Synthetic Biology Market is Expected to Grow with a CAGR of 27.1% from 2022 to 2028
The Global Market
accounted for USD 10.11 Billion
Synthetic biology is the process, used to transform the production & development of therapeutics, diagnostics, and vaccines by following an engineering approach. This approach provides various types of information such as enzyme properties, scientific knowledge, genomic sequences, metabolic models, algorithms, sequence annotations, and laboratory protocols.
Some of the major factors that help in flourishing the growth of market are increasing R&D investment, decreasing costs of DNA sequencing & synthesis, rising market investment, rising initiatives in synthetic biology, and provision of a wide range of applications of synthetic biology. However, ethical concerns, biosafety, and biosecurity related to synthetic biology are expected to impede the growth of the market.
The research & development sector is considered to be the capital investor for the development of any market. It helps in the development of every country. Thus, R&D investment is responsible for the growth of the market in upcoming years. For instance, according to Business Wire, an American company, R&D funded for life science industry with a 22% hike from 2018 to 2019. To develop consistent molecules which cater to the increasing needs of the healthcare industry & combat new diseases, various biotechnology and pharmaceutical companies are started investing heavily in research activities. This will help to provide lucrative growth opportunities for the development of the market in near future.
The unintentional or intentional release of synthetic organisms into the environment by research and other activities is one of the important concerns in the development of the market. When this organism comes in contact with other organisms available in the environment, they are supposed to react with natural organisms and produce bio errors. This is one of the major obstacles in the development of the market.
North America is incorporated the maximum market share in 2021. Factors such as an increasing number of ongoing research studies, increasing demand for the overall healthcare sector on a global scale, and a rising number of well-established synthetic biology research institutes and companies are the factors that fuel the growth of market in the region. Increasing research funding increases the demand for synthetic biology technologies and tools among research institutes & healthcare companies in this region is augmenting the growth of the market in the coming years.
Some of the prominent players operating in the global market are - Key players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (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).
Browse the full Report - Synthetic Biology Market by Product (Core Products, Enabling Products, Enabled Products), by Applications (Healthcare, Chemicals (Including Bio-Fuels), Food and Agriculture, Other Applications (Biosecurity), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)