The global synthetic biology market is significantly growing during the forecast period. There are various key factors that are contributing to the growth of the global synthetic biology industry include a rise in the global production of genetically modifies crops, increasing R&D, and reduction in the cost of DNA sequencing. Designing new organisms and biological systems, in order to fulfill human needs are some of the major goals of synthetic genomics and synthetic biology. Gene synthesis is a method in synthetic biology that is used to construct genes in the laboratory.
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Synthetic genes have a range of applications in various fields, ranging from metabolic improvement to genetic circuits, and many more. The rapid technological advancement and increasing understanding of genetics have led to the development of a new design of genes. The synthetic genes are beneficial to the environment, health and numerous industries that enable to remove the environmental contaminants and create safer and cleaner air. The advancements in genome engineering technologies such as CRISPR and DNA synthesis is further spurring the growth of the global synthetic biology market. Moreover, the rising applications of synthetic biology that are expected to reduce the risks of life-threatening and chronic diseases.
Application in Agriculture Sector Has Potential to Drive Market
The application of synthetic biology for the production of transgenic seeds has been significantly used by various regions such as Germany, France, and the US. The market players such as BASF and Dupont are offering synthetic biology-based crop protection and management solutions across the globe. The government of the countries is providing funding to companies for R&D in synthetic biology technology for crop production and protection. For instance, in 2018, Inocucor Corp. raised a fund of $15.9 million backed by Cycle Capital Management (Montreal), TPG ART (San Francisco), Desjardins Innovatech (Montreal), and Pontifax AgTech (Los Angeles). These attempts are significantly contributing to the application of synthetic biology in the agriculture sector; thereby spurring the growth of the synthetic biology market.
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Global Synthetic Biology Market- Segmentation
By Product
· Enabling Product
· Core Product
· Enabled Product
By Technologies
· Gene Synthesis & Sequencing
· Genome Engineering
· Bioinformatics
· Others
By Application
· Medical Applications
· Industrial Applications
· Food & Agriculture
· Environmental Applications
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
