Synthetic Biology Market: Future Forecast Assessed On The Basis Of How The Market Is Predicted To Grow
Increasing concerns regarding depleting natural resources of oil reservoirs is propelling demand for replacement for fossil fuels. Biofuel production is increasing steadily with promising results. Furthermore, rising concerns regarding climate change and energy security makes biofuel an efficient alternative for fossil fuels. In this context, synthetic biology has shown promising result for biofuel production. Synthetic biology approaches can be used in reducing cost of celluloses and, thereby, of biofuels. Moreover, various companies are engaged in collaboration and partnership activities to use their expertise in the synthetic biology to produce cost-efficient biofuels.
Growing adoption of synthetic biology in emerging applications such as genetically modified crops (GMCs) in agriculture, green chemicals, and biofuels in the industrial applications will offer lucrative growth opportunity in the near future.
Since 2014, rising engagement of various investors to fund the synthetic biology companies including established and startup companies is continuously increasing. For instance, according to SynBioBeta LLC January 2018 data findings, 50 companies in the synthetic biology market raised around US$ 1.7 billion for the development of innovative synthetic biology technologies.
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Furthermore, growing research and development (R&D) activities to develop new technologies in synthetic biology by government and private organizations and increasing demand for efficient alternative therapy to design and market active pharmaceutical ingredients (APIs) in drug diagnosis and therapeutics are other growth factors, which will drive the synthetic biology market growth.
Synthetic biology is majorly used in applications such as bioremediation, gene synthesis, industrial enzyme production, drug discovery, therapeutics, and green chemicals, among others. However, utilization of these applications is increasing concern regarding the risk and ethical issues associated with synthetic biology, which include off-target mutation development, environmental misbalance, and various other illegal usage of DNA sequencing.
Growing Research and Development (R&D) Funding and Rising Number of Synthetic Biology Start-ups are expected to propel Growth of the Synthetic Biology Market
Growing investment/funding from companies in the branch of synthetic biology offers lucrative opportunity to develop products such as consumer goods, bioengineered medicines, and industrial chemicals. According to SynBioBeta data finding, January 2018, 50 companies including public and private companies raised over US$ 1.7 billion for the development of innovative synthetic biology technologies. Furthermore, according to the finding, the number of synthetic biology-based companies is growing significantly. According to same source, in 2013, total number of synthetic biology companies worldwide were 293, which increased to 346 (2014), 387 (2015), and 411 (2016).
For instance, in December 2017, Ginkgo Bioworks: a biotechnology company working in synthetic biology having area of interest in cultured ingredients, strain improvement, and enzyme production; invested US$ 275 million in Series D finding to increase its production facility for organism engineering- Bioworks 3, which was its third foundry for prototyping and scaling engineered organisms.
Players are also involved in several joint ventures and partnerships with other organizations to increase its market share. For instance, in March 2018, Bayer and Ginkgo Bioworks entered into a joint venture and established a new company— Joyn Bio— with an aim to focus on engineering plant-associated microbes for improved nitrogen fixation.
Furthermore, in July 2018, Poseida Therapeutics Inc. received US$ 3.99 million CLIN 1 grant from California Institute for Regenerative Medicine (CIRM) to support the late stage preclinical development of Poseida’s P-PSMA-101, a CAR-T immunotherapy product candidate.
Wide Range of Synthetic Biology Applications
Synthetic biology offers high efficiency to re-engineer and design the artificial bimolecular components and biomaterials, which are majorly adopted in several biological, industrial, and environmental applications such as gene engineering, drug discovery & therapeutics, novel protein synthesis, artificial tissue regeneration, biofuels, industrial enzymes, bioremediation, and green chemicals.
In recent times, synthetic biology is tested to be used for storage of digital data. DNA offers potential to store the massive amount of digital data, allowing to store one million times more dense information than flash drives, and this data stored in DNA can be preserved for over 1,000 years. Furthermore, it is also easier to prevent or detect the attempt to modify the stored data in the DNA. Currently, various research and possible attempts are ongoing to commercialize this technology.
For instance, in September 2018, the Arch Mission Foundation partnered with Microsoft, University of Washington, and Twist Bioscience to archive 10,000 crowd sourced images and full text of 20 important books, among others, in Astrobotic’s 2020 mission to the moon. DNA-based data storage allows data to be encoded into billions of synthetic DNA molecules and encapsulated for long-term preservation.
The biopharmaceutical industry is witnessing challenges such as need for improved productivity, faster building of drugs pipeline, reduce costs, and decrease time to market the product. In this context, custom engineering enzymes through the application of synthetic biology will work as catalyst in novel and efficient manufacturing processes. Furthermore, due to technological advances in genetic engineering and integration of computational methods has paved the way for the development of highly improved biocatalyst to enhance efficiency and reduce cost in the discovery, development, and manufacturing of active pharmaceutical ingredients (APIs) and drug products.
Among geographical region, Asia Pacific is expected to show conducive environment for growth of the synthetic biology market, owing to expanding healthcare infrastructure, rising concerns related to fuel consumption, growing government support, and engagement of key players in this region.
For instance, in June 2018, National Research Foundation (NRF) funded an amount of US$ 25 million for five-year national synthetic biology R&D program, under the leadership of Prof Chua Nam Hai: a renowned expert in plant biology and biotechnology; to bring advancement in synthetic biology research in Singapore. In September 2018, Thermo Fisher Scientific initiated to sell its portfolio of Invitrogen GeneArt products and services, including gene synthesis and genome editing products in China.
Key players operating in the global synthetic biology market includes Thermo Fisher Scientific Inc., Twist Bioscience Corporation, Genscript Biotech Corporation, Codexis, Inc., Amyris, Inc., Danaher Corporation (Integrated DNA Technologies, Inc.), EnBiotix, Inc., Evonetix Ltd., Ginkgo Bioworks, Inc., and
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