Synthetic biology combines different branches of biology and is closely related to genetic engineering. Different disciplines combined in this field include molecular, evolutionary and system biology, biotechnology and biophysics. This is one of the emerging areas of research that works in the construction and design of biological systems, artificial pathways, and novel organisms. The global synthetic biology market is witnessing strong rise in demand. The industry has become highly competitive with numerous players venturing into this field. Rapid growth in this market is often attributed to the rising demand and research and development activities in different parts of the world. Advancing technologies are also expected to play a crucial role in the overall growth of this market.
Segmentation in Synthetic Biology Industry
Basic segments in the synthetic biology market are based on the types of tools, technologies, applications and geographic demands. The types of tools in the market are generally sub-categorized into oligonucleotides, xeno-nucleic acids, enzymes, chassis organisms, and cloning and assembly kits. Basic types of technologies available in this market are broadly segmented into enabled services and enabling services. Basic application segments in the market include industrial, medical and environmental applications. Major geographic regions in this market include Europe, North America, Asia, and rest of the world. The rest of the world segment includes countries like Latin America, Middle East and Africa.
Major Market Drivers and Restraints
As per the researchers, the global synthetic biology market is expected to be driven by strong rise in the demand for synthetic genes. Rapid growth in the research and development activities as well as their expenditure across different biotechnology and pharmaceutical companies are also expected to drive the market at a steady CAGR. Growth in government and private funding and strong rise in the global production of genetically modified crops are also expected to create potential growth drive for this industry in the years to come. Rising concerns over fuel consumption and increased demand for protein therapeutics are projected to exceed the growth opportunities for the market. However, societal and ethical issues along with standardization of biological crops are expected to be some of the major challenges for the industry.
Forecasting – What to Expect?
As per the latest research reports, the synthetic biology market is estimated to manage growth at an estimated CAGR of over 24% by 2018. At such a healthy compound annual growth rate, the market is projected to reach past $5,630.4 million in the year 2018. During the forecasting period, researchers are expecting North America to dominate the global market. Apart from North America, other regions like Europe, Asia and rest of the world are also expected to witness impressive growth in the years to come. High growth rate from the emerging markets is expected to drive key players towards these regions.