Synthetic Biology Market Revenue to Worth Over US$ 62.8 Billion by 2026 | CAGR: 33.9%: Coherent Market Insights
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The Global Synthetic Biology Market, by Product Type (Oligonucleotides, Enzymes, Cloning, and Assembly Kits, Xeno-nucleic Acids (XNA), and Chassis Organism), by Technology (Gene Synthesis, Next-generation Sequencing, Cloning &Sequencing, Bioinformatics, Microfluidics, Nanotechnology, Site-saturation Mutagenesis, and Mathematical Modeling), By Application (Medical Applications (Drug Discovery & Therapeutics and Artificial Tissue & Tissue Regeneration), Industrial Applications (Biomaterials & Green Chemicals, Industrial Enzymes, and Biofuels & Renewable Energy), and Environmental Applications (Bioremediation and Whole-cell Biosensors)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 6.0 billion in 2018 and is projected to exhibit a CAGR of 33.9% during the forecast period (2018 – 2026).
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Key players in the market are engaged in adopting in-organic growth strategies such as collaboration and partnership to expand its market presence. For instance, in April 2018, Twist Bioscience Corporation expanded its presence in Asia Pacific through strategic distribution partners for marketing of synthetic DNA, exome, and custom target enrichment product suite for next-generation sequencing. These partners include Recenttec K.K., DNA Link, and its subsidiary LnCBio Inc., Premas Life Sciences, and BioArrow Technology Limited. In January 2015, AstraZeneca collaborated with Thermo Fisher Scientific. Under this collaboration, Thermo Fisher agreed to provide RNA-guide libraries that targets individual known human genes and gene families. Moreover, in July 2017, Quintara Biosciences partnered with Twist Bioscience to launch two new services— qBlock Gene Fragments and qGene DNA cloning.
Browse 29 Market Data Tables and 35 Figures spread through 168 Pages and in-depth TOC on ‘Synthetic Biology Market, by Product Type (Oligonucleotides, Enzymes, Cloning, and Assembly Kits, Xeno-nucleic Acids (XNA) and Chassis Organism), by Technology (Gene Synthesis, Next-generation Sequencing, Cloning and Sequencing, Bioinformatics, Microfluidics, Nanotechnology, Site-saturation Mutagenesis, and Mathematical Modeling), By Application (Medical Applications (Drug Discovery & Therapeutics, and Artificial Tissue & Tissue Regeneration), Industrial Applications (Biomaterials & Green Chemicals, Industrial Enzymes, and Biofuels & Renewable Energy), Environmental Applications (Bioremediation and Whole-cell Biosensors)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2026’
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Furthermore, key players in these market are also engaged in acquisition strategies in order to broaden its product portfolio and expand geographical reach. For instance, in April 2018, Danaher Corporation completed the acquisition of Integrated DNA Technologies, Inc. for deal value of around US$ 2.1 billion. Integrated DNA Technologies, Inc. (IDT) is a provider of consumables for genomics applications in molecular biology, quantitative Polymerase Chain Reaction (qPCR), next generation sequencing (NGS), synthetic biology, gene editing, and molecular diagnostics. This acquisition expanded Danaher’s presence into the highly attractive genomics market and aided in developing critical diagnostic tests and gene therapies.
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Key Takeaways of the Synthetic Biology Market:
- The global synthetic biology market is expected to exhibit a CAGR of 33.9% during the forecast period, owing to rising research & development funding and increasing entry of synthetic biology start-up in these market.
- Among product type, oligonucleotides segment accounted for major market share in 2017. Demand for oligonucleotides will be propelled during the forecast period, owing to emergence of several promising concepts to produce oligonucleotides in a cost-effective manner. For instance, in-situ microarray synthesis of oligonucleotides have gained traction as it enables oligo-sequences to be generated in a parallel and miniaturized fashion and offer advantages in throughput and reagent consumption.
- Among technology, gene synthesis segment accounted for the largest share in 2017. Gene synthesis has been used for the development of synthetic biology applications. The reductions in the production costs of genes and associated raw materials such as oligonucleotides, are driving demand for synthetic biology products.
- Among application, medical applications segment accounted for the largest share in 2017. Synthetic biology has various medical applications in cancer therapy, personalized medicine, drug discovery and development, and regenerative medicine. Furthermore, increasing engagement of research universities, government investments, and rapidly declining costs of gene sequencing are supporting growth of the medical applications segment in the synthetic biology market.
- Major players operating in the global synthetic biology market include 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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