What is the global market size of Synthetic Biology Market?

Global Synthetic Biology Market size was valued at USD 11 billion in 2021 and is poised to grow from USD 13.09 billion in 2022 to USD 55.37 billion by 2030, growing at a CAGR of 18.97% in the forecast period (2023-2030).

Who are the key vendors in the Global Synthetic Biology Market?

Because of the existence of big, regional, and global competitors in the industry, the synthetic biology market is fragmented and competitive. Small start-ups concentrating on specialized technologies, as well as huge corporations with a diverse portfolio of services and resources, are among the industry players. Vendors compete on the basis of technology, brand identity, and product portfolio. Companies are employing a variety of methodologies since synthetic biology encompasses a wide range of tools such as DNA sequencing and genome engineering. Some market participants concentrate on a single technology or sector, such as biofuels, whilst others concentrate on a specific technique, such as genome engineering, which has various uses. Collaborations and partnerships are two additional significant techniques employed by suppliers. 'Thermo Fisher Scientific Inc.', 'Ginkgo Bioworks', 'Twist Bioscience Corporation', 'Codexis Inc.', 'Intrexon Corporation', 'Synthetic Genomics Inc.', 'Amyris Inc.', 'Zymergen Inc.', 'GenScript Biotech Corporation', 'Evolva Holding SA', 'DSM NV', 'ATUM', 'Editas Medicine', 'Genomatica Inc.', 'Global Bioenergies SA', 'BioAmber Inc.', 'Gevo Inc.', 'Synthace Limited', 'Arzeda Corporation', 'Inscripta Inc', 'In January 2022, Ribbon Biolabs, a DNA synthesis company, has raised ~USD 19.6 million in series A funding. With this fund, the company enabled commercial-scale production facilities and the expansion of DNA synthesis technology in the United States.', 'In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).', 'In January 2021, Novozymes launched Frontia GlutenEx. It would assist wheat processors in increasing gluten protein recovery while also reducing energy use.', 'In January 2021, Merck acquired AmpTec (Germany). The firm expanded its product range by developing and manufacturing mRNA for use in vaccinations, therapies, and diagnostics as a result of this purchase.'

What is the key driver of Global Synthetic Biology Market?

Due to lengthy research and regulatory procedures, the R&D business has always been capital-intensive. Governments see R&D as a critical investment for any country's prosperity, international competitiveness, and public benefit. As a result, R&D investment and funding have steadily increased throughout the years. From 2018 to 2019, R&D investment in the life sciences business increased by 22%. Pharmaceutical and biotechnology businesses spend extensively in research to produce game-changing compounds to meet the rising requirements of the healthcare sector and tackle emerging ailments. The worldwide pharmaceutical R&D sector contributes for over 80% of total R&D investment in the life sciences industry.

What is the key market trend for Global Synthetic Biology Market?

The medical applications segment is expected to grow at a fastest CAGR. The availability of large corporate and governmental financing for the development of novel cures, as well as extensive research on new and better treatments, is the key driver of the medical applications segment's growth.

Which region accounted for the largest share in Global Synthetic Biology Market?

The synthetic biology market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America held the largest proportion of the synthetic biology market in 2020, followed by Europe and Asia Pacific. The growth in the number of well-established synthetic biology firms and research institutes in the United States and Canada is linked to the high proportion of the North American market. Other significant causes include the high number of current research investigations and the global expansion of the healthcare sector.

Synthetic Biology Market Size, Share, Growth Analysis, By Tool(Oligonucleotides and Synthetic DNA, Enzymes, Cloning Technologies Kits, Synthetic Cells), By Application(Medical Application, Pharmaceuticals, Drug Discovery and Therapeutics, Other Medical Application), By Technology(Gene Synthesis, Genome Engineering, Sequencing, Bioinformatics), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35H2209 | Region: Global | Published Date: October, 2024
Pages: 165 | Tables: 132 | Figures: 81

Synthetic Biology Market Insights

Global Synthetic Biology Market size was valued at USD 11.3 Billion in 2022 and is poised to grow from USD 14.18 Billion in 2023 to USD 87.27 Billion by 2031, at a CAGR of 25.5% over the forecast period (2024-2031).

The synthetic biology market is projected to witness significant growth in the coming years owing to technological advancements and growing demand for sustainable solutions. Speedy progress in Cas9 and CRISPR gene editing technologies and synthetic gene synthesis is aiding synthetic biology to be more cost-effective and feasible. Moreover, the rising interest in synthetic biology to develop ecological and sustainable solutions like green chemicals, biodegradable materials, and biofuels is impacted by concerns of the environment and the rising need for sustainability. However, the market is negatively impacted by ethical and regulatory concerns. Ethical issues and strict regulations associated with genetic modifications, environmental impact, and biosafety might hamper commercialization and research efforts. Yet, the development of advanced therapies and personalized medicines is offering great potential to transform healthcare and treat the previously known incurable illnesses.

Synthetic Biology Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Synthetic Biology Market providers need to focus on maximizing their business scope by reaching into new markets and developing synthetic biology for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new synthetic biology companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future. 'Genentech Inc. (U.S.) ', 'Sorenson Genomics, LLC (U.S.) ', 'Abbott Molecular (U.S.) ', 'Bayer Diagnostics (U.S.) ', 'Genomic Health (U.S.) ', 'Thermo Fisher Scientific Inc. (US) ', 'Merck KGaA (Germany) ', 'Agilent Technologies (US) ', 'Novozymes (Denmark) ', 'Ginkgo Bioworks (US) ', 'Amyris (US) ', 'Precigen, Inc. (US) ', 'GenScript (China) ', 'Twist Bioscience (US) ', 'Synthetic Genomics (US) ', 'Codexis, Inc. (US) ', 'Synthego (US) ', 'Creative Enzymes (US) ', 'Eurofins Scientific (Luxembourg) ', 'Bota Biosciences Inc. (China) ', 'Creative Biogene (US) ', 'Enbiotix, Inc. (US) ', 'Illumina, Inc. (US) ', 'New England Biolabs (US) ', 'Pareto Bio, Inc. (US) '

Synthetic biology is improving the emergence of novel therapies, diagnostics, and vaccines, impacting the surging use in healthcare and pharmaceutical sectors. Furthermore, the said technology is used in the development of genetically tailored crops with improved resistance to diseases and pests, which aids agriculture productivity and food security. These factors are impressively helping the growth of the synthetic biology market.

Epigenetics: Engineered gene’s expression is dictated by complex & dynamic epigenetics and DNA sequence. This over-activates synthetic constructs, resulting in inconsistent outcomes. Owing to this feature, the newbies in the market are bringing innovations in epigenetics technologies to navigate and handle these intricacies.

Geographically, the synthetic biology market is leading in North America owing to several factors like robust research and development architecture. Mainly, Canada and the United States holds a strong infrastructure for research and development. This comprises top-class universities, research institutes, and biotech companies that fuel inventions and advances in the domain of synthetic biology. Moreover, growing funding and heavy investments in synthetic biology and biotechnology from both public and private sectors aid better research and development of technologies in the region. The leading vendors operating in North America include Thermo Fisher Scientific, Agilent Technologies, Ginkgo Bioworks, and Amyris, Inc. among others.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Synthetic Biology Market Insights

Synthetic Biology Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Synthetic Biology Market?

Who are the key vendors in the Synthetic Biology Market?

What is the key driver of Synthetic Biology Market?

What is the key market trend for Synthetic Biology Market?

Which region accounted for the largest share in Synthetic Biology Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300