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Synthetic Biology Market Infrastructure Growth and Worldwide Development by 2026 and The Key Players Are Thermo Fisher Scientific Inc., Twist Bioscience Corporation, Genscript Biotech Corporation, Codexis, Inc., Amyris, Inc.
Synthetic Biology
Among geographical region, Asia Pacific is expected to show conducive environment for growth of the synthetic biology market, owing to expanding healthcare infrastructure, rising concerns related to fuel consumption, growing government support, and engagement of key players in this region.
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For instance, in June 2018, National Research Foundation (NRF) funded an amount of US$ 25 million for five-year national synthetic biology R&D program, under the leadership of Prof Chua Nam Hai: a renowned expert in plant biology and biotechnology; to bring advancement in synthetic biology research in Singapore. In September 2018, Thermo Fisher Scientific initiated to sell its portfolio of Invitrogen GeneArt products and services, including gene synthesis and genome editing products in China.
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.
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.
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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.
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