The Drift in Synthetic Biology Market

Synthetic biology is a novel field that finds its origin at the intersection of biology and engineering. It involves designing and construction of biological systems or devices that can be applied in varied domains to get specified results. It’s a multidisciplinary effort made by scientists to understand the functioning of biological organisms, cells & genes and implementation of artificial genetic processes to give specific characteristics to an organism. It can even be used to develop a completely new biological system. Global synthetic biology market was valued at $3.0 billion in 2013 and it is estimated to reach $38.7 billion by 2020, growing at a CAGR of 44.2% during the forecast period. Assistance from government and private organizations, rising number of entities conducting research and declining cost of DNA sequencing and synthesizing are key driving factors of the market. Governments are providing funds to research organizations, assisting them to find novel applications of synthetic biology. Bio-safety & bio-security issues, ethical issues and regulations are key retraining factors of the market. The fact that synthetic biology can be misused has raised concerns all around the world. Further, there are possibilities of accidental release of pathogens or genetically modified organisms into free atmosphere.

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Synthetic Biology product market is segmented into enabling products, enabled products and core products. In 2013, enabled product segment was the largest revenue generating segment and this segment would not experience substantial market change in the coming years. Enabling product is the fastest growing segment at a CAGR of 53.7% during the forecast period. Enabling products have many applications in various fields. Advancement in the technologies require lot of issues to be addressed such as high rate of error in the self-assembly, high cost of DNA, etc. Use of enabling products can overcome these hurdles. This factor is triggering the growth of enabling products.

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