Synthetic Biology Market: Rise in Demand for Biologic Drugs for Treating Various Chronic Conditions to Drive the Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: Massive advancements in the biology and the life sciences sector coupled with the growing applications in numerous end-users have led to a bio-revolution around the world. Extensive progress is being observed in the sectors related to biology and life sciences. The synthetic biology sector is one of them. Based on several factors, the global market for synthetic biology is estimated to observe a positive growth trajectory across the assessment period of 2019-2027.
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Synthetic biology is a field in science that involves restructuring or redesigning organisms for useful purposes. The area involves engineering to develop novel biological parts, systems, and parts. It can be defined as a bio-based toolkit that utilizes standardization, abstraction, and automated construction to create novel products. Unlike traditional cellular and molecular biology, synthetic biology focuses more on the structure and the design of core components.
Though a recently emerging field, synthetic biology has come a long way and continues to follow the path of extensive growth. The rising number of research and development activities in tandem with the latest technological advancements will bring promising growth for the synthetic biology market.
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After exhaustive research on all the growth factors, TMR projects the synthetic biology market to expand at a CAGR of 26.3 percent during the assessment period of 2019-2027. The global synthetic biology market was valued at US$ 4.96 bn in 2018 and is expected to reach US$ 39.7 bn by 2027, the end year of the forecast period.
Vaccines Development to Boost the Growth of the Synthetic Biology Market
The need for efficient COVID-19 vaccines has been fulfilled with the help of synthetic biology. Developing a vaccine in record time for COVID-19 was a crucial task, but with the help of synthetic biology, the process was accelerated greatly. Many other vaccine candidates are being developed, which will make use of synthetic biology largely. Thus, these aspects will invite prominent growth prospects for the synthetic biology market.
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Tech-Integration to Play a Crucial Role in the Growth of the Synthetic Biology Market
Integration of technologies like Artificial Intelligence (AI) with synthetic biology is expected to invite tremendous growth opportunities across the global market. The players in the synthetic biology market are utilizing artificial intelligence to find novel ways for designing genetic circuits and others. All these factors could leave a positive impact on the growth of the synthetic biology market.
Big names like Microsoft are researching on tech integration with synthetic biology. Station B, the computational biology arm of Microsoft has collaborated with Oxford Biomedica to enhance a good gene therapy for lymphoma and leukemia. Designing therapeutics to tackle a number of diseases with synthetic biology will become easier when integrated with technology. Thus, all these factors bode well for the growth of the synthetic biology market.
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Utilization of Synthetic Biology in Flavor Enhancement will Invite Expansive Growth
Veganism is gaining considerable traction and is expected to bring profitable growth for the synthetic biology market. The trend of plant-based meats has also skyrocketed, and many companies are taking advantage of synthetic biology to offer a meaty experience even in plant-based foods. Impossible Foods, a California-based startup, uses plant proteins to add a meaty feel to the burger patty. The startup uses heme, a naturally occurring, iron-containing molecule present in each plant and animal, to give a meaty texture.
Many other startups are also cropping up which use synthetic biology for developing plant-based foods. Thus, all these aspects invite exponential growth for the synthetic biology market.
Transfer of Technology and Partnerships will Shape the Growth of the Synthetic Biology Market
Tech-transfers and strategic collaborations will have a prominent role in the growth of the synthetic biology market. The players in the synthetic biology market are indulging in mergers, acquisitions, joint ventures, and partnerships to increase their revenues. These factors will eventually impact the growth of the synthetic biology market.
The partnership of Scentian Bio with Cardea Bio is a classic instance. The companies have partnered to manufacture a bio-electronic tongue/nose technology platform. Similar developments around the world will have a lasting impact on the growth of the synthetic biology market.
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Investment Opportunities to Fuel the Growth of the Synthetic Biology Market
Attractive investments are expected to be the forbearers of growth across the synthetic biology market. Many firms and conglomerates are investing in the synthetic biology market owing to the long-term benefit. Investments accelerate the research and development activities and help the players to discover novel insights. These factors impact the synthetic biology market massively.
Some of the recent developments regarding investments in the synthetic biology market are as follows:
- IGlobe Partners, a venture capital funding company, recently announced its plans to invest $100 mn in startups related to synthetic biology.
- Eurekare SA has raised $60 mn to fund synthetic biology startups.
Such developments ensure extensive growth for the synthetic biology market.
The future of the synthetic biology market seems exciting. All the stakeholders in the synthetic biology market are pushing boundaries to innovate and develop technologies and products that will lead to cutting-edge changes across numerous industries.
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