The Synthetic Biology Market is expected to reach $30.7 billion in 2026

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CHICAGO, Dec. 19, 2022 /PRNewswire/ — Synthetic Biology Market Projection: USD 30.7 Billion By 2026, a CAGR 26.5% according to a new report by MarketsandMarkets™. The growth of this market is mainly driven by the increasing demand for synthetic genes and synthetic cells, a wide range of applications of synthetic biology, declining cost of DNA sequencing and synthesizing, increasing R&D funding and initiatives in synthetic biology, and increasing investments in the market.

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Explore the detailed TOC on “Synthetic Biology Market”.

452 – Tables 
39 – Figures
377 – Pages

Synthetic Biology Market Scope:

Report Coverage

Details

Market Size

USD 30.7 Billion by 2026

Growth Rate

26.5% of the CAGR

Largest market

North America

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2021-2026

Forecast Units

Value (USD Billion)

Report Coverage

Trends, Competitive Landscape and Revenue Forecast

Segments covered

Tools, Technology, Applications, and Region 

Geoographies Covered

North America, Europe and APAC. MEA and Latin America.

Highlights from the Report

Up-to-date financial information and product portfolio for players

Key Market Opportunities

There is a demand for alternative fuels

Key Market Drivers

Increased research funding for synthetic biology research

 

The synthetic DNA and oligonucleotides segment made up the largest portion of the market for tools in synthetic biology.

On the basis of 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 2020, oligonucleotides & synthetic DNA accounted for the largest share of the synthetic biology market for tools. The large market share of this segment can be attributed factors like rising demand for synthetic DNA, synth RNA, and artificial genes which are used in many applications.

The synthetic biology market’s largest application segment was made up of medical applications.

Based on application, the synthetic biology market is categorized into three segments—medical applications, industrial applications, food & agriculture, and environmental applications. The segment of medical applications accounted for the largest percentage of the synthetic biology market in 2020. Growth in the medical sector is primarily driven by factors such as extensive research on better treatments, and access to huge amounts of public and private funding.

The Asia Pacific Region is the fastest-growing area in the synthetic biology market.

The Asia Pacific The forecast period sees the region growing at the highest rate in synthetic biology market growth. This is due to factors like growing collaborations in synthetic biology, growing partnerships on the Chinese market and investments in Asia Pacific Countries for research

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Market Dynamics for Synthetic Biology:

Drivers:

1.  Many applications of synthetic biology

2.  Rising R&D funding and growing initiatives in synthetic biology

3.  Declining costs of DNA sequencing and synthesizing

4.  Investing more in the market

Restraints:

1.  Biosafety and biosecurity.

Opportunities:

1.  Increase in demand for fuel alternatives

2.  Increasing demand for personalized medicine and protein therapeutics

3.  Research in synthetic drugs and vaccines is growing

Challenges:

1.  Standardization for biological parts

Principal Market Players

Thermo Fisher Scientific, Inc. (US), Merck KGaA (UK) are some of the most prominent players in synthetic biology.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).

Recent Developments

  • In January 2021, Novozymes launched Frontia GlutenEx. It would allow wheat processors to increase their gluten protein recovery while reducing energy consumption.

  • In February 2021Merck partnered up with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).

  • In January 2021Merck bought AmpTec (Germany). The acquisition allowed the company to expand its product range and develop and produce mRNA for use in diagnostics, vaccines, and treatments.

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Check out the adjacent market: Biotechnology Market Research Reports & Consulting

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