The prosperity of the synthetic biology market is also resonated by a recent business intelligence report from IndustryARC, which has projected the demand to swell at an exuberant CAGR of 30.1% during the forecast period of 2017 to 2023, attributing the demand growth to recent enhancements in biotechnology. The report is titled “Synthetic Biology Market: By Tools (Xeno-Nucleic Acid, Chassis Organisms, Oligonucleotides, Cloning Technology Kits, Enzymes); By Technology (DNA Synthesis, DNA Sequencing, Computational Modelling); By Application (Environmental, Medical, Industrial); By Geography- Forecast (2018-2023).”
The synthetic biology community held a conference “Canada Synbio 2018” on March 6-7, 2018, aspiring to raise the profile and capacity of the synthetic biology community in Canada as the technology is capable of solving problems in medicine, manufacturing, and agriculture. The conference went a long way in persuading investors to finance and harness the concept of synthetic biology and positive consequences are expected soon.
Browse 64 Market Tables, 177 Figures spread through 153 slides and an in-depth TOC on “Synthetic Biology Market (2018 - 2023)”
Global Synthetic Biology Market: Key Drivers
Synthetic biology market is estimated to witness adoption in various domains including chemicals and energy as a major application, in which petrochemical sources and isoprene are the chief by-products that are extensively used in the manufacturing of synthetic rubber.
Growing usage of synthetic biology in pharmaceuticals and the medical field is another key driver. The technology is key in the formulation of new vaccines such as flu vaccines for the identification of antigens such as weakened viruses or bacterial toxins or other pathogens that treat diseases. A new era for synthetic biology and disruptive gene therapy have been created due to the advancement in genome synthesis technology, which can revive depressed gene products to recombine cancer cells that attract mechanisms to destroy them.
Application of synthetic biology in the fuel production of yeast, which is the essential micro-organism in the manufacturing of several alcoholic beverages and some spongy textured products such as bread, donuts, and cakes; imparting desired flavor, aroma, and texture to the end products. In addition, the robust demand for nutritious food is driving the synthetic biology market as it assists in the production of food with higher and tailored nutritional value in cellular agriculture.
The synthetic biology market is full of innovators too. A startup named Ginkgo Bioworks and the chemical giant Bayer are funding $100 million into a partnership to develop synthetic organisms that provide nitrogen to plant roots, reducing the need for fertilizers such that plants like peas and soybeans, and make their own fertilizer. On the other hand, Pivot Bio is trying to boost microbes’ nitrogen-fixing abilities which is the new trend in the market.
The global synthetic biology market demand is rapidly increasing in various domains including pharmaceuticals, petrochemicals, manufacturing, and agriculture. The technology is widely used to cure patients suffering from cancer and in the manufacturing of vaccines.
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