Global Synthetic Biology Market:
Synthetic biology is a new interdisciplinary area of medical field that involves the application of engineering principles in biology. Synthetic biology combines various disciplines within the both domains such as genetic engineering, biotechnology, molecular engineering biophysics, computer engineering, electrical engineering and other various branches for development of artificial biological systems for research engineering and medical applications. Furthermore, it has various applications in industrial enzymes, vaccines and antibody production, bio-based chemicals as well as synthetic biological life science research.
Synthetic biology market is driven by the rapid increase in R&D investments in synthetic biology and adaptation of genetically engineered products and DNA sequencing for the treatment and understanding of the diseases progress. In addition, increase in funding from government in life science research and development and advancements in molecular biology expected to boost the synthetic biology during the forecast period. Furthermore, private institutional contribution to synthetic biology research expected to push the market growth. However, lack of regulatory framework, biosafety and biosecurity issues coupled with government policies may hinder the synthetic biology market growth over the forecast period.
Global synthetic biology market is segmented based on technology, applications and end user
Based on technology, it is segmented into
- Enabled Products
- Enabling Products
- DNA Synthesis
- Oligonucleotide Synthesis
- Core Products
- Synthetic DNA
- Chassis Organism
Based on application, it is segmented into
Synthetic biology is an evolutionary segment of medical technology and market is in developing stage. Market players and researchers are actively participating in R&D activities to develop and introduce the revolutionary technologies. Furthermore, government funding and support for the research fuelling the market growth. Collaboration and acquisitions are key strategies adopted by the market players to boost their market revenue share in synthetic biology market. For instance, in March 2015, Synpromics Limited, collaborated with iniQure N.V. to develop synthetic promoters with a specific application in the delivery of gene medicines to the liver.
Geographically, synthetic biology market has been segmented into Latin America, Europe, Asia- Pacific, North America, and the Middle East & Africa. North America and Europe expected to be a major markets for the synthetic biology owing to the factors such as increase in government funding for the synthetic biology research. According to Woodrow Wilson Center Report, synthetic biology research received about fund of $ 430 Mn in U.S. During 2005 to 2010 European governments contributed $160Mn fund for synthetic biologists. In addition, well-developed healthcare infrastructure and presence of major market players in both regions are expected to drive the market revenue growth. Asia Pacific region expected to grow at notable rate owing to the developing healthcare infrastructure, emergence of the Asia based biotechnological and synthetic biology firms and growing R&D investments in this region.
Some of the players in market are Agilent Technologies (U.S.), Thermo Fisher Scientific Inc. (U.S.), GEN9 Inc. (U.S.), Amyris Biotechnologies (U.S.), Merck KGaA (Germany), Epoch Life Science Inc. (U.S.), Intrexon Corporation (U.S.), Gevo Inc. (U.S.), Gingko Bioworks (U.S) and Sangamo Therapeutics, Inc. (U.S.) to name a few.
Notable Market Developments:
- In January 2017, Ginkgo Bioworks, a microorganism company acquired a provider of synthetic DNA Gen9. By this acquisition, company seeks to improve its speed and capacity in constructing new organism design for use across the multiple industries
Key Features of the Report
- The report provides granular level information about The market size, regional market share and forecast from 2017-2024
- The report covers in-detail insights about The competitor’s overview, key findings and Their key strategies
- The report outlines drivers, restraints, challenges, and trends that are currently faced by The industry
- The report tracks recent innovations, key developments and startup’s details that are working in The industry
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario