Synthetic Biology Market
Synthetic Biology Market - Global Industry Assessment & Forecast
- By Tool Enzymes, Synthetic Cells, Oligonucleotides and Synthetic DNA, Cloning Technology Kits, Xeno-nucleic Acids, Chassis Organisms
- By Technology Sequencing, Cloning, Gene Synthesis, Genome Engineering, Bioinformatics, Microfluidics, Nanotechnology, Site-directed Mutagenesis, Measurement and Modelling
- By Application Medical Application, Industrial Application, Environmental Application, Artificial Tissue and Tissue Regeneration, Food and Agriculture
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 10.11 Billion|
|Revenue 2028:||USD 32.73 Billion|
|Revenue CAGR (2021 - 2028):||27.1%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
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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.
Synthetic Biology Market Size, 2021 To 2028 (USD Billion)
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.
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.
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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 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:
Regions & Countries Covered
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
Synthetic Biology Market is tabulated as follows:
Frequently Asked Question
What is the global demand for Synthetic Biology in terms of revenue?
The global Synthetic Biology valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 27.1%.
Which are the prominent players in the market?
The prominent players in the 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), 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.