Synthetic Biology Market
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Synthetic Biology Market Size, Share & Analysis By Technology (NGS Technology, PCR Technology, Genome Editing Technology, Bioprocessing Technology, Others), By Product (Oligonucleotide/Oligo Pools and Synthetic DNA, Enzymes, Cloning Technology Kits, Xeno-nucleic Acids, Chassis Organism), By Application (Medical, Industrial, Environmental, Artificial Tissue and Tissue Regeneration, Food and Agriculture), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV169915 | Published: Feb 2024 | Historical Period: 2018-2022 | Pages: 190 | Price: $3260| Industry: Service and Software
Synthetic Biology Market Overview 2024:
The global synthetic biology market size was USD 13.75 billion in 2023 and is expected to register a robust revenue CAGR of 25% during the forecast period. Key factors such as growing demand for innovative solutions across several sectors, rapid development of new tools and techniques, and rising demand for customized medicine are expected to drive global market growth between 2024 and 2032.
Synthetic biology is a multidisciplinary field of science that combines principles from biology, chemistry, computer science, and engineering to design and construct new biological entities and redesign existing biological systems. It is a rapidly evolving field that uses different tools and technologies such as Polymerase Chain Reaction (PCR), genomic editing, DNA synthesis, and computer modeling to create several products across different fields such as medicine, environment, food, and agriculture.
Synthetic biology is rapidly gaining traction due to its transformative potential and number of opportunities it presents across various industries. It is currently used in drug discovery, vaccine development, personalized medicine, crop improvement, bioprocessing, biomanufacturing, biopesticides, nutraceuticals, and alternative food production.
Companies are focused on exploring potential applications of synthetic biology in various fields and many others are investing in R&D activities to develop advanced tools and techniques in synthetic biology.
However, initial investments and research and development costs associated with synthetic biology are high. This can be a limiting factor for small companies and startups with budget concerns to adapt to advanced technologies.
Graphical Overview:
Key Takeaways:
Rising Support from Government and Private Sectors:
Governments and private sectors across the globe are investing in R&D activities to develop novel products and technologies related to synthetic biology. Moreover, there has been a growing demand for sustainable and bio-based products across various industries like agriculture, healthcare, and energy. This is another factor expected to drive global market growth over the forecast period.
Ethical Concerns and Technical Challenges:
Though synthetic biology is rapidly gaining popularity, the potential risks associated with it can raise ethical concerns, leading to lower adoption of the technology. In addition, synthetic biology still retains technical challenges that need to the addressed. This can also hamper overall market growth during the forecast period.
Market Opportunities:
The synthetic biology market presents a wide array of exciting opportunities across various fields such as regenerative medicine, developing crops with enhanced traits, biofuels, biosensors, and bioremediation of contaminated water.
Type Outlook:
The global synthetic biology market is segmented into NGS technology, PCR technology, genome editing technology, bioprocessing technology, and others. The PCR technology segment is expected to register a rapid revenue CAGR over the forecast period owing to rapid advancements in genome editing technologies and high preference for PCR technology due to rapid and precise amplification of specific DNA sequences.
Application Outlook:
Based on application, the global market is segmented into medical, industrial, environmental, artificial tissue and tissue regeneration, and food and agriculture. Among these, the medical segment is expected to account for a significantly larger revenue share during the forecast period. This growth can be rising prevalence of various disorders, high usage of synthetic biology in drug discovery and development, precision medicine, vaccines, biological sensors, diagnostics, and tissue engineering, and ongoing research on exploring more potentials of synthetic biology in medicine.
Regional Outlook:
North America is expected to account for the largest revenue share in the global market between 2024 and 2032 owing to rapid advancements in synthetic biology techniques and tools, increasing demand for bio-based products, and ongoing research on exploring the application of synthetic biology. Moreover, presence of leading companies, rising investments in R&D activities, and growing demand for innovative solutions are other factors expected to boost North America market growth going ahead.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2023 |
| Historical Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Segments Covered: | Technology, Product, Application, and Region |
| By Technology | NGS Technology, PCR Technology, Genome Editing Technology, Bioprocessing Technology, Others |
| By Product | Oligonucleotide/Oligo Pools and Synthetic DNA, Enzymes, Cloning Technology Kits, Xeno-nucleic Acids, Chassis Organism |
| By Application | Medical, Industrial, Environmental, Artificial Tissue and Tissue Regeneration, Food and Agriculture |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Thermo Fisher Scientific, Inc., Merck KGaA, Novozymes, Agilent Technologies, Inc., Codexis, Inc., Bota Biosciences Inc., Creative Biogene., Creative Enzymes, Enbiotix, Inc., Illumina, Inc., Eurofins Scientific, New England Biolabs, Pareto Bio, Inc., Scarab Genomics, LLC, Synthego, Twist Bioscience, Synthetic Genomics Inc., BioBricks Foundation, DIYbio, Amyris, Cyrus Biotechnology and TeselaGen |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global Synthetic Biology market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Thermo Fisher Scientific, Inc.
- Merck KGaA
- Novozymes
- Agilent Technologies, Inc.
- Codexis, Inc.
- Bota Biosciences Inc.
- Creative Biogene.
- Creative Enzymes.
- Enbiotix, Inc.
- Illumina, Inc.
- Eurofins Scientific
- New England Biolabs
- Pareto Bio, Inc.
- Scarab Genomics, LLC
- Synthego
- Twist Bioscience
- Synthetic Genomics Inc.
- BioBricks Foundation
- DIYbio
- Amyris
- Cyrus Biotechnology
- TeselaGen
Synthetic Biology Industry Recent Developments:
- In May 2023, GenScript Biotech Corporation announced its synthetic biology product line expansion at SynBioBeta 2023.
- In January 2023, NREL, in partnership with LanzaTech, Northwestern, and Yale announced the launch of the Synthetic Biology Project to advance biofuel discovery technologies.
- In August 2022, Synlogic, Inc. announced the launch of Synthetic Biotic for gout.
The global synthetic biology market has been segmented based on technology, product, application, and region:
By Technology:
- NGS Technology
- PCR Technology
- Genome Editing Technology
- Bioprocessing Technology
- Others
By Product:
- Oligonucleotide/Oligo Pools and Synthetic DNA
- Enzymes
- Cloning Technology Kits
- Xeno-nucleic Acids
- Chassis Organism
By Application:
- Medical
- Industrial
- Environmental
- Artificial Tissue and Tissue Regeneration
- Food and Agriculture
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Thermo Fisher Scientific, Inc.
- Merck KGaA
- Novozymes
- Agilent Technologies, Inc.
- Codexis, Inc.
- Bota Biosciences Inc.
- Creative Biogene.
- Creative Enzymes.
- Enbiotix, Inc.
- Illumina, Inc.
- Eurofins Scientific
- New England Biolabs
- Pareto Bio, Inc.
- Scarab Genomics, LLC
- Synthego
- Twist Bioscience
- Synthetic Genomics Inc.
- BioBricks Foundation
- DIYbio
- Amyris
- Cyrus Biotechnology
- TeselaGen
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