Synthetic Biology Market Size, Trends and Forecasts To 2020: Grand View Research, Inc

The engineering and design of novel devices, systems, biologically based parts as well as the redesign of naturally existing biological systems is known as synthetic biology or engineering of biology. It is done to develop genetically modified organisms so that new preferred functions can be performed leading to increase in biological systems production. Synthetic biology is a new and revolutionary method of bioscience in which engineering principles are applied to biology in order to make new biological devices, systems and parts. Recently synthetic biology has entered the commercial market and is passing through a nascent stage. Currently there are consumer products in the market such as on department store shelves or grocery that contains the ingredients made by using advanced form of manufacturing and engineering. The original aim of synthetic biology was the production of biofuels and in the recent past it has extended to the industries such as scents, flavorings, cosmetics and others.

There is also the usage of standard industrial fermentation and molecular biology for the production of sustainable, renewable algal oils that would pacify pressure that is there on ecosystem due to habitat destruction and deforestation. Development of cheap synthesis procedures in life sciences is one of the most important roles of synthetic biology. DNA sequencing knowledge is built by synthetic biology and also there is expectation of development of bio based chemicals, medicines, improvement of food crops and sources of green energy. There are some potential environmental applications of synthetic biology such as bio-transformation, distinct chemicals immobilization, detection of environmental pathogens and contaminants, in situ biodegradation and others which would attract the governments of various LDC’s and developing counties to invest on the same. The drivers for the market are molecular biology advancement, fall in the cost of data generation due to decreasing prices of DNA sequencing, increase in government funding and rise in demand of renewable energy such as biofuels, increasing demand of improved vaccines and drugs and rising demand for genetically modified crops due to the increasing population.

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Key product segments of synthetic biology market are core products and enabling products. Core product comprises synthetic genes, synthetic DNA, synthetic cells, chassis organisms and XNA (xeno nucleic acid) whereas enabling product segment comprises oligonucleotide synthesis and DNA synthesis. Synthetic DNA has the largest market share as it has high market penetration rate due to its extensive use in R&D and more of commercialization than any other product segments.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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