Synthetic Biology Market to Reach 21.1 Billion USD by 2023 - IndustryARC

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Driven by the Rising Demand for Improved Drugs and Vaccines; the Market is Estimated to Reach $21.1 billion by 2023

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Synthetic biology is the process of design and fabrication of biological components, parts, devices and systems, the restructuring of natural biological systems for useful purposes. The term "Synthetic Biology" was first implemented on genetically engineered bacteria that were generated with recombinant DNA technology that was synonymous with bioengineering. Synthetic biology is widely used in different applications including agriculture, biofuel, chemical, food processing, medicine, industrial enzyme, biological electric, personal care, environmental application and others. Synthetic biology enables life technology to synthesize, design, test, and deploy variants and antigens with quick results and capacity.

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The various technologies that are being implemented under the synthetic biology domain to enhance the process efficiency, productivity, reliability and cost reduction are DNA synthesis, DNA sequencing, computational modelling, bioinformatics, microfluidics, nanotechnology, pathway engineering and a few others. Synthetic biology market is set to witness prominent growth owing to the demanding applications of the technology in various fields such anti-cancer and anti-tumor drug discovery, efficient biofuel production, enhanced crop productivity, sustainable waste treatment, development of enhanced industrial enzymes and so on.

The overall market is presented from the perspective of different geographic regions and the key countries in each region. Americas is the dominant market for synthetic biology and is estimated to reach $7.94 billion by 2023 at a CAGR of 29.2% during 2017-2023. Owing to the sustainable strategic investment from the U.S. government agencies, synthetic biology will continue to flourish in both basic and applied research in the U.S.

The major players in this market include: 

• Intrexon Corporation (U.S)
• Thermo Fisher Scientific, Inc. (U.S.)
• Amyris Inc (U.S.)
• GenScript Biotech Corporation (China)
• Synthetic Genomics Inc (U.S.)

Extensive research and adoption of advanced techniques in synthetic biology for future development of human therapeutics is building opportunity for companies operating in the market. With advent of precision medicine, pharmaceutical industry would be able to open a whole new branch of pharmacogenomics which would help in identifying the new targets for early treatment and prevention of diseases.

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