A research study titled, Synthetic Biology Market by Product and Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the synthetic biology market is projected to be around $26 billion by 2025.
Synthetic biology refers to interdisciplinary area used for creating new biological parts, devices, and systems with the help of engineering principles. It can be used to developbio-products, advanced biofuels, renewable materials, and bio-based specialty chemicals. Synthetic biology can be used to identify and catalog standardized genomic parts which can be synthesized quickly and used to build novel biological systems. In natural product synthesis, synthetic biology can be used to produce necessary enzymes along with biological functions to carry out complex multi-stage production of natural products. In biofuels, synthetic biology can be used for optimization of genes and microorganisms to efficiently convert feedstock into biofuels. Synthetic biology is anticipated to witness adoption in varied industries such as agriculture, energy, pharmaceuticals, and chemicals. In medicine, synthetic biology can be used for manufacturing of drugs, diagnostic agents and vaccines and in creation of new tissues. In chemical industry, synthetic biology can be used in the production of fine or bulk chemicals such as proteins to provide a substitute to existing synthetic fibers or natural fibers.
Reduction in the cost of DNA sequencing, rise in the development of genetically engineered crops, increased research and development related expenditure of biotechnology and pharmaceutical companies, growing demand for synthetic genes are set to drive this market. On the other hand, stringent regulations related to bio-safety & bio-security can restrict the growth of this market.
In 2016, enabled product segment occupied the major share of the global synthetic biology market owing to growing demand for higher-value specialty products. Besides, core product will grow at highest CAGR during the forecast period owing to increasing use of synthetic genes and development of DNA constructs. Healthcare segment occupied the major share of the overall synthetic biology market in 2016 owing to high usage in developing economical drugs and vaccines.
In 2016, Europe occupied the major share of the synthetic biology market owing to rising government funding and increased R&D efforts. On the other hand, Asia-Pacific is projected to witness significant growth in the forecast period.
Strategic collaborationsis the key strategy adopted by the leading players in the market. For instance, in May 2017, Oxford Genetics (a leading synthetic biology-based technology company) entered into a non-exclusive licensing agreement with ERS Genomics. This agreement grants Oxford Genetics to access ESR’s foundational intellectual property about CRISPR/Cas9 gene editing technology. Similarly, in May 2016, Bayer and ESR Genomics entered into a patent license agreement. As per the terms of agreement, Bayer obtained access to ESR’s genome editing patent portfolio (i.e. CRISPR-Cas9) for cross divisional applications in its strategic business areas.
Some of the leading players in the global synthetic biology market are New England Biolabs, Inc., Synthetic Genomics Inc., Integrated DNA Technologies, Inc.,DuPont,Amyris, Inc., GenScript, Intrexon Corporation, Gingko Bioworks,Thermo Fisher Scientific Inc., Intrexon Corporation,and Agilent Technologies, Inc.
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Key Findings of the Research Study:
Synthetic Biology Market Segmentation: