Synthetic Biology Market Booming as Technologies Advance - Exclusive Report by MarketsandMarkets™

 

Synthetic biology is a rapidly growing field with applications across numerous industries. It is an interdisciplinary branch of biology that combines science and engineering to design and create new biological systems. The global synthetic biology market was valued at $ 11.4 billion in 2022 and is expected to reach $ 35.7 billion by 2027, growing at a compound annual growth rate (CAGR) of 25.6% during the forecast period.

The growth of the market is attributed to an increasing demand for synthetic biology-based products, such as vaccines, enzymes, and drugs. Additionally, the rise in research and development activities in the field of synthetic biology and advancements in synthetic biology platforms are expected to drive the market growth. Furthermore, investments by government and venture capitalists in this field are also expected to fuel the market growth.

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The market is segmented on the basis of type, application, end-user, and geography. On the basis of type, the market is divided into DNA synthesis, DNA sequencing, gene synthesis, and others. The application segment is classified into drug discovery and development, industrial enzymes, bioproducts, and others. On the basis of end-user, the market is divided into academic research institutes, biotechnology and pharmaceutical companies, and others.

Geographically, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America held the largest market share, accounting for more than 40% of the global synthetic biology market share. The growth of synthetic biology in the region is supported by the presence of large pharmaceutical and biotechnology companies and increased government and venture capital funding.

Overall, the synthetic biology market is expected to continue growing, as it offers numerous benefits to many different industries. As the technology advances, the market will continue to expand and offer new and innovative solutions to a variety of challenges.

Key Market Players:

Some of the prominent players in the Synthetic Biology Industry are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc (US), Novozymes A/S (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and Eurofins Scientific (Luxembourg).

Thermo Fisher Scientific (US) is one of the leading player in synthetic biology market in 2021. The company’s leading position attributable to its diversified product portfolio, strong geographic presence, and adoption of organic and inorganic growth strategies. The company has adopted different growth strategies, such as new product launches and deals that include agreements, partnerships, acquisitions, and expansions, to maintain its leading position in the synthetic biology market. Thermo Fisher Scientific caters to the life sciences industry needs by introducing new products and related services in the market. For example, in April 2022, the company launched Gibco CTS TrueCut Cas9 Protein.

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This report categorizes the synthetic biology market into the following segments and subsegments:

By Tool

• Oligonucleotides and Synthetic DNA
• Enzymes
• Cloning Technologies Kits
• Synthetic Cells
• Chassis Organisms
• Xeno-nucleic Acids

By Technology

• Gene Synthesis
• Genome Engineering
• Sequencing
• Bioinformatics
• Site-directed Mutagenesis
• Cloning
• Measurement and Modelling
• Microfluidics
• Nanotechnology

By Application

• Medical Application
• Artificial Tissue and Tissue Regeneration
• Industrial Applications
• Food & Agriculture
• Environmental Applications

Recent Developments:

• Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
• Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
• Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.

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