Development of Gene Editing Tools for Treating Genetic Diseases to Present Immense Growth Opportunities for Synthetic Biology Market, Growth Projected at whopping 26.3% CAGR from 2019 to 2027, TMR

ALBANY, N.Y., April 21, 2021 /PRNewswire/ -- Government funding in synthetic biology has been very high in the last few years, as per Science X, a news site.  Public agencies in many nations, including EU countries, Finland, the UK, China, the US, and Singapore have formed road maps and other related developmental frameworks. Private funding in synthetic biology is also continuing to grow at a considerable rate, as per the Science X news portal. Rising investment and growing prominence is likely to foster development of the global synthetic biology market over the forecast timeline, from 2019 to 2027.

Synthetic biology is a rapidly expanding field with great potential in many fields of application, according to an article published in 2019 in Critical Reviews in Environmental Science and Technology Journal titled "Biosafety and Biosecurity in Synthetic Biology: A Review." It is, however, linked to significant threats to health of the human beings and the environment, which must be expected in order to establish successful management and prevention strategies. While no biosafety or biosecurity incidents related to synthetic biology have been recorded, a study published in 2019, titled "Synthetic biology: Recent progress, biosafety and biosecurity concerns, and possible solutions" suggests that governance or regulation at the levels of countries,  institutions, individual scientists, and the global community should be regarded to avoid disruptions in the future.

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The global synthetic biology market is estimated to observe stellar growth rate of 26.3% CAGR over the forecast timeline, from 2019 to 2027. In 2018, the market was valued around US$ 4.96 Bn and is projected to reach US$ 39.7 Bn by 2027.

Key Findings of Market Report

• Development of New DNA Editing Tools to Revolutionize the Treatment of Genetic Illnesses

The novel DNA editing tool recognised as prime editing could be used to search as well as substitute functions of the DNA. It can also be utilised to fix any of 75,000 documented mutations, which cause hereditary illness in human beings. Scientists reported all of these information in an article published in the Nature Journal in October 2019. The CRISPR (clustered regularly spread short palindromic repeats) refers to a method utilised to modify genomes, which has revolutionised synthetic biology. It enables researchers to easily change gene function and DNA sequences, making gene editing methods easy and effective. It, thus, opens up new avenues for biological science and technological advancement. This, in turn, is likely to work in favor of the global synthetic biology market in the years to come. It is utilized for different purposes, for example genetic defect correction. Synthetic biology comes with the potential to cure an extensive variety of illnesses, including cancer. It can be used to develop rigorous and appropriate adaptive cancer therapies that kill cancer cells specifically while leaving healthy cells alone.

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• Dominance of North America and Promising Opportunities in Asia Pacific to Attract Market Participant

It is anticipated that North America is likely to play a leading part in the global synthetic biology market, thanks to a significant rise in the patient populace. In addition,  the increasing number of well-equipped research and development laboratories, the existence of established health infrastructure, and rising number of important players are likely to work in favour of the global synthetic biology market in near future.

Due to increased research and development activities and a rise in geriatric populace, the global synthetic biology market in Asia Pacific is expected to grow rapidly throughout the projected timeline, from 2019 to 2027. Furthermore, a rise in the prevalence of chronic illnesses and increased government interventions in the healthcare industry, and a rise in key players' plans to expand their business presence in the region is likely to augur well for the synthetic biology market in Asia Pacific.

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Synthetic Biology Market: Growth Drivers

• Synthetic biology has the potential to treat a wide spectrum of illnesses, including cancer. It can be used to develop robust and successful adaptive cancer therapies that kill cancer cells specifically whilst leaving healthy cells alone.
• As per a 2019 research titled, "Synthetic biology: Recent progress, biosafety and biosecurity concerns, and possible solutions", whilst no biosafety and biosecurity occurrences related to synthetic biology have been documented, governance or regulation at the levels of the global community, countries, institutions, and individual scientists need to be taken into account to deter disruptions in the future.

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Global Synthetic Biology Market: Key Competitors

• Integrated DNA Technologies, Inc
• Bristol-Myers Squibb Company
• ATG:biosynthetics GmbH
• OriGene Technologies, Inc.
• Bayer AG
• Thermo Fisher Scientific

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