The synthetic biology market has registered a massive growth in current times, owing to the rise in demand for bio-based chemicals, renewable fuels, and inexpensive drugs and vaccines, which use synthetic biology techniques and products. The global synthetic biology market was worth US$1,769.8 million in 2012. By 2019, it is likely to reach US$13,375.5 million, growing at 32.6% CAGR of from 2013 to 2019.
Synthetic biology is defined as the synthesis of natural or artificial components with the purpose of forming a new artificial living system by restyling current biological elements. It targets to attain preferred utilities of artificially customized organisms, which are intended for high yield biological systems production. Synthetic biology plays a significant role in the area of life sciences by producing cheap synthesis procedures. Growing scientific research added with introduction of highly developed techniques in synthetic biology will boost the growth of synthetic biology market.
Analyzing the Synthetic Biology Market
The global synthetic biology market is analyzed on four fronts: Product, application, technology, and geography.
Synthetic biology market, based on products, is divided into core products and enabling products. Core products include XNA, synthetic DNA, synthetic cells, synthetic genes, and chassis organisms. This market was led by synthetic DNA in 2012 due to the commercial availability of this product compared to other synthetic core products, which are likely to be launched in the market in near future. Enabling product is considered as the fastest developing category, growing at 53.7% CAGR from 2013 to 2019.
Based on application, synthetic biology market is classified into agriculture, chemicals, and healthcare. Healthcare was the largest revenue making category in 2013. It is expected that this category would maintain its dominance on the other categories of synthetic biology market in revenue generation.
According to technology, synthetic biology market is categorized into DNA sequencing, genome engineering, bioinformatics, and biological components and integrated systems. Genome engineering technology can be utilized in transforming gene cloning, genetic foods, and gene therapy.
Geographically, synthetic biology market is divided into North America, Europe, Asia Pacific and Rest of the World. Europe accounted for the largest revenue generation in 2013, and it is expected to continue its dominance on the other categories in revenue generation. Supportive government regulations in Europe made it possible to invest a lot in the synthetic biology research. Asia Pacific is the fastest developing segment with 46.4% CAGR during 2013 to 2019.
Synthetic Biology Market – Growth Drivers
The factors that are propelling the growth of the synthetic biology market is the population base suffering from malnutrition, which brings in the requirement for increased food production. This factor eventually results in increased demand for synthetically transformed crops. Increasing petroleum based fuel costs are resulting in growing demand for bio-diesel, which is also adding to the growth of the synthetic biology market.
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Major Players of Synthetic Biology Market
Thermo Fisher Scientific, Inc., DuPont, Inc., Green Biologics Limited, Bayer AG, REG Life Sciences, LLC, GeneScript Corporation, Amyris, Inc., Genomatica, Inc., ATG:biosynthetics GmbH, Algenol Biofuels, Inc., OriGene Technologies, Inc., New England Biolabs, Inc., Cobalt Technologies, Gevo, Inc., Ginkgo Bioworks, Agrivida, Inc., Bioneer Corporation, Exxon Mobil Corporation, Royal DSM, Biosearch Technologies, Inc., GeneWorks Pty Ltd., Bristol-Myers Squibb, Evolva SA, and CBC Comprehensive Biomarker Center GmbH are the key players of the synthetic biology market.
Many of synthetic biology applications have entered the commercial market as of now and many are on the verge of commercialization in near future. The detailed information and insight of the synthetic biology market will give an advantage to the shareholders as the market is showing excellent possibilities for future.