Report : Synthetic Biology Market to 2025 - Global Analysis and Forecasts by Products (Enzymes, Chassis Organisms, Oligonucleotides, Xeno-Nucleic Acids); By Technology (Measurement & Modeling, Cloning & Sequencing, Gene Synthesis, Nanotechnology); and Application (Medical Applications, Industrial Applications, Food and Agriculture, Environmental Applications)
Rising numbers of start-up companies is driving the market for synthetic biology over the forecast period.
According to The Insight Partners market research study titled ‘Synthetic Biology Market to 2025 – Global Analysis and Forecasts by Product, Technology and Application, the global synthetic biology market was valued at US$ 8,244.8 Mn in 2017 and is estimated to reach US$ 56,044.9 Mn by 2025. The report highlights the trends prevalent in the global synthetic biology market and the factors driving the market along with those that act as deterrents to its growth.
The global synthetic biology market is a matured market in the developing countries as well as developing economies worldwide. Increasing number of start-up companies is a major driver for the growth of synthetic biology market. In the recent years, there has been a significant rise in the number of start-up companies in the US. Various government initiatives and funding programs for biotechnology enable the entrepreneurs of these start-ups to raise funds, equipment and space in respective regions. For instance Indie Bio, a synthetic biology accelerator program headquarter at California, US and Ireland offers funding and mentorship through its three-month training program. Moreover, the technological advancement has headed emergence of the New Bioeconomy, which is the replacement of petrochemical-based manufacturing and fermentation-based manufacturing products. In addition, the investments from public and private investors are rising for the synthetic biology. The rise in the investment are enabling technological developments and standard biological parts.
The market for synthetic biology is well established in the region of North America, owing to the investments made by the major companies and technological developments in the process of synthetic biology. Various market players have been focusing towards shifting their customer base in North America. For instance, the Government of Canada provides US$950 Mn for innovations to address the growing challenge of developing diverse and highly innovative economy. The development aimed to connect the businesses, academics, and policymakers, for the growth of several high-tech fields. So, this development of new clusters is one of the major factors for the development of domestic synthetic biology market of Canada.
North America is the largest market owing to government funds, investments made by the major companies, conferences held for the awareness regarding synthetic biology, technological advancements in the field of genomics, and higher acceptance by the consumers.
Europe is the second largest market whose growth is attributed to rising government funding and increasing focus of market players in the Germany and France.The government of UK has started many initiatives in collaboration with major players in the region. For instance, The Horizon 2020 was started by the European unions as one of the largest EU Research and Innovation program in which approximately US$ 96 billion funding was available. The programmes include biotechnology as a key which enables technology for maintaining Europe’s leadership in industrial applications. The Synthetic Biology Leadership Council (SBLC) developed SynBio Strategic Plan, Biodesign for the Bioeconomy. The Department for Business, Energy and Industrial Strategy (BEIS) supports the SBLC for supporting emerging technologies, such as synthetic biology.
Asia Pacific is expected to be the fastest growing market due to increasing number of start-ups. For instance, in India government has funded IITM Bioincubator, department of Indian Institute of Technology Madras to start a state-of-the-art research facility in Cancer Biology and for setting up of a Bioinformatics Infrastructure Facility. The funds were provided by agencies such as, CSIR, DAE, DBT, and DST among others. The institute raised USD 649 million (INR 55 Crore) in fiscal year 2016-2017. Similarly, in China, Chinaccelerator is a financer that provides mentorship programs by helping start-ups.
The major players operating in the market of synthetic biology market include ThermoFisher Scientific Inc., Merck KGaA, Novozymes, Agilent Technologies, Amyris, GenScript, Integrated DNA Technologies, Inc., Twist Bioscience, New England Biolabs, Synthetic Genomics Inc. and others. These players focus on developing new products in order to increase their offerings in the market.
The report segments the global synthetic biology market as follows:
Global Synthetic Biology Market – By Product
Global Synthetic Biology Market – By Technology
Measurement & Modelling
Cloning & Sequencing
Global Synthetic Biology Market – By Application
Food & Agriculture
Global Synthetic Biology Market – By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
South & Central America (SCAM)