Market Trends of Synthetic Biology Industry
The Healthcare Segment is Expected to Witness Significant Growth During the Forecast Period
The rapid development of synthetic biology has driven the healthcare industry to consider the varied therapeutic approaches 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, including drug and vaccine development to 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 in developing, producing, and purchasing the mRNA COVID-19 vaccines, including significant investments through March 2022.
Various initiatives from governments and other organizations are expected to influence the market in this segment positively. For instance, in July 2022, SynbiCITE, the National Centre for the Industrial Translation of Synthetic Biology in the United Kingdom, received a grant of USD 6.6 million (GBP 5.5 million) from SynBioVen. The funding would enable the Imperial-hosted Center to continue to support synthetic biology startups and small and medium enterprises, strengthen the emerging economy of the United Kingdom, and unlock the societal benefits of synthetic biology. In June 2023, scientists at the International Society for Stem Cell Research’s annual meeting showcased the creation of synthetic human embryos using stem cells in a groundbreaking advance that sidesteps the need for eggs or sperm. Scientists mentioned that these model embryos, which resemble those in the earliest stages of human development, could provide a crucial window into the impact of genetic disorders and the biological causes of recurrent miscarriage. Thus, such developments in healthcare related to synthetic biology are expected to boost the segment growth.
Therefore, the healthcare segment is expected to witness significant growth during 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 Witness Significant Growth During 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 in 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, such as the National Institute of Health (NIH), and private organizations, like the 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, the Government of Canada invested over USD 4.13 million (CAD 5.6 million) to support the early-stage genomics companies in bringing new products to market. This would boost genetic engineering or synthetic biology involving molecular biosciences with computing, automation artificial intelligence (AI), and miniaturization.
In September 2022, the United States Department of Energy (DOE) invested USD 178 million in bioenergy research to advance sustainable technology breakthroughs, improve food and agricultural production and 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. Also, increasing government and private institutions' support and R&D investments in drug discovery and development are major growth factors expected to drive the market during the forecast period.
Therefore, owing to the aforementioned factors, such as the increasing focus on synthetic biology research, the market is anticipated to grow in North America.
