Synthetic Biology Market Will Led to Huge Growth and Share in Near Future
The need for advanced and innovative drug discovery and development has increased considerably as the prevalence of various diseases, such as neurological disorders, immunological disorders, infectious diseases, and cancer is rising. Due to this, several biopharmaceutical and pharmaceutical companies are becoming more inclined toward the development of new and more effective biopharmaceutical drugs. This in turn, has been made possible because of the growing research and development investments in drug discovery and development. Since synthetic biology provides innovative solutions for drug discovery, its demand is surging as well. Using synthetic biology, living organisms are genetically developed for required functions in research laboratories. The field derives input from molecular and cell biology, biochemistry, bioinformatics, mathematics, and evolutionary systematics. Synthetic biology elucidates disease mechanisms and target identification, along with providing avenues to design and discover novel biopharmaceuticals and small chemotherapeutic molecules.
According to a research conducted by the P&S Intelligence, the global synthetic biology market is expected to generate a revenue of $23.8 billion and advance at a CAGR of 35.4% in the near future. Among several reasons for the growth of this market is the increasing geriatric population. According to the United Nations Department of Economic and Social Affairs, the population of people aged 60 years and above is rising at a high rate; the number rose from 9.2% in 1990 to 11.7% in 2013 and is further predicted to reach 21.1% by 2050. People aged 60 years and above are more prone to illness because of low immunity and metabolic rate, due to which diseases such as cancer and immunological diseases affect elderly people more severely. The treatment of such diseases requires more effective biotherapeutics and synthetic biology helps achieve the same by enabling designing of novel strategies for the treatment as well as production of cheap drugs.
Several applications of synthetic biology are chemical, agriculture, pharmaceutical & diagnostic, energy, and research & development. The largest demand for synthetic biology was created by the pharmaceutical & diagnostic application during 2011–2014 and the situation is going to be the same in the coming years as well. The combination of medical science and synthetic biology allows swift discovery of therapeutics and target-specific antibodies, along with peptide screening with degenerate gene libraries. Furthermore, synthetic biology involves the development of several diagnostic technologies for diseases, such as metabolic disorders, immunological disorders, and others.
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