Synthetic biology defined as the synthesis of artificial or natural components in order to form new artificial living system by re-molding existing biological elements. It aims to attain new preferred functions of artificially modified organisms intended for high yield production of biological systems. Synthetic biology plays an important role in the field of life sciences by developing cheap synthesis procedures. Increasing scientific research coupled with introduction of advanced technologies in synthetic biology will drive the growth of this market.
Synthetic biology refers to an interdisciplinary branch of engineering and biology. It aims at the fabrication and redesign of biological systems and components that do not already exist in the natural world. Synthetic biology combines the increasing knowledge of genomics with the chemical synthesis of DNA for enabling researchers to quickly manufacture catalogued DNA sequences.
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A new Transparency Market Research report states that the global synthetic biology market stood at US$1.8 bn in 2012 and is predicted to reach US$13.4 bn by 2019. It is predicted to expand at a whopping CAGR of 32.60% from 2013 to 2019.
The increasing demand for enhanced vaccines and drugs and the development of molecular biology are amongst the chief factors fuelling the synthetic biology market. In addition, the participation and encouragement of universities and government bodies in synthetic biology research and the rising demand for genetically modified crops owing to the increasing global population are also amongst the chief factors fuelling the market for synthetic biology. On the other hand, the increasing regulations and the soaring costs of synthetic biology techniques may impede the growth of the market in the coming years.
On the basis of product, the report segments the market for synthetic biology into core products and enabling products. Amongst these, core products are further segmented into synthetic genes, synthetic DNA, synthetic cells, chassis organisms, and XNA (xeno nucleic acid). On the other hand, enabling products are further segmented into oligonucleotide synthesis and DNA synthesis. Amongst these, the segment of synthetic DNA led the market in 2012 due to the increasing commercial availability of synthetic DNA. On the basis of technology, the market is segmented into DNA sequencing, genome engineering, biological components and integrated systems, and bioinformatics. Amongst these, genome engineering technology can be utilized for modifying genetic foods, gene therapy, and gene cloning.
On the basis of application, the synthetic biology market is segmented into chemicals, healthcare, agriculture, and others including R&D, biosecurity, and energy and environment. Amongst these, synthetic biology has the largest application in the healthcare sector owing to the increasing use of synthetic biology for producing cheap vaccines and drugs. On the other hand, the segment of agriculture is poised to expand at the highest CAGR from 2013 to 2019.
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In terms of geography, the report segments the market into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, in 2012, Europe led the market for synthetic biology and is predicted to expand consistently due to the rising initiatives of private organizations and governments for the development of synthetic biology in this region. On the other hand, North America held the second largest share in the market in the same year due to the rising proliferation of novel technologies in this region. The region of Asia Pacific is also poised to experience rapid growth in the market owing to increasing support from international organizations for the development of synthetic biology.