Synthetic biology is at a nascent stage and has recently entered the commercial market. Many technologies that utilize synthetic biology are yet to be commercialized, and are waiting for approvals from the respective regional regulatory bodies. However, this market is expected to witness adoption in varied domains, with chemicals, pharmaceuticals, energy and agriculture, as some major application markets. Key factors fueling the growth of this market include assistance from government and private organizations, rising number of entities conducting research and declining cost of DNA sequencing and synthesizing. Bio-safety & bio-security and ethical issues are key restraining factors of the market. The fact that synthetic biology can be misused has raised concerns all around the world. However, as far as the market dynamics are considered, the bottom line is that the overall impact of these factors would be highly positive.
Pharmaceutical and diagnostic application segment would continue to dominate throughout the forecast period. This is attributed to the rising adoption of technologies including, bioinformatics in drug discovery and development and widespread use in diagnostic kits and toxicity screening. Moreover, favorable regulations and high R&D investment by companies intend to further supplement the growth of the pharmaceuticals and diagnostics application market.
The global synthetic biology market is poised to grow at a CAGR of 23% between 2015 to 2020 owing to its growing applications in drug & vaccine development, biofuel production and high demand for bio-based polymers & biochemical. Emerging applications across novel fields of research, such as agriculture and bioremediation are expected to further drive the market growth. Synthetic biology has gained popularity in hazardous waste cleanup initiatives through engineered microbes, which can degrade recalcitrant chemicals such as dioxins, pesticides or even radioactive compounds. Engineered crops, through synthetic biology, would bridge the gap between supply and demand globally. However, factors such as biosafety and biosecurity issues may hinder the market growth.
There are chiefly two approaches used in synthetic biology namely, top down approach and bottom up approach. Top-down approach involves the re-design and fabrication of existing biological systems for producing synthetic products. Bottom-up approach involves designing and construction of de novo biological systems or devices that do not exist in nature.
Europe is estimated to be the highest revenue generator in the synthetic biology market in 2015. North America and Europe, collectively, accounted for around two-thirds of the overall market in 2015, and this trend is expected to continue during the forecast period. The key companies profiled in the report are Thermo Fischer Scientific, GenScript, DNA2.0, Integrated DNA technologies, Eurofins Scientific, Inc., Origene technologies, Scientific genomics Inc. Editas Medicine, Inc., Pareto Biotechnologies, Blue heron, TeselaGen, Twist biosciences, Syntrox Inc., and others.
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