This study intends to unfurl the multiple facets of global synthetic biology market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Synthetic Biology Market
During the research period, it is projected that demand for synthetic biology will increase due to the expanding range of applications for multiplexed diagnostics and cellular recording, as well as therapeutic genome editing. The application of organisms and goods created by synthetic biology techniques in other industries, such as energy and chemicals, is also likely to have an impact on the growth of synthetic biology market. Expanding research and development efforts across numerous fields is anticipated to increase the growth of global synthetic biology market. Players are adopting synthetic biology techniques to improve performance and maximize the usage of inexpensive inputs like garbage to improve conventional biofuel production. For instance, biotechnology is being used by fashion firms like Modern Meadow, Bolt Threads, and Vitro Labs to create sustainable fabrics.
Strong investments from corporate and governmental partnerships were seen in the market. The startups in the synthetic biology market raised 7.8 billion in funding in 2020 and 18 billion in 2021, according to data supplied by SynBioBeta. Companies like DNA Script and Arbor Biotechnologies raised about US$215 Mn and US$167.2 Mn dollars, respectively. The significant investment promotes the flow of money through the market and aids in the expansion of businesses along the supply chain. The development of biofoundries, advancements in genome editing, the availability of natural resources, and sizable markets are all emphasized as global assets in synthetic biology for creating a biobased economy.
For synthetic biology to progress, biological systems must work properly. The business is further boosted by an increase in the production of small molecules using synthetic biology techniques, notwithstanding biology's lack of predictability. Participants in synthetic biology market are also introducing the newest technologies to meet the rising demand and seize unexplored market opportunities. In November 2021, Creative Biogene debuted its broad shRNA products to advance RNAi research. The business possesses a wide range of knowledge and experience to produce premium RNAi goods, such as shRNA clones and siRNA libraries, with the goal of delivering efficient, practical, and dependable tools to advance RNAi research.
Synthetic Biology Market: COVID-19 Impact
With the recent emergence of COVID-19 and the proliferation of origin-theory hypotheses, biosafety in synthetic biology and pandemic prevention and control have received more attention. By providing synthetic biology for developing test kits, medicines, and vaccines that precisely target coronavirus infection, several well-known pharmaceutical and biopharmaceutical enterprises and market actors have stepped forward to assist worldwide research activities. Synthetic biology is one of the cutting-edge scientific disciplines that can combat the COVID-19 epidemic. Synthetic biology has been suggested to accelerate the creation of vaccines at the National Institute of Health in the US. Consequently, the synthetic biology market expanded during the COVID-19 epidemic.
Increased Demand for Better Drugs and Vaccines is Expected to Increase Market For Synthetic Biology Worldwide
One way to lessen the possibility of antibiotic-resistant microbes, which pose a serious threat to companies that develop pharmaceuticals, is through the use of synthetic biology. As synthetic biology is a process in which man-made biological materials are manufactured utilizing biological devices and systems, manufacturers use it to develop drugs, and vaccines. Companies frequently use synthetic biology to create novel, individualized medicines (drugs, and vaccines). Infectious diseases like H1N1, H1N5, and dengue fever are widespread in the population, and to combat them, specialized and cutting-edge therapies (drugs, or vaccines) are required. To identify and enhance the therapy of a certain disease/disorder, pharmaceutical corporations have modified/adopted synthetic biology technologies.
Demand for Synthetic Biology to Increase as Molecular Biology Advances
Synthetic biology uses fundamental techniques like DNA sequencing and gene synthesis to conduct complex studies. The use of molecular biotechnology techniques like FISH, PCR, and aCGH has advanced quickly. With these cutting-edge technologies, specialists can now identify hidden chromosomal abnormalities and genetic anomalies at an early stage of the disease. sDoctors can choose the appropriate treatment for a patient based on the procedure's outcomes and can keep track of that patient while making that decision. The quick development of molecular biology has made it possible for researchers to find an efficient solution quickly. As a result, the global synthetic biology market is being driven by advances in molecular biology.
Concerns About Biosafety and Ethics Likely to Impede Growth of Synthetic Biology Market
The primary biosafety issue in synthetic biology is the intentional or unintentional introduction of synthetic organisms into the environment for study or other purposes. Artificial microbes can mutate or interact with other species when put into the environment, resulting in cross-breeding with actual animals and creating bio errors. These consequences may endanger the environment of living creatures. A significant biosafety concern is the advent of superbugs that are resistant to antibiotics. Recent research on the impact of purposely dispersing genetically altered microbes for plant growth or bioremediation has received funding from the European Union (EU). These factors are likely to slow down the growth of synthetic biology market.
