The Synthetic Biology Market is expected to register a CAGR of 20.7% during the forecast period. There are certain factors propelling the growth of the market, including increasing support from the government and private institutions, increasing R&D investments in drug discovery, and the development and declining cost of DNA sequencing and synthesizing.
The increasing involvement of government bodies, research institutes, and large-scale organizations in synthetic biology research activities is likely to support the market over the next few years. The governments of various nations have been providing support for research on synthetic biology, due to its wide applications. There has been a lot of research studies and projects, running in various countries with respect to synthetic biology that has tried to tap various complexities in the genomes of organisms, and hence, have helped in creating more effective and efficient therapies to treat them.
There has also been an increasing application of genome editing in agriculture. Hence, with the increasing support from the government and private institutions, the market is expected to increase during the forecast period.
The synthetic biology technologies and products are also finding significant usage in various application areas. Since the organisms engineered with synthetic biology techniques are relatively reasonable, owing to their use in various industrial applications, which also translates in a reduction in the cost of research, the demand for these techniques is increasing considerably across the world.
Key Market Trends
Genome Engineering is Expected to Hold the Highest Market Share in the Synthetic Biology Market
Genome engineering has appeared as the most prominent technology utilized in synthetic biotechnology. The researchers expect this technology to continue to lead over the forthcoming years. In addition, other factors, such as advances in CRISPR-toolbox and DNA synthesis technologies, the need for rapid, cheap, multiplex modification of genomes, and ongoing research activities are expected to drive the growth of the genome engineering market during the forecast period. According to the International Service for the Acquisition of Agri-biotech Applications (ISAAA), in 2018 the United States had the largest area of genetically modified crops worldwide, at 75 million hectares, followed by Brazil with 51.3 million hectares.
Hence, with a wide range of applications for genome engineering, many companies are investing in genome engineering, globally, as many government entities are turning toward biomass and climate change.
North America is Expected to Dominate the Synthetic Biology Market in the Forecast Period
North America is estimated to account for the largest share in the synthetic biology market due to factors, such as the increasing demand for bio-based products, increased investments in synthetic biology companies, and rising R&D funding for synthetic biology. According to the UNESCO Institute for Statistics, in North America about 2.69% of gross domestic product (GDP) was spent on research and development (R&D) in 2017. Furthermore, increasing support from the government and private institutions and increasing R&D investments in drug discovery and development are also major growth factors expected to drive the market during the forecast period.
The Synthetic Biology Market is consolidated in terms of competition. The competitive analysis of the companies reveals that most of the companies are concentrating on agreements followed by product launches for the expansion of their business. The value chain of the product manufacturing includes the steps that require collaborative efforts by two or more companies and this is the key reason for agreements among the companies. Some of the companies which are currently dominating the market are Thermo Fisher Scientific Inc, Amyris Inc., E.I. Du Pont De Nemours and Company, Genscript, Integrated DNA Technologies Inc., Precigen Inc (Intrexon Corporation), New England Biolabs Inc., Novozymes A/S, Koninklijke DSM N.V., and Synthetic Genomics Inc.
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