Synthetic Biology Market Estimated to Reach $21.1 Billion by 2023

According to the Report “Synthetic Biology Market: By Tool (XNAS, Chassis Organisms, Oligonucleotides, etc); By Technology (DNA Synthesis & Sequencing, Computational Modelling, Bioinformatics, Microfluidics, etc); By Application (Environmental, Medical, Industrial, etc); By Geography - (2015-2023)” published by IndustryARC, the market to reach $21.1 billion by 2023

Synthetic biology is the process of design and fabrication of biological components, parts, devices and systems, the restructuring of natural biological systems for useful purposes. In this case there was no known enzyme, which could perform the reaction required to making enable the biocatalytics route. The term “Synthetic Biology” was first implemented on genetically engineered bacteria that were generated with recombinant DNA technology that was synonymous with bioengineering. Synthetic biology is widely used in different applications include agriculture, biofuel, chemical, food processing, medicine, industrial enzyme, biological electric, personal care, environmental application and others. Synthetic biology make enables life technology to synthesize, design, test, and deploy variants and antigen with quick results and capacity.

The various technologies that are being implemented under the synthetic biology domain to enhance the process efficiency, productivity, reliability and cost reduction are DNA synthesis, DNA sequencing, computational modelling, bioinformatics, microfluidics, nanotechnology, pathway engineering and a few others. Synthetic biology market is set to witness prominent growth owing to the demanding applications of the technology in  various field such anti-cancer and anti-tumor drug discovery, efficient biofuel production, enhanced crop productivity, sustainable waste treatment, development of enhanced industrial enzymes and so on.

The overall market is presented from the perspective of different geographic regions and the key countries in each region. Americas is the dominant market for synthetic biology and is estimated to reach $7.94 billion by 2023 at a CAGR of 29.2% during 2017-2023. Owing to the sustainable strategic investment from the U.S. government agencies, synthetic biology will continue to flourish in both basic and applied research in the U.S.

Extensive research and adoption of advanced techniques in synthetic biology for future development of human therapeutics is building opportunity for companies operating in the market. With advent of precision medicine, pharmaceutical industry would be able to open a whole new branch of pharmacogenomics which would help in identifying the new targets for early treatment and prevention of diseases.