Synthetic biology is an interdisciplinary field that aims at the fabrication and redesigning of biological systems and components that do not exist in the natural world. This domain basically focusses on the application of engineering principles to biology. Many private and government organizations such as National Aeronautics and Space Administration (NASA), National Science Foundation (NSF), Synthetic Biology Engineering Research Center (SynBERC), International Association Synthetic Biology (IASB), and Centre for Chemical and Synthetic Biology (CCSB) are increasingly launching various initiatives for promoting research and development (R&D) activities in basic and applied research.
In addition to this, these organizations are also making huge investments in R&D activities in synthetic biology. Apart from the huge investments being made in the synthetic biology domain, the soaring geriatric population and advanced and innovative applications of synthetic biology are also fueling the advancement of this industry across the globe. Furthermore, the surging investments being in R&D activities for drug discovery and production are boosting the adoption of synthetic biology technologies and tools.
Hence, with the growing popularity of this technology, the global synthetic biology market will exhibit swift progress in the coming years, according to the estimates of P&S Intelligence, a market research firm based in India. Between the synthetic biology technologies and tools, the former witnessed higher adoption in the past and this trend is likely to continue over the next few years. Moreover, the incorporation of synthetic biology technologies will increase rapidly in various medical, pharmaceutical, and biotechnology applications in the future years.
Pharmaceutical and diagnostic, chemical, agriculture, research and development (R&D), and energy sectors are the major application areas of synthetic biology tools and technologies. Out of these, the adoption of these solutions was observed to be the highest in various pharmaceutical and diagnostic applications during the last few years. Further, the integration of synthetic biology technologies will increase rapidly in pharmaceutical and diagnostic processes in the upcoming years. However, the adoption of these solutions will increase at the fastest rate in the energy sector over the next several years.
Globally, the North American synthetic biology market registered the highest growth in the past and is predicted to be very lucrative in the forthcoming years as well. This is ascribed to the rising incidence of chronic diseases and ailments and the growing geriatric population in the various North American countries. Additionally, the surging investments being made in R&D projects and the rapid technological advancements and innovations in the biotechnology sector are contributing to the soaring popularity of synthetic biology in the region. In North America, the demand for synthetic biology technologies will increase significantly in the U.S. in the future.
Hence, the popularity of synthetic biology will surge sharply throughout the world in the coming years, mainly on account of the rapid advancements in this industry, the increasing R&D activities in synthetic biology solutions, the rising incidence of chronic diseases, and the ballooning geriatric population all over the world.
