Synthetic biology is a novel field that finds its origin at the intersection of biology and engineering. It involves designing and construction of biological systems or devices that can be applied in varied domains to get specified results. It’s a multidisciplinary effort made by scientists to understand the functioning of biological organisms, cells & genes and implementation of artificial genetic processes to give specific characteristics to an organism. It can even be used to develop a completely new biological system. Global synthetic biology market was valued at $3.0 billion in 2013 and it is estimated to reach $38.7 billion by 2020, growing at a CAGR of 44.2% during the forecast period.
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Assistance from government and private organizations, rising number of entities conducting research and declining cost of DNA sequencing and synthesizing are key driving factors of the market. Governments are providing funds to research organizations, assisting them to find novel applications of synthetic biology. Bio-safety & bio-security issues, ethical issues and regulations are key retraining factors of the market. The fact that synthetic biology can be misused has raised concerns all around the world. Further, there are possibilities of accidental release of pathogens or genetically modified organisms into free atmosphere.
Synthetic Biology Product Market Analysis
Synthetic Biology product market is segmented into enabling products, enabled products and core products. In 2013, enabled product segment was the largest revenue generating segment and this segment would not experience substantial market change in the coming years. Enabling product is the fastest growing segment at a CAGR of 53.7% during the forecast period. Enabling products have many applications in various fields. Advancement in the technologies require lot of issues to be addressed such as high rate of error in the self-assembly, high cost of DNA, etc. Use of enabling products can overcome these hurdles. This factor is triggering the growth of enabling products.
Synthetic Biology Technology Market Analysis
Synthetic Biology technology market is segmented into enabling technology and enabled technology. In 2013, enabled technology had generated highest revenue and it is forecast that in the coming years, this segment would continue to dominate the other segment in revenue generation. Enabling technologies segment is growing at a faster rate, and growing at a CAGR of 48.6% during the forecast period. Recent advancement in the cellular and molecular biology requires monitoring and manipulation of biological system. Use of enabling technologies results in applying engineering principles to build, manufacture, and design new biological devices and systems. This factor is triggering the growth of enabling technologies.
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Synthetic Biology Application Market Analysis
Synthetic Biology application market is segmented into research & development, chemicals, agriculture, pharmaceuticals & diagnostics, biofuels and others (biotechnology and biomaterials). In 2013, pharmaceuticals & diagnostics was the largest revenue-generating segment and it is forecast that this segment would continue to dominate the other segments in revenue generation. Biofuels is the fastest growing segment at a CAGR of 85.2% during the forecast period. There is high demand for energy security, food safety and fuel generated from agriculture, which is contributing to the growth of the Biofuels market.
Synthetic Biology Geography Market Analysis
Synthetic Biology geography market is segmented into North America, Europe, Asia Pacific and RoW. In 2013, Europe was the largest revenue-generating segment and it is forecast that it would continue to dominate the other segment in generating revenue. In Europe, there were many supporting government regulations due to which it was possible to invest a lot in the synthetic biology research. These researches resulted into application of synthetic biology in various fields such as medicine, energy, environment, biological nanomachines & biosensors, chemical industry, national security. Asia- pacific is the fastest growing segment experiencing a CAGR of 46.4% during the forecast period. Asia pacific brings lot of opportunities for the growth of the Synthetic Biology market. The factors that are driving the growth of the market are large number of under nutrition population that brings in the need for increased food production. This factor results in high demand for synthetically modified crops. Rising petroleum based fuel prices are resulting in high demand for bio-diesel, which is also contributing to the growth of the synthetic biology market. In addition, raised awareness about synthetic biology market such as generation of new life, manipulation of life, etc., are also some of the factors that are unlocking the doors for the growth of the market.
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