The synthetic biology industry garners $9,421.2 million revenue in 2021, and it is projected to generate $61,220.9 million in 2030, rising at a rate of 23.1% in the coming future. It is led by decreasing DNA sequencing costs, and precise and efficient next-genome sequencing systems availability at significantly lesser costs.
Moreover, the rising synthetic biology research initiatives with massive R&D funding from governments and private bodies fuel industry growth in the coming years.
The NGS technology is increasingly being used in the pharmaceutical & biopharmaceutical sector in several countries which propels the industry growth. The rising incidences of chronic diseases, such as cancer, diabetes, and autoimmune diseases boost the demand for innovative treatments.
The major industry players focus on delivering superior-quality instruments to research centers and pharmaceutical organizations involved in developing therapies for the treatment of genetic diseases. A variety of biological tools are used to design therapies relying on the nature of the disease in biopharmaceutical and pharmaceutical organizations.
Download sample pages of this report: https://www.psmarketresearch.com/market-analysis/synthetic-biology-market/report-sample
The usage of nanopore sequencing technology for NGS platform development is the major trend in the industry. Such platforms provide researchers and scientists with high-speed throughout sequencing at a lesser cost.
Conventional sequencing methods such as the Sanger method are costly, sluggish, and need a massive amount of DNA templates. The biological platforms provide assistance in disabling the limitations with higher accuracy in results.
Enzymes are projected to witness the fastest growth, accounting for 25% in the coming future. It is led by the high capability of enzymes in providing lengthier genes in a reduced time span. The enzyme modification led by their usage in synthetic biology tools provides support in genetic and posttranslational modification, and hence boosts the industry revenue. The major enzymes used in the pharmaceutical industry for genetic engineering are; amylase, lipase, xylanase, and protease.
Synthetic DNA and oligonucleotides capture the extensive industry share. It is led by the massive demand for synthetic genes, synthetic DNA, and synthetic RNA in a variety of applications in genetic testing and forensic sciences.
The synthetically manufactured oligonucleotides behave as a molecular tool in developing large cell populations with numerous genotypes, which supports the massively demanding genetic engineering. Besides research, oligonucleotides are massively used in the diagnosis of disease and in therapeutic areas.
The COVID-19 outbreak has boosted PCR usage to enable the detection and analysis of specific gene sequences, which primarily utilize oligonucleotides as a catalyst for industry growth. Oligonucleotides are massively used in the biopharmaceutical industry for aptamer designing, allele-specific assays, and dsDNA binding purposes.
In addition, the rising DNA computing adoption, mutagenesis experiments, and CRISPR gene editing are projected to provide lucrative opportunities in the industry in the near future.
North America captures a significant share of the industry, amounting to $4 billion, led by government projects on numerous novel biological compound syntheses, enhanced healthcare infrastructure, studies on numerous rare and genetic diseases being performed by a large number of research laboratories, innovation in genome sequencing, and massive synthetic biology patents.
Therefore, the synthetic biology industry is rising due to the burgeoning demand for gene sequencing to treat various genetic diseases and disorders.
