Global Synthetic Biology Market, by Product (Oligonucleotides, Enzymes, Synthetic Cells, and Others); by Technology (Gene Synthesis, Genome Engineering, DNA Sequencing, and Others); by End User (Biotechnology & Pharmaceutical Industry, Academics & Research Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 13.9 Bn in 2022 and is expected to exhibit a CAGR of 28.0% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Synthetic biology is an emerging field of research that integrates the knowledge of biology, genetics, chemistry, computer science, and engineering. The development of technological platforms and the production of new biological structures that implement new functionalities are likely to propel the market growth. Moreover, various approaches that synthetic biology encompass, such as the design of gene and protein circuits from standard biological parts, the development of synthetic genetic codes, and the creation of artificial cell is likely drive the growth of market
Global Synthetic Biology Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 has affected the development of synthetic biology. Emergence of COVID-19 cases responsible to limits the production of synthetic biology. This in turn to hinder the growth of market during pandemic
Browse 39 Market Data Tables and 27 Figures spread through 175 Pages and in-depth TOC on “Global Synthetic Biology Market”- Forecast to 2030, Global Synthetic Biology Market, by Product (Oligonucleotides, Enzymes, Synthetic Cells, and Others); by Technology (Gene Synthesis, Genome Engineering, DNA Sequencing, and Others); by End user (Biotechnology & Pharmaceutical Industry, Academics & Research Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Increasing investment by leading players is anticipated to drive the market growth. For instance, in November 2021, Codex DNA, Inc., a synthetic biology company, announced the acquisition of Eton Bioscience, a privately held provider of synthetic biology products and services.
Key Takeaways of the Global Synthetic Biology Market:
- The global synthetic biology market is expected to exhibit a CAGR of 28.0% during the forecast period. The enhancing role of synthetic biology to expand the development of synthetic gene codes and the creation of artificial cells in different branches of science and technology is likely to create a significant opportunity for the market players and thereby drive the market growth in the near future.
- Among product, the enzymes segment is expected to exhibit the highest CAGR in the global synthetic biology market over the forecast period. Increasing focus on the development of modified enzymes by synthetic biology techniques is anticipated to drive the segment growth. For instance, Merck & Co., Inc. a leading player in pharmaceutical company engaged in developing type II diabetes medicine by using an enzyme modified synthetic biology techniques by Codexis a pharmaceutical company engaged in developing enzymes for pharmaceutical and medical applications
- In terms of technology, the gene synthesis segment is expected to exhibit a strong CAGR during the forecast period in the global synthetic biology market. Gene synthesis has emerged as a new application of genetic engineering. Synthetic biology offers innovative approaches for engineering new biological systems. This in turn to drive the growth of segment
- Among end user, the biotechnology & pharmaceutical industry segment is expected to exhibit the highest CAGR in the global synthetic biology market during the forecast period. The ongoing development of synthetic biology for the development of various chemicals and products is likely to drive the segment growth.
- Among regions, North America is expected to account for a major share in the market during the forecast period. Well-established healthcare infrastructure and development such as partnership, collaboration, etc. by key players are likely to propel the market growth in the region. For instance, in August 2021, Codex DNA, Inc., a synthetic biology company, announced a collaboration with researchers from the Cornell University, the U.S. Department of Agriculture’s (USDA) Agricultural Research Service (ARS), etc.
- Major players operating in the global synthetic biology market include 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.