Attributing to Reduced Pricing, Synthetic DNA and Oligonucleotide Dominant Segment in Synthetic Biology Market
In the projected period, the synthetic DNA and oligonucleotide/oligo pool segment to dominate the synthetic biology market. The main component in many molecular and synthetic biology applications is oligonucleotides. The main market growth drivers include the expanding use of targeted NGS, mutagenesis studies, DNA computing, and CRISPR gene editing. For instance, OligoMix is a cutting-edge and custom product for genetic research. It produces a huge number of oligonucleotide sequences in parallel. The price is less than 0.8 cents per base for the same. Growing government funding for genome and synthetic biology initiatives, along with active research, is a key element fueling the market for oligonucleotide synthesis. The synthetic biology market is also fuelled by pharmaceutical and biotechnology companies investing in R&D to create oligonucleotide therapeutics with greater therapeutic potential and fewer adverse effects.
With Increased Demand and Application, Medical Sector Will Continue to Dominate Synthetic Biology Market
In the forecast period, the medical category held the largest revenue share in synthetic biology market. This results from synthetic biology's expanding application in the sensitive, non-invasive, and instantaneous detection of a wide range of infectious pathogens and cancer cells. Researchers using rational engineering techniques to create novel bio-sensing systems that include sensors, reporters, and processors also increase the market size. Additionally, there is a significant demand for synthetic biology in healthcare applications due to the development of neurological illnesses like multiple sclerosis and the actions made by important actors to create novel treatments using synthetic biology. Development in the realm of medicine lately involved the development of diagnostic procedures using logical and systematic biological designs. For diagnosing and monitoring metabolic parameters, tumor cells, infectious pathogens, and toxin exposure, synthetic biology-based diagnostics are dynamic and extremely precise.
North America to Acquire Major Market Share due to Increased Government Initiatives
North America is the leading synthetic biology market, which is largely attributed to the region's expanding government initiatives on countless novel biological compound synthesis, highly developed healthcare infrastructure, abundant research facilities studying a wide range of rare and genetically based diseases, advances in genome sequencing, and the high number of synthetic biology patents. In September 2022, the US government passed an executive order on advancing biotechnology and biomanufacturing innovation for a sustainable, safe, and secure American bioeconomy. Such government initiatives in the region will propel the growth of synthetic biology market in the region. The existence of a significant number of well-known businesses and the expanding number of alliances and product launches by these players in the synthetic biology market are additional variables supporting the prediction.
Additionally, the industry is growing due to significant investments in genomics made by public and private institutions, especially research initiatives. The National Human Genome Research Institute (NHGRI) projects have led to major expenditures in this field in the United States. In FY23, the national human genome research institute (NHGRI) and partner components plan to invest up to an estimated US$5 Mn. These initiatives seek to identify the different obstacles preventing the general adoption of genomics in clinical care and to develop the best methods and fixes to overcome them. With the growing alliances and investment from significant players and the region's exploding collaborations in synthetic biology, Asia Pacific’s synthetic biology market is expected to see the highest CAGR throughout the projection period. The massive amount of genomics research being done in China, Japan, and India, as well as the massive expenditures made by governmental and commercial organizations, are the main factors propelling the growth of the regional market. One of the biggest APAC pharmaceutical centers in India, with a high need for innovative biomanufacturing technology across various industrial sectors. India is home to the major US-FDA-approved pharmaceutical plants outside of the US, with over 10,500 production facilities and more than 3,000 pharmaceutical companies.
Global Synthetic Biology Market: Competitive Landscape
In April 2022, Agilent Technologies Inc. announced the expansion of CE-IVD marking in the European Union for its PD-L1 IHC 28-8 pharmDx as a tool for identifying patients with esophageal squamous cell carcinoma for treatment with Bristol Myers Squibb's PD-1-targeted immunotherapeutic OPDIVO (nivolumab) in combination with fluoropyrimidine and platinum-based chemotherapy, or OPDIVO in combination (ipilimumab). These combined treatments provide new hope to people suffering from these cancers. In January 2021, Frontia GlutenEx was the newest addition to Novozymes' Frontia platform, which includes a variety of enzymatic solutions to assist grain millers in improving their processes and profitability. Frontia GlutenEx was created to assist VWG producers in doing better business through the use of biology. As a result, the enzyme reduces viscosity during their process, resulting in better wheat flour separation and increased recovery of important wheat gluten, among other advantages.
Few of the players in the synthetic biology market include Thermo Fisher Scientific (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Novozymes A/S (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen (US), GenScript Biotech Corporation (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), Eurofins Scientific (Luxembourg), Cyrus Biotechnology (US), ATUM (US), TeselaGen (US), Arzeda (US), Integrated DNA Technologies (US), New England Biolabs (US), Royal DSM (Netherlands), OriGene Technologies (US), Genomatica (US), Illumina (US), and Scarab Genomics (US).
Global Synthetic Biology Market is Segmented as Below:
Key Elements Included In The Study: Global Synthetic Biology Market
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