CURRENT GLOBAL SCENARIO
5. Synthetic Biotech Market - Past, Present, and Future:
​
In the late 1990s, synthetic biology mostly meant the use of cells, proteins, genes, and promoters to design and manufacture entirely new circuits and systems not found in nature. It was a new approach of applying engineering concepts to biological systems. It was first publicized by Bio Bricks systems commercializing the standardization processes with the tracking device- chassis approach, and it gained importance after announcing J Craig Venter’s first synthetic bacterial genome.
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Future Trends:
Different funding agencies encourage research on synthetic biology to increase knowledge and prospective products. There are 300 research locations across U.S. and Europe. These include 70 companies and 125 universities; the rest are research institutes and laboratories. The numbers are increasing continuously.
​
COVID-19 has deeply impacted the synthetic biology industry. It has made people realize the importance of a good bioeconomy. It has encouraged more governments and business tycoons to invest in this industry, especially in R&D.
​
The Synthetic Biology market in the U.S. is estimated to be US$3.2 Billion in the year 2021. China, the world`s second-largest economy, is expected to reach a market size of USD 2.2 Billion by 2026. Japan and Canada, each is forecast to grow at a CAGR of 22.2% and 22.8% respectively.
​
​
​
​
​
​
​
​
https://link.springer.com/article/10.1007/s11192-017-2452-5
​
​
​
​
