Rising investments in research and development to understand genetic element functions will expand synthetic biology market, with increasing support from both the public and private institutions. Synthetic biology applies the principles of engineering to biology with a goal to redesign and fabricate biological components that are non-existent in the natural world. Researchers are able to manufacture catalogued DNA sequences owing to synthetic biology, combining chemical synthesis of DNA and assembling them into new genomes.
Facilities in numerous countries have been running projects and research studies on biotechnology and genetic modifications that have looked into complexities found in the genomes of organisms for creating efficient therapies to treat disease. The products offered by synthetic biology industry players have a wide range of applications across several business verticals. Gradually reducing cost of research and decent techniques to engineer the organisms have accelerated development of novel solutions.
Several scientists and biotech companies have apparently been using different forms of synthetic biology for some time. Scientists apply synthetic biology techniques on clinical areas by engineering tissues to develop vaccines and new drugs. For instance, MIT Medical Engineering peers had used synthetic biology to modify genetic machinery from a cell and stuck it on a paper, that could be freeze-dried for storage, usable for detecting pathogens in blood and saliva. Such diagnostic applications can help track concerns for public health by detecting viral infections like Ebola or antibiotic resistance.
In an attempt to create alternative energy solutions in the growing global demand, Thermo Fischer Scientific uses synthetic biology techniques to provide solutions for biofuel industry and produce renewable energy resources. The company has applied the technique of genome sequencing, wherein the oilseed producing crop has its identification key traits accelerated and advanced which in turn produces low-cost and high yielding next generation biofuels. Similar technological developments will fuel synthetic biology market growth.
Pharmaceutical R&D represents a vital component of the overall synthetic biology market. Recently, Stand Therapeutics raised $6 million to advance the emerging field of mRNA therapeutics, which could offer notable contribution towards treating several devastating diseases. The mRNA space was untouched by traditional synthetic biology until the company built a new programming language for smart mRNA therapy. This efforts demonstrates a promising application segment for synthetic biology market in the near future.
The U.S. Army is reportedly exploring the field of synthetic biology to create next-generation living camouflage and uniforms that are insect proof and would feature new thermal cloaking function. It has been declared as one of its top ten R&D priorities in the countries, as it will help protect U.S army soldieries during confrontations. Undoubtedly, synthetic biology industry will witness augmented revenues for other similar applications.
Genome engineering is one of the most prominent technologies in healthcare today and is anticipated to account for a major portion of the synthetic biology market. Several government institutions are supporting biomass initiatives with regard to climate change, which has driven many companies to invest in genome engineering. Additionally, factors like advances in DNA synthesis technologies and CRISPR-toolbox has fulfilled the requirement for fast, multiple genome modifications and the current research activities are propelling the growth of genome engineering segment.
There has been a remarkable spurt in the use of synthetic biology in agriculture, substantially influencing the penetration of genetic engineering products worldwide. Constantly improving technology will help provide better pest resistant products that will increase crop yield, strengthening demand for synthetic biology industry in agro-based economies as well as many developed nations.
European region could emerge as an important growth enabler for synthetic biology products owing to the presence of several private companies and biotechnology research and academic institutions. Leading companies like DSM and Evolva have their headquarters in the region and are continuously working to innovate advanced solutions. In fact, Europe synthetic biology is estimated to register a CAGR of 25% over the forecast timespan.
Owing to tremendous funding and investments from government and private sectors towards developing novel healthcare and energy solutions, synthetic biology products will see considerable demand in the next few years. The development of protein toolkits is an example of a crucial innovation in the biology field. Reports estimate that global synthetic biology market will exceed annual valuations of over $55 billion by 2025.