Synthetic biology is widely utilized in the medical and pharmaceutical industries for the development of better biological medicines and systems to address diverse healthcare issues. This process entails the creation and design of new biological systems based on standardized genetic components, as well as the necessary modification of existing life for new uses. Synthetic biology provides some potential in the realm of healthcare, including the ability to recreate very complicated pathways, DNA sequences, and natural biological systems.
Market size for synthetic biology is estimated to be US$ 6.09 billion in 2018 and to grow at a CAGR of 33.9% during the forecast period (2018-2026).
Increased funding/investment from manufacturers in the field of synthetic biology provides a profitable growth potential for producing sophisticated consumer items, industrial chemicals, and bioengineered pharmaceuticals. According to SynBioBeta statistics, 50 firms, both public and private, raised more than US$ 1.7 billion in January 2018 towards the development of breakthrough synthetic biology technology. Furthermore, the number of firms based on synthetic biology is increasing considerably, according to the findings. According to the same source, there were 293 synthetic biology businesses in the globe in 2013, which rose to 346 (2014), 387 (2015), and 411 (2016). (2016).
For example, Ginkgo Bioworks, a biotechnology company specializing in synthetic biology with a focus on cultured ingredients, strain improvement, and enzyme production, invested US$ 275 million in Series D funding in December 2017 to expand its production facility for organism engineering- Bioworks 3, which was its third foundry for prototyping and scaling engineered organisms.
To expand their market share, players are also involved in a number of joint ventures and collaborations with other businesses. For example, in March 2018, Bayer and Ginkgo Bioworks formed a joint venture and founded a new business, Join Bio, with the intention of focusing on engineering plant-associated microorganisms for better nitrogen fixation.