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Synthetic Biology Market Scrutinized in New Research 2018-2026 By Top Key Players Thermo Fisher Scientific Inc., Twist Bioscience Corporation, Genscript Biotech Corporation, Codexis, Inc., Amyris, Inc.

03-09-2019 06:38 AM CET | Health & Medicine

Press release from: Coherent Market Insights - Biotechnology

Synthetic Biology

Synthetic Biology

Increasing concerns regarding depleting natural resources of oil reservoirs is propelling demand for replacement for fossil fuels. Biofuel production is increasing steadily with promising results. Furthermore, rising concerns regarding climate change and energy security makes biofuel an efficient alternative for fossil fuels. In this context, synthetic biology has shown promising result for biofuel production. Synthetic biology approaches can be used in reducing cost of celluloses and, thereby, of biofuels. Moreover, various companies are engaged in collaboration and partnership activities to use their expertise in the synthetic biology to produce cost-efficient biofuels.

Growing adoption of synthetic biology in emerging applications such as genetically modified crops (GMCs) in agriculture, green chemicals, and biofuels in the industrial applications will offer lucrative growth opportunity in the near future. Since 2014, rising engagement of various investors to fund the synthetic biology companies including established and startup companies is continuously increasing. For instance, according to SynBioBeta LLC January 2018 data findings, 50 companies in the synthetic biology market raised around US$ 1.7 billion for the development of innovative synthetic biology technologies.

The global synthetic biology market size is estimated to be valued at US$ 6.09 billion in 2018, and is expected to witness a CAGR of 33.9% during the forecast period (2018–2026).

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Market Dynamics

Furthermore, growing research and development (R&D) activities to develop new technologies in synthetic biology by government and private organizations and increasing demand for efficient alternative therapy to design and market active pharmaceutical ingredients (APIs) in drug diagnosis and therapeutics are other growth factors, which will drive the synthetic biology market growth.

Synthetic biology is majorly used in applications such as bioremediation, gene synthesis, industrial enzyme production, drug discovery, therapeutics, and green chemicals, among others. However, utilization of these applications is increasing concern regarding the risk and ethical issues associated with synthetic biology, which include off-target mutation development, environmental misbalance, and various other illegal usage of DNA sequencing.

Furthermore, the regulations that govern synthetic biology are not designed specifically for synthetic biology and are inadequate to regulate new gene editing applications such as CRISPR gene editing. The current legal framework focuses on genetically modified products and the procedures to make them, create a hurdle in the growth of synthetic biology market. Furthermore, stringent regulations related to the application of genetically modified organism (GMOs) in developed economies such as the U.S. and Europe reflects the concern related to the adoption of synthetic biology in the near future.

Growing Research and Development (R&D) Funding and Rising Number of Synthetic Biology Start-ups are expected to propel Growth of the Synthetic Biology Market

Growing investment/funding from companies in the branch of synthetic biology offers lucrative opportunity to develop products such as consumer goods, bioengineered medicines, and industrial chemicals. According to SynBioBeta data finding, January 2018, 50 companies including public and private companies raised over US$ 1.7 billion for the development of innovative synthetic biology technologies. Furthermore, according to the finding, the number of synthetic biology-based companies is growing significantly. According to same source, in 2013, total number of synthetic biology companies worldwide were 293, which increased to 346 (2014), 387 (2015), and 411 (2016).

For instance, in December 2017, Ginkgo Bioworks: a biotechnology company working in synthetic biology having area of interest in cultured ingredients, strain improvement, and enzyme production; invested US$ 275 million in Series D finding to increase its production facility for organism engineering- Bioworks 3, which was its third foundry for prototyping and scaling engineered organisms.

Competitive Analysis

Key players operating in the global synthetic biology market includes Thermo Fisher Scientific Inc., Twist Bioscience Corporation, Genscript Biotech Corporation, Codexis, Inc., Amyris, Inc., Danaher Corporation (Integrated DNA Technologies, Inc.), EnBiotix, Inc., Evonetix Ltd., Ginkgo Bioworks, Inc., and Prokarium.

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Wide Range of Synthetic Biology Applications

Synthetic biology offers high efficiency to re-engineer and design the artificial bimolecular components and biomaterials, which are majorly adopted in several biological, industrial, and environmental applications such as gene engineering, drug discovery & therapeutics, novel protein synthesis, artificial tissue regeneration, biofuels, industrial enzymes, bioremediation, and green chemicals.

In recent times, synthetic biology is tested to be used for storage of digital data. DNA offers potential to store the massive amount of digital data, allowing to store one million times more dense information than flash drives, and this data stored in DNA can be preserved for over 1,000 years. Furthermore, it is also easier to prevent or detect the attempt to modify the stored data in the DNA. Currently, various research and possible attempts are ongoing to commercialize this technology.

For instance, in September 2018, the Arch Mission Foundation partnered with Microsoft, University of Washington, and Twist Bioscience to archive 10,000 crowd sourced images and full text of 20 important books, among others, in Astrobotic’s 2020 mission to the moon. DNA-based data storage allows data to be encoded into billions of synthetic DNA molecules and encapsulated for long-term preservation.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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