Synthetic Biology Market
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)
Market Snapshot
| Synthetic Biology Market Forecast Year: | 2022 - 2028 |
| Synthetic Biology Market Historical Year: | 2016 - 2021 |
| Synthetic Biology Market 2021: | USD 10.11 Billion |
| Synthetic Biology Projected Market 2028: | USD 32.73 Billion |
| Synthetic Biology Market CAGR: | 27.1% |
| Fastest Growing Region: | Asia Pacific |
| Largest Region: | North America |
Market Synopsis:
Global Synthetic Biology Market is valued at USD 10.11 Billion in 2021 and is projected to attain a value of USD 32.73 Billion by 2028 at a CAGR of 27.1% during the forecast period, 2022–2028. Living materials, biocomputing, therapeutic genome editing, living biotherapeutics, multiplexed diagnostics and cellular recording, electrical interfacing, and third-generation biorefineries have all benefited from Synthetic Biology advancements in recent years. Agriculture, pharmaceutical, and biotechnology industries have been able to generate synthetic biology products thanks to advances in genome editing, gene circuit design, metagenomic discovery, automated strain engineering, directed evolution, and metabolic engineering. Chemicals produced by altered cells/enzymes, such as genome-edited soy, CAR-Ts, and engineered bacteria, include diamines, sitagliptin, and leghemoglobin.
The growing population and changing eating habits, combined with resource scarcity, have aided nutrition research and development. Synthetic Biology has helped to identify a number of good food production technologies. The technology is projected to aid in the generation of higher food yields and the advancement of pest management techniques.
Rising R&D Funding and Growing Initiatives in Synthetic Biology
Due to extended research times and approval delays, the R&D business has always been capital-intensive. R&D is recognised by governments as a critical investment for a country's prosperity, international competitiveness, and public benefit. As a result, R&D spending and funding have steadily increased throughout the years. According to Business Wire (September 2020), the life sciences industry's R&D spending increased by 22% from 2018 to 2019. Pharmaceutical and biotechnology businesses spend a lot of money on research in order to produce breakthrough compounds that will meet the expanding demands of the healthcare industry and fight new ailments. The global pharmaceutical R&D sector contributes for over 80% of the life sciences industry's total R&D spending.
Biosafety, biosecurity, and ethical concerns
The purposeful or unintended release of synthetic organisms into the environment during research and other uses is a major biosafety risk in Synthetic Biology. When synthetic microorganisms are released into the environment, they can mutate or interact with other species, leading to crossbreeding and bio errors. This may put natural species' ecosystems in jeopardy. Another major biosafety worry is the emergence of antibiotic-resistant superbugs. The European Union (EU) has recently supported various studies into the environmental impact of genetically modified bacteria released for plant growth or bioremediation.
Market Segmentation:
The Global Synthetic Biology Market has been segmented by Product (Core Products and Enabling Products, Enabled products), Application (Healthcare, Chemicals (Including Bio-Fuels), Food and Agriculture, Other Applications (Biosecurity, Energy, and Environment). Based on Region, the Synthetic Biology Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
North America to Continue Dominating the Synthetic Biology Market
North America, and Europe accounted for the largest proportion of the Synthetic Biology Market in 2020. Factors such as the increase in the number of well-established Synthetic Biology companies and research institutes in the United States and Canada, a large number of ongoing research studies, and the overall growth of the healthcare sector on a global scale are among the few factors expected to contribute to the market's growth. One of the primary causes leading to the growing demand for Synthetic Biology techniques and technologies among academic and research organisations, as well as healthcare firms in North America, is increased R&D spending.
Key Players:
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).
Synthetic Biology Market is segmented as follows:
Synthetic Biology Market is tabulated as follows:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
Region & Counties Covered
Companies Covered
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
impact analysis
Frequently Asked Questions
-
What is
the global demand for Synthetic Biology
in terms of revenue?
The global Synthetic Biology valued at USD 10.11 Billion in 2020 and is expected to reach USD 32.73 Billion in 2028 growing at a CAGR of 27.1%
-
Which
are the prominent players
in the market?
The prominent players in the 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).
-
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 27.1% between 2021 and 2028.
-
What are
the driving factors
fueling the growth of the market.
The driving factors of the Synthetic Biology include
- Rising R&D Funding and Growing Initiatives in Synthetic Biology
-
Which
region accounted for the
largest share in the market?
North America was the leading regional segment of the Synthetic Biology in 2020.
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