Synthetic Biology Market to Reach US$13.4 bn by 2019 due to Increasing Demand for Enhanced Vaccines and Drugs A new Transparency Market Research report states that the global synthetic biology market stood at US$1.8 bn in 2012 and is predicted to reach US$13.4 bn by 2019. It is predicted to expand at a whopping CAGR of 32.60% from 2013 to 2019. The title of the report is “Synthetic Biology Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.� Synthetic biology refers to an interdisciplinary branch of engineering and biology. It aims at the fabrication and redesign of biological systems and components that do not already exist in the natural world. Synthetic biology combines the increasing knowledge of genomics with the chemical synthesis of DNA for enabling researchers to quickly manufacture catalogued DNA sequences.
The increasing demand for enhanced vaccines and drugs and the development of molecular biology are amongst the chief factors fuelling the synthetic biology market. In addition, the participation and encouragement of universities and government bodies in synthetic biology research and the rising demand for genetically modified crops owing to the increasing global population are also amongst the chief factors fuelling the market for synthetic biology. On the other hand, the increasing regulations and the soaring costs of synthetic biology techniques may impede the growth of the market in the coming years. On the basis of product, the report segments the market for synthetic biology into core products and enabling products. Amongst these, core products are further segmented into synthetic genes, synthetic DNA, synthetic cells, chassis organisms, and XNA (xeno nucleic acid). On the other hand, enabling products are further segmented into oligonucleotide synthesis and DNA synthesis. Amongst these, the segment of synthetic DNA led the market in 2012 due to the increasing commercial availability of synthetic DNA. On the basis of technology, the market is segmented into DNA sequencing, genome engineering, biological components and integrated systems, and bioinformatics. Amongst these, genome engineering technology can be utilized for modifying genetic foods, gene therapy, and gene cloning. On the basis of application, the synthetic biology market is segmented into chemicals, healthcare, agriculture, and others including R&D, biosecurity, and energy and environment. Amongst these, synthetic biology has the largest application in the healthcare sector owing to the increasing use