The global Synthetic Biology Market is estimated to be valued at US$ 31693.59 Mn or Mn in 2023 and is expected to exhibit a CAGR of 28% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Synthetic biology involves creating biological components and systems or redesigning existing biological systems. Cell culture media is commonly used for this purpose as it provides necessary nutrients to cultured cells for their growth.
Market key trends:
One of the key trends in the synthetic biology market is the development of new tools for DNA assembly and genome engineering. Synthetic biology techniques like CRISPR have enabled efficient editing of genomes which is driving their increased adoption across various research areas like drug discovery. Companies are developing new CRISPR tools with higher precision and efficiency to meet the growing demand.
Market key trends:
One of the key trends in the Global Synthetic Biology Market is the development of customizable cell lines. Various players are developing customizable bacterial and yeast cell lines that can produce customized products like flavors, fragrances, nutritional supplements etc. on demand. These customizable cell lines are genetically engineered to produce user-defined products in large quantities, offering high manufacturing flexibility to industries. This is expected to spur the demand for synthetic biology technologies in various end-use industries.
SWOT Analysis
Strength: The synthetic biology market has various enabling technologies like gene synthesis, genome engineering and system modeling tools which allow manipulation of genes and cellular pathways.
Weakness: High infrastructure and resource requirements for synthetic biology research activities pose a challenge.
Opportunity: Increasing R&D investments and funding for development of engineering biology tools and applications present a major growth opportunity.
Threats: Stringent regulations for development and testing of genetically modified organisms act as a threat.
Key Takeaways
The global synthetic biology market is expected to witness high growth at a CAGR of 28% over the forecast period, due to increasing demand for customized biological products and pharmaceuticals.
Regional analysis: North America dominated the market and is expected to continue its dominance over the forecast period, owing to large presence of key players and availability of funding for synthetic biology R&D in the US. Asia Pacific is expected to be the fastest growing market due to increasing synthetic biology infrastructure and R&D investments in countries like China, India and South Korea.
Key players operating in the synthetic biology market are Thermo Fisher Scientific, Synbio Technologies, Merck KGaA, Agilent Technologies, Inc., GenScript, Amyris, Eurofins Genomics GmbH, Integrated DNA Technologies, Inc., Codexis, Inc., EnBiotix, Inc., Synthego, New England Biolabs (UK) Ltd., Scarab Genomics, LLC and Genomatica, Inc.
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