The global synthetic biology market is a matured market in the developing countries as well as developing economies worldwide. Increasing number of start-up companies is a major driver for the growth of synthetic biology market. In the recent years, there has been a significant rise in the number of start-up companies in the US. Various government initiatives and funding programs for biotechnology enable the entrepreneurs of these start-ups to raise funds, equipment and space in respective regions.
For instance Indie Bio, a synthetic biology accelerator program headquarter at California, US and Ireland offers funding and mentorship through its three-month training program. Moreover, the technological advancement has headed emergence of the New Bioeconomy, which is the replacement of petrochemical-based manufacturing and fermentation-based manufacturing products. In addition, the investments from public and private investors are rising for the synthetic biology. The rise in the investment are enabling technological developments and standard biological parts.
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The market for synthetic biology is well established in the region of North America, owing to the investments made by the major companies and technological developments in the process of synthetic biology. Various market players have been focusing towards shifting their customer base in North America. For instance, the Government of Canada provides US$950 Mn for innovations to address the growing challenge of developing diverse and highly innovative economy. The development aimed to connect the businesses, academics, and policymakers, for the growth of several high-tech fields. So, this development of new clusters is one of the major factors for the development of domestic synthetic biology market of Canada.
The major players operating in the market of synthetic biology market include ThermoFisher Scientific Inc., Merck KGaA, Novozymes, Agilent Technologies, Amyris, GenScript, Integrated DNA Technologies, Inc., Twist Bioscience, New England Biolabs, Synthetic Genomics Inc. and others. These players focus on developing new products in order to increase their offerings in the market.
North America is the largest market owing to government funds, investments made by the major companies, conferences held for the awareness regarding synthetic biology, technological advancements in the field of genomics, and higher acceptance by the consumers.
Europe is the second largest market whose growth is attributed to rising government funding and increasing focus of market players in the Germany and France.The government of UK has started many initiatives in collaboration with major players in the region. For instance, The Horizon 2020 was started by the European unions as one of the largest EU Research and Innovation program in which approximately US$ 96 billion funding was available. The programmes include biotechnology as a key which enables technology for maintaining Europe’s leadership in industrial applications. The Synthetic Biology Leadership Council (SBLC) developed SynBio Strategic Plan, Biodesign for the Bioeconomy. The Department for Business, Energy and Industrial Strategy (BEIS) supports the SBLC for supporting emerging technologies, such as synthetic biology.
Asia Pacific is expected to be the fastest growing market due to increasing number of start-ups. For instance, in India government has funded IITM Bioincubator, department of Indian Institute of Technology Madras to start a state-of-the-art research facility in Cancer Biology and for setting up of a Bioinformatics Infrastructure Facility. The funds were provided by agencies such as, CSIR, DAE, DBT, and DST among others. The institute raised USD 649 million (INR 55 Crore) in fiscal year 2016-2017. Similarly, in China, Chinaccelerator is a financer that provides mentorship programs by helping start-ups.
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In our study, we have segmented the synthetic biology market by product, technology and application. On the basis of product, the market is segmented into enzymes, oligonucleotides, chassis organisms and xeno-nucleic acids. Enzymes acquired the largest market among the products due to its wide range of applications in healthcare. On the basis of technology, the market is segmented into gene synthesis, genome engineering, measurement and modeling, cloning and sequencing, nanotechnology, and others. Gene synthesis has the largest market share among the technologies due to an increasing research and development activities in genetics and growing number of market players offering products and solutions for gene synthesis. On the basis of application, global synthetic biology market is segmented into industrial applications, food and agriculture, medical applications, environmental applications, and others. Geographically, the market for synthetic biology is segmented into North America, Europe, Asia Pacific (APC), Middle East and Africa (MEA) and South and Central America (S&CAM).
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