Synthetic Biology Market is Expected to Witness a Steady Growth by 2027
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Synthetic biology is at a nascent stage and has recently entered the commercial market. Many technologies that utilize synthetic biology are yet to be commercialized, and are waiting for approvals from the respective regional regulatory bodies. However, this market is expected to witness adoption in varied domains, with chemicals, pharmaceuticals, energy and agriculture, as some major application markets. Key factors fueling the growth of this market include assistance from government and private organizations, rising number of entities conducting research and declining cost of DNA sequencing and synthesizing. Bio-safety & bio-security and ethical issues are key restraining factors of the market. The fact that synthetic biology can be misused has raised concerns all around the world. However, as far as the market dynamics are considered, the bottom line is that the overall impact of these factors would be highly positive.
Global synthetic biology market is segmented based on product, technology, application, and geography. Synthetic biology product market is further segmented into enabling products, enabled products and core products. Enabling product is the fastest growing segment in the product market due to ongoing researches that may bring-innovative ideas for application of synthetic biology in new fields. Thus, the need for enabling products, during R&D activities and in the development of enabled products, would rise.
DNA synthesis is the largest segment within enabling products segment, whereas oligonucleotide synthesis is expected to be fastest growing market at 57.8% CAGR during 2014 and 2020. Chassis organism would be the fastest growing core product during the forecast period with synthetic DNA occupying largest market share. Other core products included in the study are synthetic genes, synthetic sells, and XNA. Biofuels, within enabled product segment, is expected to exhibit tremendous growth; registering a CAGR of 110.1% during forecast period. However, synthetic biology-based pharmaceuticals and diagnostics products will generate largest amount of revenue within enabled product segment followed by agriculture and chemicals sub-segments.
Synthetic biology technology market is segmented into enabling technology and enabled technology. Enabling technologies segment is growing speedily, with a CAGR of 48.6% during the forecast period. The market by application includes research & development, chemicals, agriculture, pharmaceuticals & diagnostics, biofuels and others. Biofuels is the fastest growing segment during the forecast period. In terms of geography, Europe is the largest revenue-generating segment, whereas Asia Pacific would experience the highest growth rate during the forecast period.
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Competitive analysis of the companies reveals that most of the companies are concentrating on agreements followed by product launch for the expansion of their business. Synthetic biology is a novel technology and the value chain of a product manufacturing includes steps that require collaborative efforts by two or more companies. This is the key reason for agreements among the companies.
Most of the agreements were related to the development of products for chemical industries, followed by biofuels and synthetic genes industries. Product launch holds second highest share in strategies adopted by key players accounting for about 32% of the strategic moves by key companies. Companies profiled in the report include BASF, GEN9 Inc., Algenol Biofuels, Codexis Inc., Gensript Corporation, Dupont, Butamax Advanced Biofuels, BioAmber, BioSearch Technologies, Inc., Origene Technologies, Inc. and Synthetic Genomics, Inc.
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