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.
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According to the report published by Allied Market Research, Synthetic Biology Market by Products (Synthetic DNA, Synthetic Genes, Software Tools, Synthetic Cells, Chassis Organisms), Technology (Genetic Engineering, Bioinformatics, Microfluidics), and Application (Pharmaceuticals & Diagnostics, Chemicals, Biofuels, Bioplastics, and Others) – Global Opportunity Analysis and Industry Forecast, 2015 – 2020. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Global synthetic biology market is segmented based on product, technology, application, and geography. Synthetic biology product market is further segmented into enabling products, enabled products and core products. Enabling product is the fastest growing segment in the product market due to ongoing researches that may bring-innovative ideas for application of synthetic biology in new fields. Thus, the need for enabling products, during R&D activities and in the development of enabled products, would rise.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, “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.”
DNA synthesis is the largest segment within enabling products segment, whereas oligonucleotide synthesis is expected to be fastest growing market at 57.8% CAGR during 2021 and 2030. Chassis organism would be the fastest growing core product during the forecast period with synthetic DNA occupying largest market share. Other core products included in the study are synthetic genes, synthetic sells, and XNA. Biofuels, within enabled product segment, is expected to exhibit tremendous growth; registering a CAGR of 110.1% during forecast period. However, synthetic biology-based pharmaceuticals and diagnostics products will generate largest amount of revenue within enabled product segment followed by agriculture and chemicals sub-segments.
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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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