Synthetic biology involves the design and construction of entirely new biological systems from standardized genetic components, together with the essential redesign of existing life for new purposes. Synthetic biology is extensively used in medical and pharmaceuticals field to produce and manufacture improved biological drugs and systems to meet various challenges in the healthcare sector. Synthetic biology offers various opportunities in the field of healthcare such as recreating highly complex pathways, DNA sequences, and natural biological systems.

The Global Synthetic Biology Market size is estimated to be valued at US$ 6.09 billion in 2018, and is expected to witness a CAGR of 33.9% during the forecast period (2018–2026).

Market Dynamics

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).

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.

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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.

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 Prokarium.

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