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Team:Arizona State E/Overview
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Revision as of 09:39, 26 October 2012
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Overview
The global market of synthetic biology reached $1.1 billion in 2010 and is expected to grow to $10.8 billion by 2016. The compound annual growth rate is expected at 45.8%. Biofuels, specialty chemicals, diagnostics, pharmaceuticals, and agriculture related products reached $944.7 million in 2010. It is expected to grow to nearly 9.5 billion by 2016 at a CAGR of 46.5%. Synthetic genes, chassis organisms, and synthetic cells reached $109.4 million in 2010 and are expected to grow to $698.8 million by 2016 at a CAGR of 40.7%</html>[http://www.bccresearch.com/report/global-synthetic-biology-markets-bio066b.html]. This large market is due to the wide range of applications and specific trends, driving the adoption of synthetic biology.
Synthetic biology can be applied in medicines and health care, fine and specialty chemicals, energy, environmental, sensors, and agriculture and food. The figure below provides an excellent representation of synthetic biology as a platform of the underpinning disciplines and wide ranging practical applications[http://www.rcuk.ac.uk/Publications/reports/Pages/syntheticbiologyroadmap.aspx].
The current trends driving the adoption of synthetic biology are improving the quality of life, growing population, and the deteriorating environment. Synthetic biology is directly solving these needs by improving the prediction and prevention of diseases, personalized healthcare, and increasing renewable resources. Other than these current trends, the costs of DNA synthesis and sequencing have decreased. Innovative biotechnology companies such as Cambrian Genomics, which utilize DNA laser printing, and Oxford Nanopore, which utilize nanopores to sequence strands for individual nucleotides are leading this forefront[http://www.nature.com/news/2010/100120/full/463288a.html]. The figure below illustrates the cost of DNA sequencing between 1996 and 2011[http://www.rcuk.ac.uk/Publications/reports/Pages/syntheticbiologyroadmap.aspx].
