Market Overview:
Synthetic biology aims to design and engineer biologically based parts, novel devices and systems as well as redesign existing natural biological systems. It involves engineering of novel genetic circuits and metabolic pathways in micro-organisms to develop useful products and enhance industrial production. Synthetic biology approaches are used for sustainable manufacturing of food ingredients, pharmaceuticals, chemicals and biofuels. Synthetic biology has potential applications to address challenges related to sustainable agriculture, renewable energy and environment.
Market key trends:
One of the key trends in synthetic biology market is development of microbial platforms for sustainable food production. Researchers are engineering microbes to produce food ingredients in sustainable way. For example, engineering yeast to produce omega-3 fatty acids as alternatives to fish oils. Similarly, scientists are working on engineering microbes to produce plant-based meat, dairy and egg alternatives to address challenges of resource intensive industrial meat production. Another key trend is use of synthetic biology for sustainable biomanufacturing. Companies are engineering microbes to produce renewable biofuels, biochemicals and biomaterials as drop-in replacements for petrochemical derived products. This helps in reducing dependency on fossil fuels and mitigating environmental impact of chemical industry. Synthetic biology approaches could play an important role in developing circular bioeconomy with potential to transform current lineartake-make-waste industrial model into sustainable closed loop bio-based economy.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the synthetic biology market requires high capital investment and R&D expenses. However, emerging companies can collaborate with established players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many global players offering synthetic biology products and services. Buyers can negotiate on prices.
Bargaining power of suppliers: The bargaining power of suppliers is low considering the availability of alternative raw material suppliers for major players. However, suppliers of novel strains and reagents enjoy some bargaining power.
Threat of new substitutes: Synthetic biology faces low threat from substitutes as it provides novel solutions for various industries that are difficult to replicate.
Competitive rivalry: High competitive rivalry exists among major players to gain market share through expansions, collaborations, and new product launches.
Key Takeaways
The Global Synthetic Biology Market is expected to witness high growth, exhibiting CAGR of 28% over the forecast period, due to increasing demand for synthetic DNA, chips, and reagents from biotechnology and pharmaceutical companies.
The North America synthetic biology market is expected to dominate the global market owing to increasing R&D investments by both private and public organizations in the region. The Asia Pacific market is anticipated to grow at the fastest rate during the forecast period.
Key players operating in the synthetic biology market are Thermo Fisher Scientific, Synbio Technologies, Merck KGaA, Agilent Technologies, Inc., GenScript, Amyris, Eurofins Genomics GmbH, Integrated DNA Technologies, Inc., Codexis, Inc., EnBiotix, Inc., Synthego, New England Biolabs (UK) Ltd., Scarab Genomics, LLC and Genomatica, Inc.
Thermo Fisher Scientific offers synthetic DNA constructs and provides life science tools to accelerate research activity in healthcare and industrial verticals. Synbio Technologies provides synthetic biology tools and services to organizations in agriculture, chemicals, and healthcare sectors.
Read More: https://www.trendingwebwire.com/synthetic-biology-market-size-and-share/
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