Albany - NY, Aug. 3, 2015 (GLOBE NEWSWIRE) -- Synthetic biology is on the path to becoming a US$13.4 billion market by 2019, exhibiting a sharp CAGR of 32.6% between 2013 and 2019, estimates Transparency Market Research in its latest report. The report, titled "Synthetic Biology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast,2013 - 2019", puts the value of the market at US$1.8 billion in 2012.Synthetic biology is a process that utilizes biology and genetic engineering to produce artificial biological systems and devices. The process is proving to be especially pivotal in producing affordable medicines and improved nutritional products. The report zeroes in the following key factors that have shaped the growth curve of the global synthetic biology market: Increased government participation and investments being routed into scientific research as well as active initiatives taken by private players in R&D.
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Besides pharmaceutical and nutrition-related applications, synthetic biology has been used for mitigating the damaging effects of marine pollution. The process has been extensively applied for developing engineered microorganisms to limit oil spill damages. Additionally, researchers have successfully used synthetic biology to convert regular plastics into microplastics that can be re-used. With DNA sequencing prices taking a plunge, the synthetic biology market will gain momentum. However, the global synthetic biology market is still impeded by ethical issues relating to synthetic biology products.
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Synthetic Biology Market Segmentation by Product, Application, and Technology
The TMR reports offers a highly detailed study of the global synthetic biology market by classifying it on three fronts: Application, products and technologies.
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By application, the synthetic biology market is classified according to sectors such as: Healthcare, chemicals, agriculture and others. Of these, the healthcare segment will demonstrate continued growth thanks to factors such synthetic DNA and genes now being commercially available, which in turn supports the development of affordable pharma products.
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The segmentation of the synthetic biology market by product has been done as follows: Core products and enabling products. The core products segment is further segregated as: XNA, synthetic DNA, synthetic cells, synthetic genes, and chassis organisms. The enabling products segment, on the other hand, is further divided into products for oligonucleotide synthesis and those for DNA synthesis. According to 2012 estimates, the core products segment enjoyed a larger share of market revenues as compared to enabling products. Based on the type of technology used in synthetic biology processes, the market is segmented as: Biological components and integrated systems, genome engineering, bioinformatics, and DNA sequencing. Technology for synthetic biology genome engineering is observed to be the most widely used as of 2012, because it can efficiently modify specific areas within the DNA to attain better reproducibility.
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Regional and Competitive Analysis of the Synthetic Biology Market
Findings of the TMR report indicate that Europe will lead the synthetic biology market through the forecast period as a result of active government initiatives and milestones achieved by private players. North America followed Europe in terms of market share as of 2012 through the launch of innovative technologies. Players that yield maximum influence over the synthetic biology market are: DuPont, Inc., Bayer AG, Amyris, Inc., Ginkgo Bioworks, Royal DSM, and Life Technologies Corporation.
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The global synthetic biology market is segmented into the following categories:
Synthetic Biology Market, by Products
- Synthetic DNA
- Synthetic Genes
- Synthetic Cells
- XNA (Xeno Nucleic Acid)
- Chasis Organisms
- DNA Synthesis
- Oligonucleotide Synthesis
Synthetic Biology Market, by Technologies
- Genome Engineering
- DNA Sequencing
- Biological Components and Integrated Systems
Synthetic Biology Market, by Applications
- Chemicals (Including Bio-Fuels)
- Others (Biosecurity, R&D, Energy and Environment)
Synthetic Biology Market, by Geography
- North America
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research