Synthetic biology is a niche sector that is founded with the integration of biology and engineering. It finds a widespread application in the areas of healthcare, chemicals, and agriculture. The escalating demand for renewable fuels, bio-based chemicals, and cost-efficient drugs and vaccines has created novel opportunities for the application of synthetic biology.
Marked by extensive research and development activities, the global market for synthetic biology reached a valuation of US$1.7 bn in 2012, states a report by Transparency Market Research (TMR). Rising at an exponential CAGR of 32.60% during the period of 2013-2019, it is likely to represent an opportunity worth US13.3 bn by the end of 2019.
With cost-efficient synthesis procedures, synthetic biology has added significant value to research and development activities happening in the field of life sciences. The increase in scientific research activities and the advent of highly advanced technologies for synthesis is likely to drive this market considerably in the coming years.
Analysts at TMR answer important questions about the global synthetic biology market in this blog post:
What are the factors that are propelling the synthetic biology market?
Currently, the crop yield has decreased globally, owing to a number of factors such as depletion of arable land, shrinking water resources, and reduction of groundwater reserves. The immense rise in the need for food has impelled the demand for synthetically modified crops, resulting in an increased application of synthetic biology products across the world.
Apart from this, the growing demand for enhanced drugs and vaccines and the advancement in molecular biology are also influencing this market greatly. Over the coming years, the increasing trend of bio-diesel is likely to augment research activities, leading to a substantial rise in the synthetic biology market.
How has been the performance of the synthetic biology market in various regions?
Europe has been leading the global market for synthetic biology since the past few years and is projected to remain dominant in the near future. The growing investments from the governments in European countries, as well as private organizations, for the development of this field are opening up new growth avenues for the synthetic biology market in Europe.
Asia Pacific is also projected to register a healthy growth in the market for synthetic biology on account of the augmenting financial support from various international biotechnology organizations.
What are the recent developments in this market?
In December 2015, Integrated DNA Technologies (IDT), a U.S.-based producer of synthetic nucleic acids, announced that it plans to acquire the oligonucleotide synthesis business from the Singapore-based AITbiotech, which offers a varied range of genomics services to research, healthcare, and biomedical fields in Asia.
Primarily, IDT produces synthetic biology products, synthetic nucleic acids, and functional genomics. With this acquisition, IDT expects to increase its clientele in Asia by making its wide array of genomic products accessible for Asian Consumers.