The synthetic biology industry is expected to experience rapid growth in the near future. Companies are increasingly investing in the research and development of synthetic biology, which is leading to a wide range of applications in fields such as medicine, agriculture, and manufacturing. This growth is being driven by a number of factors, including the increasing availability of data and tools, the potential to produce new products, and the potential to reduce costs. In addition, the emergence of new technologies such as CRISPR-Cas9, which allows for precise genetic manipulation, is likely to accelerate the development of synthetic biology. In the coming years, the industry is expected to expand across multiple sectors, from biotechnology to healthcare and manufacturing. This is likely to create a range of opportunities for entrepreneurs, investors, and companies looking to capitalize on the potential of synthetic biology.

Synthetic Biology market in terms of revenue was estimated to be worth $11.4 billion in 2022 and is poised to reach $35.7 billion by 2027, growing at a CAGR of 25.6% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. Declining cost of DNA sequencing, increased investment in R&D and rise in number of fundings for synthetic biology are some of the major factors propelling the growth of this market. However, biosafety, biosecurity, and ethical concerns related to synthetic biology is likely to hamper the growth of this market.

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Synthetic Biology Market Scope:

Based on tools, 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 segment accounted for the largest share. The dominance of the segment is attributable to factors such as increasing demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications across various industries.

Based on application, the synthetic biology market is segmented into 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 widespread research on novel treatment coupled with the availability of huge private and public funding are some of the major factors driving the segmental growth.

The global synthetic biology market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2021, North America dominated the synthetic biology market followed by Europe and Asia Pacific respectively. Asia Pacific region is likely to grow at faster pace during the forecast period of 2022-2027. The factors attributable to the faster growth rate are increasing investment in synthetic biology owing to higher adoption in various applications. The overall share of this region in the global market is gradually increasing, owing to growth in research activities and biologic therapeutics manufacturing. High-growth regions such as China, Japan, Australia, and Singapore are expected to be major contributors to the Asia Pacific synthetic biology market.

Key Market Players:

Key market players operating in synthetic biology market players are Thermo Fisher Scientific (US), Merck KGaA (Germany), Agilent Technologies (US), Novozymes (Denmark), Amyris (US), Precigen (US), GenScript Biotech (China), Twist Bioscience (US), Codexis (US), and Eurofins Scientific (Luxembourg).

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Hypothetic Challenges of Synthetic Biology Market in Near Future:

• Intellectual property issues: With the increasing use of synthetic biology to develop innovative products and solutions, intellectual property issues such as patenting and licensing of synthetic biology products may arise.
• Social and ethical implications: Concerns about the potential misuse of synthetic biology and its implications for human and environmental health must be addressed.
• Regulatory barriers: Governments may impose restrictions on the use of synthetic biology due to safety and security concerns.
• Cost of production and access to market: Synthetic biology products may be expensive to develop and difficult to distribute, limiting their market potential.
• Limited technical expertise and resources: Synthetic biology is a complex field and requires a high level of technical expertise and resources to develop.
• Lack of public awareness and understanding: The general public may be unaware of the potential of synthetic biology and the possible implications for society.

Top 3 Use Cases of Synthetic Biology Market:

• Drug Discovery and Development: Synthetic biology technologies can be used to generate new molecules and pathways to develop novel drugs for treating diseases.
• Industrial Biotechnology: Synthetic biology can be used to produce biofuels, biochemicals, and other industrial products.
• Agriculture: Synthetic biology techniques can be used to create new crop varieties with improved yields, improved nutrient content, and resistance to pests and diseases.

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