Market Trends of Synthetic Biology Industry
The Healthcare Segment is Expected to Witness Significant Growth Over the Forecast Period
The rapid development of synthetic biology has driven the healthcare industry to consider the varied therapeutic approaches by using live bacteria, artificial cells, and engineered phages. For instance, it has enabled life technologies to design and manufacture antigens and variants with rapid results, high expression, and capacity. Synthetic biology has several applications starting from drug and vaccine development, applications manufacturing, and diagnostic tests. For instance, a study published in the Journal BMJ in March 2023, stated that the United States invested over USD 31.9 billion, for the development, production, and purchasing of the mRNA covid-19 vaccines, including the significant investments through March 2022. Further, in August 2021, the Government of Canada signed a memorandum of understanding with Moderna to construct a state-of-the-art facility for mRNA vaccine production, in Canada.
Various initiatives taken by governments and other organizations are expected to influence the market studied in this segment positively. For instance, the In June 2021, eureKARE a next generation biotechnology and synthetic biology company, launched its first synthetic biology studio located in Belgium. The studio would expand the synthetic biology offerings and research in biomedical and other thematic applications in various European innovation hotspots. In January 2021, AbSci, a synthetic biology company focused on the drug discovery and biomanufacturing of next generation biotherapeutics, acquired Denovium Inc., an artificial intelligence deep learning company. The acquisition would further strengthen the synthetic biology solution of AbSci the cutting-edge deep learning AI of Denovium Inc., to create in silico predictive protein drug design and cell line development. Also, the significant healthcare expenditure in the developed and developing nations are also
Therefore, the healthcare segment is expected to witness significant growth over the forecast period due to the abovementioned factors, including the active research and developments in synthetic biology for healthcare areas.
North America is Expected to Expected to Witness Significant Growth Over the Forecast Period
North America is estimated to witness significant growth in the synthetic biology market due to the increasing demand for bio-based products, increased investments in synthetic biology companies, and rising R&D funding for synthetic biology. The United States contributes majorly to the research being done in the fields of drug discovery, genomics, and proteomics structure prediction, and soon in the region, thereby boosting the growth of the synthetic biology market. Various universities and research institutes received funding from governmental organizations, like the National Institute of Health (NIH), and private organizations, like Gates and Melinda Foundation, for developing various bioinformatics, DNA sequencing and biological components, and integrated systems devices, which can be widely used for various healthcare and other applications. In October 2022, Government of Canada invests over USD 4.13 million (CAD 5.6 million) 2022 to support the early-stage genomics companies bring new products to market. This would boost genetic engineering or synthetic biology involving the molecular biosciences with computing, automation artificial intelligence (AI), and miniaturization.. In September 2022, the United States Department of Energy (DOE) today invested USD 178 million for bioenergy research to advance sustainable technology breakthroughs which would focus to improve food and agricultural production, public health, address climate change, and create more resilient supply chains. This investment would support cutting-edge biotechnology R&D of bioenergy crops, industrial microorganisms, and microbiomes. Alternative clean energy sources like bioenergy are playing a key role in reaching President Biden's goal of a net-zero carbon economy by 2050. Furthermore, increasing government and private institutions' support and R&D investments in drug discovery and development are also major growth factors expected to drive the market during the forecast period.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
