Synthetic Biology Market - Opening New Avenues for Growth in the market

The synthetic biology market comprises a network of players involved in the research and product development; raw material supply; component manufacturing; distribution and sale; and post-sales services. Key players considered in the analysis of the global market are Thermo Fisher (US), Novozymes (Denmark), Merck KGaA (Germany), Intrexon (US), and Agilent Technologies (US), Amyris (US), GenScript (US), Ginkgo Bioworks (US), Integrated DNA Technologies (US), New England Biolabs (US), Synthetic Genomics (US), and Twist Bioscience (US).

The global synthetic biology market is expected to grow from USD 3.57 billion in 2017 to USD 8.84 billion by 2022, at a CAGR of 19.9% from 2017 to 2022.

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Synthetic biology has an array of applications in the fields of medicine, agriculture, nanotechnology, and industrial biotechnology. This has attracted interests of researchers from across the globe and has led to a rise in funding from public and private organizations, which, in turn, help in the growth of the market.

Additionally, the reduction in costs per raw megabase of DNA sequencing and a drastic reduction in the cost of synthetic genes is expected to propel the market growth of synthetic biology. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.

Global Synthetic Biology Market Segmentation:

In this report, the market is segmented by tool, technology, application, and region. On the basis tool, the synthetic biology market is segmented into oligonucleotides, enzymes, cloning technology kits, chassis organisms, and xeno-nucleic acids. The chassis organisms segment is expected to grow at the highest rate during the forecast period. The increasing demand for green alternatives (biomass is converted to chemicals using engineered bacteria, yeasts, and other microorganisms) to fossil fuels is a key driver for this segment.

By technology, the market is segmented into gene synthesis, genome engineering, cloning and sequencing, next-generation sequencing, site-directed mutagenesis, measurement and modeling, microfluidics, and nanotechnology. In 2017, the gene synthesis segment is expected to account for the largest share of the market in technology.

The market is segmented into medical (pharmaceutical, drug discovery & therapeutics, and artificial tissue and tissue regeneration), industrial (biofuel & renewable energy, industrial enzymes, and biomaterials & green chemicals), food & agriculture, and environmental (bioremediation and biosensing) on the basis of application.

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Wide range of applications of synthetic biology drives the global synthetic biology market

The field of medicine has been in the forefront in terms of developing and applying synthetic biology techniques for various applications. Advancements in DNA sequencing and synthesizing technologies have resulted in the better understanding of diseases, aiding the research and discovery of biopharmaceuticals, small molecules, regenerative medicine, and antibody research.

Additionally, synthetic biology has major applications in developing disease-resistant, drought-tolerant, and high-yielding crop. Similarly, industrial applications of synthetic biology are expected to replace petrochemicals with bio-based chemicals in the near future. The growing applications of synthetic biology is a major driver for the growth of this market.