COVID-19 Impact and Recovery Analysis - Global Synthetic Biology Market 2020-2024
LONDON--(BUSINESS WIRE)--The global synthetic biology market is expected to grow by USD 11.52 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Healthy growth is expected to continue throughout the forecast period.
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The global synthetic biology market will have a positive impact due to the spread of COVID-19. The extension of containment efforts is leading to higher demand and reduced production. Hence, prices are expected to remain elevated during the short term, thereby resulting in an improved topline growth of market vendors.
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The market is driven by investments in synthetic biology processes and techniques. In addition, increasing applications of synthetic biology is anticipated to boost the growth of the synthetic biology market.
Over the past decade, the market has witnessed a significant increase in venture funding in synthetic biology start-ups. As of 2019, the synthetic biology industry raised over USD 12.3 billion in the last ten years, compared to nearly USD 400 million in investments in the previous decade. Also, several governments across the world are embracing this technology to enhance healthcare services and effectively manage rapidly exhausting natural resources. For instance, in June 2019, a group of scientists and engineers from over 30 universities and several companies in the US released a new, technical roadmap to harness the benefits of synthetic biology. According to the new plan, government investments in the field will be used to improve food crops, the environment, the economy, public health, and renewable energy. Therefore, the increasing investments in synthetic biology processes and techniques are expected to fuel the growth of the global synthetic biology market during the forecast period.
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Major Five Synthetic Biology Companies:
Amyris Inc. operates its business through the unified segment. The company provides synthetic biology solutions to different end-users. The company engineers organisms through its proprietary process of synthetic biology.
Algenol operates its business through segments such as Sustainable products and Customized services. The company is specialized in converting algae into high purity commercial products, such as spirulina and spirulina protein isolates, algae extracts used in the personal care products, and green crude or bio-fuels.
DuPont de Nemours Inc.
DuPont de Nemours Inc. operates its business through segments such as Electronics and Imaging, Nutrition and Biosciences, Transportation and Industrial, and Safety and Construction. The company provides synthetic biology products and services to various industries, such as food and beverages, fabric and home care, and personal care.
Genomatica Inc. operates its business through segments such as Products and Services. The company provides synthetic biology solutions to different end-users such as nutraceuticals, probiotics, enzymes, flavors, cosmetics, etc. manufacturers. The company is specialized in bio-engineering and has a system-level approach to designing a microorganism and production process at the same time.
Integrated DNA Technologies Inc.
Integrated DNA Technologies Inc. operates its business through the Synthetic biology products and services segment. The company is specialized in several synthetic biology products that have genomic applications. Some of these products include DNA & RNA, CRISPR genome editing, next-generation sequencing products, genes & gene fragments, qPCR & PCR primers, GMP, OEM & integrations, and IDT Oligo card.
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Synthetic Biology Market Application Outlook (Revenue, USD Billion, 2020-2024)
Synthetic Biology Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
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» Publication Date: 01/07/2020