The synthetic biology market valuation hit $4.96bn in 2018 and is projected to gain CAGR of 26.3% during 2019–2027.
According to a report by Transparency Market Research, the synthetic biology market is spurred on by biotechnology industry players leveraging modern gene-editing tools in synthetic biology for finding treatment for various diseases.
The report continued to highlight that targeted research programs funded by governments in numerous countries together with steady decline in costs of DNA sequencing has constantly expanded the application scope in the synthetic biology market
“Expanding networks of research centres in developing and developed countries are unlocking access to novel gene-based methods for chronic disease treatment.
Governments and industry players around the world pin hopes on such methods for cancer treatment, expanding the outlook of the synthetic biology market,” commented an analyst from analysts at Transparency Market Research.
Key findings of the study
Genome engineering accounted for the major share in the market in 2018. Biotechnology players are increasingly harnessing CRISPR/Cas9-based genome editing approaches and platforms, aimed at augmenting the capabilities of synthetic biology; other key genome engineering technologies are zinc finger nucleases and TALENs.
Of the various applications, the health care sector accounted for a prominent share in the market in 2018.
Driving factors of the synthetic biology market
The drive of industries for redesigning the existing biological systems and components forms the crux of groundswell of interest in synthetic biology. Industry experts tracking the developments in such bio-engineered processes assert that several technological developments in automation and scientific discoveries in DNA synthesis permeate the change. A few macroeconomic factors and industry-specific trends that support the evolution of the market are:
- A great deal of the optimism in the market has stemmed from the growing role of synthetic biology to advance personalised healthcare and find remedies to insect-borne diseases
- Spending on healthcare sector in OECD has increased, albeit marginally, over the past few years. The spending also includes research on the data-driven bio-engineering methods
- Growing interest in International Genetically Engineered Machine (iGEM) competition will likely open new windows of possibilities in the market.
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