The rapid transformation in biology engineering worldwide and rising demand for advanced biotechnology tools will drive synthetic biology market size. Companies involved in the biotechnology evolution have lately come up with a wide range of techniques and synthetic biology tools which can be effectively used across the agriculture, pharma, and energy sectors. Investments in genome engineering and gene synthesis by major countries to evolve as bio-based economies will also fuel synthetic biology industry size.
North America Synthetic Biology Market, By Product, 2018 & 2025 (USD Million)
Most of the nations worldwide are trying to commercialize a wide range of synthetic biology products owing to the economic benefits associated with the adoption of synthetic biology techniques. Increasing outbreaks of epidemics such as Zika, Monkey Pox, Ebola and growing need to control their spread across the globe is promoting organizations like the World Health Organization to eradicate biological epidemics. The rising efforts by such organizations will impel synthetic biology industry size.
India is a major regional ground for synthetic biology market. The Indian central government has recently come up with a national biotechnology development strategy in order to achieve the targets enlisted for the Biotech Vision 2020. In India, the Department of Biotechnology under the Ministry of Science and Technology is responsible for the commercialization of modern biology and biotechnology.
The Indian government, through the various demonstrations, infrastructural developments, and research & development projects, has been working to oversee visible impact of applications of biotechnology across agriculture, animal science, healthcare, and environment. The active participation of government in technology transfer and patenting of innovation will drive India synthetic biology market size.
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The expansion of biotechnology research in India will augment the regional industry. As per a report by the Association of Biotechnology Led Enterprises (ABLE), Indian biotech sector witnessed a six-fold growth by 2014, hitting the USD 6 billion mark, and is estimated to reach USD 100 billion by the end of 2025.
The changing healthcare landscape in India due to regulatory policies will reflect on the regional synthetic biology market share. For instance, in 2017, the Union Government launched the ‘Innovate in India’ program to provide affordable healthcare facilities and develop competitive biopharmaceutical industry. This flagship program in collaboration with World Bank has brought industry contenders and academia together to enhance entrepreneurship and indigenous manufacturing of biopharmaceutical products. The prevalence of such programs will impact the future of synthetic biology in India.
Regulatory bodies like the Food and Drug Administration (FDA), Environmental Protection Agency (EPA), Animal and Plant Health Inspection Service (APHIS) across U.S. consistently hold funding rounds and have strengthened foreign investment in synthetic biology applications in the nation. The expansion of next-generation sequencing market in the country and the rising adoption of genetic engineering with synthetic biology techniques to develop a wide variety of products will drive U.S. synthetic biology market size.
In the U.S., increasing practice of development of genetically engineered organisms to be used in an open environment has changed trends in synthetic biology. In recent times, genetically engineered soybeans and corn are being grown widely throughout the country. In addition, rapid production of vaccines to curb the outbreak of diseases due to the emergence of human and animal microbial pathogen will also drive the U.S. synthetic biology industry trends.
The shifting trends toward the use of renewable chemicals, biofuels, enzymes, and agricultural products will further strengthen the future of synthetic biology. Rising investments in the biotech sector and increasing number of R&D programs concerning biotechnology and gene editing will drive synthetic biology market size.
Global Market Insights, Inc., claims that synthetic biology market size will cross more than USD 55 billion by the end of 2025.
Author Name : Sunil Hebbalkar