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Not many companies manufacture synthetic biology products, due to which, the market for the same currently exhibits low competition. However, as synthetic biology products begin to gain traction, the entry of new players is expected. This, according to a new study by Transparency Market Research (TMR), will elevate the degree of competition prevailing in the global synthetic biology market. However, currently key players such as Amyris, Inc., DuPont, Inc., Royal DSM, Life Technologies Corporation, and Evolva Holding are spread across four major application segments, which are agriculture, healthcare, chemicals, and others.The prevailing vendor landscape in the market is in a way influenced by the fact that synthetic biology is nascent technology. Demand for the same will rise in response to the increasing technological advancements. According to TMR, the global synthetic biology market, which stood at US$1.76 bn in 2012, is expected to reach US$13.37 bn by the end of 2019. The market will therefore rise at an impressive CAGR of 32.6% between 2012 and 2019.
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Currently, the market is witnessing considerable demand from the healthcare industry. The healthcare segment held over 72.8% of the synthetic biology market in 2012. The segment is gaining from the commercial availability of synthetic genes and synthetic DNA. Regionally, Europe prove a highly lucrative market for synthetic biology. It accounted for over 49% of the global synthetic biology market in 2012.
Demand for Synthetic Biology to Increase as Need for Improved Drugs and Diagnosis Rises
Synthetic biology has shown positive results in overcoming the risk of antibiotic resistance by microorganisms, which pose considerable challenge to drug development organizations. The increasing demand for improved drugs and vaccines has thus impelled manufacturers to leverage synthetic biology. “As the pharmaceuticals and healthcare industries start focusing on improved treatment, the demand for synthetic biology is expected to increase significantly,” said a lead TMR analyst.
The market is expected benefit from the introduction of molecular biology technologies such as PCR, FISH, and aGGH. The advent of these technologies has enabled professionals to diagnose hidden chromosome aberrations and genetic aneuploidies at an initial stage of the disease. The results of diagnosis help physicians to determine the treatment modality to be administered. Advancements in molecular biology will thus attract considerable gains for the synthetic biology market.
Besides this, the encouragement from government bodies in synthetic biology research will result in strong growth of the global synthetic biology market. For instance, government organizations in the U.K. and the U.S. have been actively involved in synthetic biology research. Such overwhelming participation of government and affiliated agencies acts as a key driver of the market.
Browse Research Report on Global Synthetic Biology Market:
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Possibility of Misusing Synthetic Biology for Unethical Purposes Could Dampen Market’s Growth
On the flip side, misuse of synthetic biology drugs poses a major threat to the mankind. Synthetic biology can be used in the manufacture of biological weapons, which pose the threat of being misused by antisocial outfits. Many of these bioweapons are made of some biological agents that could be used for mass destruction. The rising awareness regarding such potential threats of misuse of synthetic biology could hamper the market to an extent.
Despite being at a nascent stage, synthetic biology has successfully reported applications across diverse segments. To study its possible advantages, scientists have been conducting intense researches to understand how synthetic biology could be used for the development of various products. This, combined with the increasing investment from emerging nations to study the uses of synthetic biology, will fuel demand for the same in the forthcoming years.
This review is based on information published by TMR in a report, titled “Synthetic Biology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019.”
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