Synthetic Biology Market is Driving Advancement by Automation
Synthetic Biology Market is Driving Advancement by Automation
Blog Article
The global synthetic biology market holds tremendous potential for improving health and transforming industries through automated processes. Advancements in DNA synthesis and genome engineering have enabled rapid, cost-effective prototyping of biological systems for use in medicine, industrial applications and beyond.
Synthetic biology utilizes approaches such as metabolic engineering, directed evolution and molecular modularization to modify genomes and generate new biological functions and systems not found in nature. Products include bio-based chemicals, materials and fuels as alternatives to petrochemicals, as well as medicines, diagnostic tests and therapeutic agents. The ability to automate and program biological systems is revolutionizing sectors like healthcare, agriculture and more.
The Global synthetic biology market is estimated to be valued at US$ 17.88 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the synthetic biology are DiaSorin S.p.A., Abbott Laboratories, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers, Beckman Coulter Inc., F. Hoffmann-La Roche AG, Inova Diagnostics, Inc., Maccura Biotechnology Co., Ltd., Tosoh Corporation, and Ortho Clinical Diagnostic. The growing demand for cost-effective healthcare solutions and the global expansion of key players into emerging markets are fueling market growth. Rapid advancements in DNA synthesis, genome engineering and automated workflows are supporting a wave of innovation across industries.
Growing demand: The Synthetic Biology Market Demand for novel therapies and diagnostics is driving heavy investments. Advancements enable development of more targeted drugs with fewer side effects to address unmet needs. Point-of-care testing using synthetic circuits and materials improves access.
Global expansion: Leading players are expanding globally, especially into Asia and Latin America, to address growing healthcare needs. Partnerships allow localized manufacturing and distribution of affordable diagnostic solutions. Emerging markets present immense potential for synthetic biology derived industrial products.
Market key trends
One key trend is the growing automation of synthetic biology workflows using approaches like modular DNA assembly and automated laboratory processes. This helps accelerate research and scale up production. Open-source DNA assembly automation platforms now enable broader access and faster turnaround times for synthetic biology product development across diverse sectors. Automation is crucial to realizing the vast promised applications of this transformative field.
Porter’s Analysis
Threat of new entrants: Low costs and mastery of production techniques will lower the barriers to entry. However, established players hold dominant market share which will deter new entrants.
Bargaining power of buyers: The presence of many synthetic biology solution providers gives buyers leverage to demand lower prices. However, differentiated products allow suppliers to charge premium prices.
Bargaining power of suppliers: Key raw material suppliers wield influence over prices due to specialized technical expertise required. However, alternative material options provide flexibility.
Threat of new substitutes: Potential for new technologies to disrupt existing synthetic biology solutions. However, switching costs associated with established platforms protect incumbent players.
Competitive rivalry: Intense competition among major players to gain market share through differentiation, innovation and geographic expansion.
Geographical Regions
North America accounts for the largest share of the synthetic biology market currently due to presence of major players and investments in R&D. The US has emerged as the forerunner with the largest number of companies and funding towards synthetic biology projects.
Asia Pacific is poised to be the fastest growing regional market over the forecast period. Countries like China and India are witnessing increased investments in synthetic biology for application in healthcare, agriculture, and other industrial sectors. Supportive initiatives by governments coupled with growing biotech industry provide tailwinds for future expansion in Asia Pacific.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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