The report highlights trends prevailing in the market, and the factors driving and hindering the market growth.
According to our new research study on “Synthetic Biology Market Forecast to 2025 – COVID-19 Impact and Global Analysis – by Product, Technology, and Application,” the market is expected to reach US$ 56,044.9 million by 2025 from US$ 6,802.0 million in 2016; it is estimated to grow at a CAGR of 28.2% from 2016 to 2025. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the Synthetic biology in healthcare market is attributed to the increasing investments, technological advancement and rising numbers of start-up companies are boosting the market over the years. In addition, the emerging trends of synthetic biology are likely to have a positive impact on the growth of the market in the coming years.
Synthetic biology is a science of designing, altering and building simple organisms to perform specific therapeutic or industrial utilities. The commercialization or industrialization of biology renders processes quicker, cheaper and reliable. The organisms created are known as genetically modified organisms (GMOs), which do not require a definition that distinguishes it from genetic modifications. The growth of the Synthetic biology in healthcare market is attributed to the increasing investments, technological advancement and rising numbers of start-up companies are boosting the market over the years. In addition, the emerging trends of synthetic biology are likely to have a positive impact on the growth of the market in the coming years.
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Synthetic Biology Market Competitive Landscape and Key Development
ThermoFisher Scientific Inc., Merck KGaA, Novozymes, Agilent Technologies, Amyris, GenScript, Integrated DNA Technologies, Inc., Twist Bioscience, New England Biolabs (NEB), and Synthetic Genomics Inc. are among the leading companies operating in the Synthetic biology in healthcare market.
The Synthetic biology in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Growing Applications of Synthetic biology in Healthcare to Drive Synthetic biology in Healthcare Market Growth
Synthetic biology is an upcoming field and industry, which has numerous applications in the chemical, agriculture, pharmaceutical and energy sectors. There are various start-up companies that are providing the products/services for the biological processes. Companies such as, Benchling which operates in CAD Tools, GenScript offers gene synthesis, Ginkgo Bioworks works for the organism engineering, Transcriptis which is into bioinformatics operates for cloud labs/automation, Glowee offers consumer products, among the other companies operating in the synthetic biology.
Globally, the synthetic biology has set benchmark with its innovations and the dynamic results. The industry has attracted various global leaders to invest for synthetic biology. For instance, synthetic biology company Zymergen has have received US$44 million funds in the year 2015, from investors such as Transcript, AME Cloud Ventures, Data Collective, Draper Fisher Jurvetson, HVF, Innovation Endeavors, Obvious ventures, True Ventures and Two Sigma Ventures. In addition, in the year 2016, Zymergen has raised US$130 million in Series B funding which was led by SoftBank Group. The Round also included prior lead investors along with new investors such as Iconiq Capital, Prelude Ventures and Tao Capital Partners. Similarly, another synthetic biology company Bolt Threads raised US$123 million in Series D funding in November 2017. The funding was led by Ballie Gifford along with the others such as, aforementioned Formation 8, Founders Fund, Fidelity Management, Research Company and Temasek. Allen & Company LLC. Bolt Threads also announced in TechCrunch that it has added to the amount for Series D round to sum up the amount of US$213 million. Owing to the rising investment for the synthetic biology companies, the need and demand for the synthetic biology for the development of the new techniques may increase the market in the future years.
The start-up is also emerging in the Asia Pacific region; the government are providing funds for the local development in synthetic biology. For instance, in India government has funded IITM Bio incubator, department of Indian Institute of Technology Madras to start a state-of-the-art research facility in Cancer Biology and for setting up of a Bioinformatics Infrastructure Facility. The funds were provided by agencies such as, CSIR, DAE, DBT, and DST among others. The institute raised 55cr rupees in fiscal year 2016-2017. Similarly, in China, Chinaccelerator is a financer that provides mentorship programs by helping start-ups. It is also associated with SOSV which, helps in the establishments of startsups by providing funds under programs such as RebelBio, and Indie Bio among others. The easily available funds for the interest ideas are motivating entrepreneurs in the world leads to for the establishment of companies for synthetic biology. Therefore, these factors are likely to grow the market in the coming years.
Synthetic Biology Market: Segmental Overview
Based on product, the Synthetic biology in healthcare market is segmented into Enzymes, Oligonucleotides, Chassis Organisms, and Xeno-Nucleic Acids. Enzymes segment is poised to grow with a largest market share of 37.3% in 2017. The segment is growing due to its production from the microbial sources that are used for industrial and commercial use. Owing to these factors, the market for enzymes is anticipated to surge during the forecast period from 2016 to 2025, at a significant rate.
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