthetic biology market is segmented on the basis of application into energy & environment, biosecurity, R&D, healthcare, bio fuels, chemicals, and agriculture. Among these, healthcare application held the largest market share in 2013, owing to effective production of nutraceuticals for preservatives, vitamins and supplements, new therapeutic method, reprogramming stem cells, and regenerative medicine.
Synthetic biology market is segmented on the basis of technology into bioinformatics, integrated systems, biological components, genome engineering, and DNA sequencing. Among these, genome engineering held the largest market share in 2013, owing to its developed strategies and techniques.
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Geographically, the synthetic biology market is studied with respect to four regions such as Asia Pacific, Europe, North America, and RoW. Among these, North America is dominating the whole market in 2013, as it has presence of technologically updated systems, strong research & development, various government initiatives & programs and high patient awareness levels in this region. The growing economies in Asia Pacific such as India and China region are expected to witness lucrative growth over the forecast period owing to the rising healthcare expenditure, and awareness about the hospital acquired infection.
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