Synthetic Biology Market Research Report | Industry Trends & Size to Cross USD 35.7 Billion by 2027
Synthetic Biology Market Overview
Synthetic biology involves the creation, modification, and construction of simple organisms for specific therapeutic or industrial purposes, resulting in genetically modified organisms (GMOs). The market is expected to experience growth due to the increasing number of start-ups during the forecast period.
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The synthetic biology market is projected to reach USD 35.7 billion by 2027 from USD 11.4 billion in 2022, at a CAGR of 25.6% during the forecast period. The growth of this market is mainly driven by rise in demand for synthetic genes and synthetic cells, declining cost of DNA sequencing and synthesizing. Furthermore, increased R&D funding coupled with high investment by market players in synthetic biology is likely to upsurge market growth in coming years.
The report segments the synthetic biology market as follows:
The oligonucleotides and synthetic DNA segment accounted for the largest share of the tool segment in the synthetic biology market
Based on tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2021, oligonucleotides & synthetic DNA accounted for the largest share of the synthetic biology market for tools. This segment's large share can be attributed to factors such as rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.
The medical applications segment accounted for the largest share of the application segment in the synthetic biology market
Based on application, the synthetic biology market is categorized into three segments—medical applications, industrial applications, food & agriculture, and environmental applications. In 2021, medical applications segment accounted for the largest share of synthetic biology market. Factors such as the adoption of synthetic biology techniques and tools in regenerative medicine, use of synthetic biology tools in drug discovery and development are projecting the segmental growth.
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Asia Pacific is likely to grow at higher double digit during the forecast period.
The Asia Pacific region is estimated to grow at the highest CAGR in the synthetic biology market during the forecast period, this is mainly due to factors such the increasing investment in research & development, emergence of new market players in synthetic biology market.
Key Market Players
Some of the prominent players in the synthetic biology market are 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 (US), Synthego (US), Creative Enzymes (US), and among others.
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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