Global Synthetic Biology Market Size and Forecast up to 2020: Grand View Research, Inc
The engineering and design of novel devices, systems,
biologically based parts as well as the redesign of naturally existing
biological systems is known as synthetic biology or engineering of biology. It
is done to develop genetically modified organisms so that new preferred
functions can be performed leading to increase in biological systems
production.
Synthetic biology is a new and revolutionary method of bioscience
in which engineering principles are applied to biology in order to make new
biological devices, systems and parts. Recently synthetic biology has entered
the commercial market and is passing through a nascent stage. Currently there
are consumer products in the market such as on department store shelves or
grocery that contains the ingredients made by using advanced form of
manufacturing and engineering. The original aim of synthetic biology was the
production of biofuels and in the recent past it has extended to the industries
such as scents, flavorings, cosmetics and others.
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There is also the usage of standard industrial fermentation
and molecular biology for the production of sustainable, renewable algal oils
that would pacify pressure that is there on ecosystem due to habitat
destruction and deforestation. Development of cheap synthesis procedures in
life sciences is one of the most important roles of synthetic biology. DNA
sequencing knowledge is built by synthetic biology and also there is
expectation of development of bio based chemicals, medicines, improvement of
food crops and sources of green energy. There are some potential environmental
applications of synthetic
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biology such as
bio-transformation ,distinct chemicals immobilization , detection of
environmental pathogens and contaminants, in situ biodegradation and others
which would attract the governments of various LDC’s and developing counties to
invest on the same. The drivers for the market are molecular biology
advancement, fall in the cost of data generation due to decreasing prices of
DNA sequencing, increase in government funding and rise in demand of renewable
energy such as biofuels, increasing demand of improved vaccines and drugs and
rising demand for genetically modified crops due to the increasing population.
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
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