Global Synthetic Biology Market: Snapshot
Organisms engineered with novel techniques of synthetic biology are more affordable as it increases the use of genetically modified microorganisms for various industrial applications and cuts down the cost of research. This is leading to the greater utilization of synthetic biology technologies and products by researchers across the globe. The growth of the global synthetic market is backed by the intervention of government bodies, universities, and large organizations in synthetic biology research activities.
Furthermore, the rapid advancements in technologies are working in favor of the growth of the market. According to a report by Transparency Market Research (TMR), the opportunity for the global market for synthetic biologics was worth US$5.48 bn in 2016 and is anticipated to rise at a tremendous CAGR of 32.6% from 2013 to 2019, reaching a valuation of US$13.37 bn by 2019.
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Demand for Synthetic Biology Techniques to Remain High in Healthcare Sector Due to Rising Prevalence of Chronic Diseases
On the basis of application, healthcare will continue to account for the lion’s share of the overall market revenue throughout the forecast period. The rapidly growing global population along with the increasing incidence of chronic and infectious diseases is augmenting the growth of the segment. Synthetic biology has the potential to offer cost-effective and highly efficient drugs and vaccines with low side effects and enhanced nutrition. These drugs and vaccines can be used for the treatment of various diseases such as AIDS, cancer, malaria, and other infections. The agriculture segment is estimated to expand at a phenomenal CAGR of 52.5% during the forecast period owing to the ever-rising demand for food coupled with the declining availability of agricultural land.
Based on technology, genome engineering will continue to dominate the market until 2019. The technology is being increasingly adopted due to the fact that it helps in modifying a specific area of DNA, thereby offering better reproducibility. However, the biological components and integrated systems segment is poised to outpace other segments, progressing at a CAGR of 43.0% during the same period. The growth of this segment can be attributed to its potential of reducing the cost of producing large-scale biofuels and medicines.
North America to Outperform Europe Owing to Increasing Research and Development Efforts
Europe was the leading regional market in terms of revenue in 2016. The increasing government participation and funding for the development of synthetic biology are driving the growth of the region. Moreover, the growing applications of this technology in the field of health, energy, environment, and other areas are contributing to the growth of the region. However, the region is expected to lose its dominance to North America by the end of the forecast period.
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The growth of the North America region can be attributed to the positive initiatives by government and private organizations to promote synthetic biology research activities. The rising scientific research and development of new technologies are expanding the scope for the development of synthetic biology in the region. Furthermore, the domicile of a large number of key players offers North America an edge over other regions. The region is anticipated to represent 46% of the overall market revenue by 2019.
On the other hand, Asia Pacific is likely to rise at a noteworthy CAGR of 34.2% during the same period. The immense growth potential in this region is attracting the support of many international organizations for the development of synthetic biology. The burgeoning demand for high-quality nutrition and cheap medicines among people is surging the demand for synthetic biology techniques and thus fuelling the market in the region. Some of the prominent players in the global synthetic biology market are Gevo Inc., Bristol Mayer, DSM, Life Technologies, DuPont Inc., LS9 Inc., Genomatica Inc., and Amyris Inc.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.