Synthetic Biology Market: Strategic Outlook to 2026
According to Consainsights, The global synthetic biology market size is expected to grow from USD 7.88 billion in 2020 to USD 29.84 billion by 2026 at a CAGR of 24.9%.
Synthetic biology (SynBio) is a multidisciplinary field of research that aims to create new biological components, devices, and systems, or to regenerate existing systems in nature. It is a branch of science that encompasses a wide range of methodologies from a variety of disciplines, such as biotechnology, genetic engineering, molecular biology, molecular engineering, systemic biology, membrane science, biophysics, chemical and biological engineering, electrical and computer engineering, and electrical engineering, and electrical engineering, and evolving biology. Due to very strong engineering strengths and declining DNA synthesis and sequencing costs, the field of synthetic biology is growing rapidly.
Many pharmaceutical and biopharmaceutical companies, as well as players in the biological market, have gone on to contribute to global research efforts by providing synthetic biology for the development of test kits, therapies, and vaccines to identify coronavirus-induced infections. Synthetic biology is highlighted as one of the emerging technologies in a report from the European Parliament. It can fight the COVID-19 epidemic. The National Institutes of Health in the US has also identified synthetic biology as one way to accelerate the development of vaccines. Synthetic biology technologies have the potential to transform the development and production of vaccines, therapies, and diagnostics using their highly sophisticated engineering methods (genomic sequences, sequences annotations, enzyme structures, metabolic models, web protocols, algorithms, and science information). For example, DNA- and mRNA-based immunization technologies can slow down the development and production of vaccines. These vaccines contain nucleotide-binding fibers that trigger the formation of proteins in human cells, thereby reducing the body’s immune response. Acquisition of viral sequence data thus can be translated immediately to vaccine participants. This has empowered businesses such as Moderna and Inovio to quickly develop and improve clinics.
Factors such as the variety of applications for synthetic biology, growing R&D funding and growing programs in synthetic biology, declining sequencing costs and DNA integration, and increasing market capitalization are encouraging the growth of this market. However, biosafety, biosecurity, and ethical concerns related to synthetic biology could hamper the growth of this market.
The R&D sector has often been heavily funded due to long development periods and accreditation cycles. Governments see R&D as an important investment in the development of any country, international competition, and social gains. As a result, R&D spending and funding have been increasing steadily over the years. According to Business Wire (September 2020), R&D spending in the health sciences industry has increased by 22% from 2018 to 2019. Pharmaceutical and biotechnology companies are investing heavily in research to develop development molecules to address the growing needs of the health care industry and to fight new diseases. The global pharmaceutical R&D industry accounts for about 80% of total R&D spending in the health sciences industry.
One of the most important concerns about biosafety in biology is the deliberate or unintentional extraction of organic matter during research and other applications. Synthetic microbes, when released from nature, can mutate or interact with other living things, resulting in biological reproduction and bio-defects. This can threaten the ecosystem. The development of anti-bacterial superbugs is another major safety concern. In recent years, the European Union (EU) has supported several research efforts on the environmental impact of deliberate pesticides for biodiversity or bioremediation.
Based on the tool, the biological market is broadly divided into oligonucleotides and synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2020, oligonucleotides and synthetic DNA hold the largest market share of the synthetic biology market. The driving factors are increased demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in many types of applications.
By application, the synthetic biology market is divided into medical applications, industrial applications, food and agriculture, and environmental applications. The medical applications segment is expected to grow with the highest CAGR during the forecast period. Factors such as the in-depth research into new and better therapies, coupled with the availability of large private and public funding for medical supplies, are a major driver of growth in the market segment.
Geographically, the synthetic biology market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. By 2020, North America had the largest share of the synthetic biology market, followed by Europe and the Asia Pacific. The high market share in North America is due to factors such as the increase in the number of well-established biological companies and research institutes in the US and Canada, a large number of ongoing research studies and the growth of the healthcare industry as a whole. The widespread use of R&D is one of the key factors contributing to the growing demand for biological tools and technologies among educational and research institutions and healthcare companies in North America.
The major players operating in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Agilent Technologies, Inc. (US), Amyris (US), Novozymes A/S (Denmark), Merck KGaA (Germany), Synthetic Genomics (US), Eurofins Scientific (Luxembourg), Ginkgo Bioworks (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthego (US), Creative Enzymes (US), and Codexis (US).
This research study involved the usage of extensive secondary sources, directories, and databases such a Hoovers, Bloomberg Business, Factiva, and Avention, in order to identify and collect information useful for this technical, market-oriented, and commercial study of the global synthetic biology market. The primary sources were mainly industry experts from the core and related industries. These include service providers, technology developers, standards and certification organizations, related to all segments of the value chain.
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Originally posted on — https://consainsights.com/industry/life-sciences/market/synthetic-biology/report/global
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