Synthetic Biology Market: An Emerging Field of Biotechnology

Synthetic biology aims to design and engineer biologically based parts, systems and novel devices as well as redesigning existing or natural biological systems. Synthetic biology is applied in a number of areas such as energy, healthcare, agriculture, environment, and research and development. It enables easy large scale production of inexpensive medicines (i.e. drugs and vaccines), improved nutrition and crops. In addition, synthetic biology can also be used for the development of efficient biofuels that alleviate the current problem of availability of biofuels. For example, current process for deriving biofuels from crops such as palm oil and sugar cane use synthetic biology technologies that result in significant increase in the yield as well as carbon saving. Furthermore, synthetic biology technologies are also used to engineer new types of pesticides that are eco-friendly and more efficient.

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There are a number of organizations (such as SynBERC, TESSY and others) that actively promote synthetic biology which has fueled market growth. For example, Synthetic Biology Engineering Research Center (SynBERC) is the U.S. research program funded by the federal agency, National Science Foundation (NSF). It comprises multi university research centers aiming to train new researchers to accomplish complex tasks in the field of synthetic biology. A leading U.S. based market research firm, Transparency Market Research, analyzes the global market for synthetic biology and predictsaCAGR of 32.6% for the period 2013-2019. This is majorly due to increasing participation of government and private organizations in the U.S. and the U.K. towards the development of synthetic biology.

Various other factors such as advancement in technologies coupled with increased demand for genetically modified drugs which utilizes synthetic biology technologies will support market growth. Collaboration with other players helps the established players in enhancing their product portfolio and retain market share. For example, Agrivida, Inc. focuses on strategic alliances to improve its market share and product portfolio. In August 2012, POET, LLC, a manufacturer of bio-refined products signed an agreement for technology collaboration with Agrivida to reduce the capital and operating costs of production of ethanol.

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However, unfavorable regulatory environment coupled with high chances of misuse of these technologies will hamper the growth of this market. For example, in 2003, CIA (Central Intelligence Agency) reported a dark picture of misuse of synthetic biology technologiesin which some biological agents, with the utilization of genetic engineering, can be used for mass destruction in future (i.e. bioterrorism and offensive military purposes). Thus, the high social, legal and ethical implications to use these technologies and products confine the growth of synthetic biology market.

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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