How Big is the Synthetic Biology Market?
The global synthetic biology market size reached US$ 16.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 62.0 Billion by 2032, exhibiting a growth rate (CAGR) of 15.9% during 2024-2032.
Factors Affecting the Growth of the Synthetic Biology Industry:
- Growing Agricultural Biotechnology:
Synthetic biology is widely employed in agricultural biotechnology, to enhance crop productivity and sustainability. In addition, with the engineering of genetically modified crops, scientists can introduce traits that significantly improve yield, confer resistance to pests and diseases, and improve the nutritional value of crops, thus contributing to market growth. It is essential in addressing the global food security challenges posed by the growing world population and changing climate conditions. Moreover, synthetic biology enables the development of plant varieties that are better suited to withstand biotic and abiotic stresses, thereby reducing the reliance on chemical pesticides and increasing agricultural resilience, thus representing another major growth-inducing factor.
- Expanding Biofuels and Renewable Energy Sector:
Synthetic biology is advancing the biofuels and the renewable energy sector with engineered microbes. These microbes are genetically optimized to efficiently produce biofuels such as bioethanol and biodiesel, offering a sustainable alternative to fossil fuels. In addition, the use of synthetic biology extends to the enzymatic breakdown of biomass into valuable chemicals and materials, facilitating a more sustainable and environmentally friendly approach to energy production. It is essential for the development of a circular economy, where waste biomass is converted into energy and valuable products, reducing waste and greenhouse gas emissions.
- Technological Advancements:
The market is rapidly advancing driven by various technological breakthroughs in gene editing and DNA synthesis. In addition, the advent of CRISPR-Cas9 technology is transforming the field, enabling scientists to edit genes with unprecedented precision, speed, and efficiency, thus contributing to market growth. It also allows for the targeted modification of genetic sequences, facilitating the creation of organisms with desirable traits and the correction of genetic defects. Moreover, various advancements in DNA synthesis and assembly techniques have dramatically streamlined the process of designing and constructing synthetic DNA, making it more feasible and cost-effective to engineer organisms for various applications. These technological advancements are accelerating research and development (R&D) in synthetic biology and paving the way for innovative applications across various sectors.
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Leading Companies Operating in the Global Synthetic Biology Industry:
- Agilent Technologies Inc.
- Amyris Inc.
- Codexis Inc.
- Danaher Corporation
- Eurofins Scientific
- GenScript Biotech Corporation
- Illumina Inc.
- Merck KGaA
- New England Biolabs
- Synthego Corporation
- Thermo Fisher Scientific Inc.
- Twist Bioscience
- Viridos Inc.
Synthetic Biology Market Report Segmentation:
By Product:
- Oligonucleotide/Oligo Pools and Synthetic DNA
- Enzymes
- Cloning Technologies Kits
- Xeno-nucleic Acids
- Chassis Organism
Oligonucleotide/oligo pools and synthetic DNA hold the largest market share due to their critical role in various applications, including gene synthesis, CRISPR-Cas9 genome editing, and therapeutic developments.
By Technology:
- NGS Technology
- PCR Technology
- Genome Editing Technology
- Bioprocessing Technology
- Others
Based on the technology, the market has been categorized into NGS, PCR, genome editing, bioprocessing, and other technologies.
By Application:
- Healthcare
- Clinical
- Non-Clinical/Research
- Non-Healthcare
- Biotech Crops
- Specialty Chemicals
- Bio-Fuels
- Others
On the basis of the application, the market has been classified into healthcare (clinical and non-clinical/research) and non-healthcare (biotech crops, specialty chemicals, bio-fuels, and others).
Regional Insight:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the synthetic biology market is attributed to its robust biotechnology and research infrastructure, significant investments in synthetic biology, and the presence of key market players.
Global Synthetic Biology Market Trends:
At present, the continuous improvements in genetic engineering technologies, such as CRISPR-Cas9, are enhancing the efficiency and precision of synthetic biology processes. It also allows for faster and more accurate manipulation of genetic material, driving innovation in the field. Moreover, the increasing investment and funding for synthetic biology companies and research projects among public and private sectors are driving market expansion.
Besides this, collaboration between academia, industry, and government entities is accelerating research and development efforts in synthetic biology. Furthermore, partnerships between companies, research institutions, and government agencies facilitate knowledge sharing, resource pooling, and the development of commercial products, driving market growth.
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