In terms of revenue, the Global Synthetic Biology Market is expected to reach USD 32.73 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 27.1% from 2022 to 2028. The Global Synthetic Biology Market growth is attributed to the factors such as rising Research and Development (R&D) funding as well as growing initiatives in synthetic biology, and wide application of synthetic biology.
- Under the product segment, synthetic DNA sub-segment is anticipated to dominate the Synthetic Biology market growth at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to an extensive market penetration rate owing to wide use in Research and Development (R&D) and more commercialization than any other product segment.
- Gene synthesis technology segment held a significant share of Synthetic Biology market in 2021, owing to the mounting demand for synthetic DNA, and synthetic RNA.
- North America is the largest regional segment. The market growth in the region is attributed due to the increase in the number of well-established synthetic biology companies and research institutes in the region.
Some of key players in Synthetic Biology market include - 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).
The rapid pace of the growing population worldwide is leading to the base population suffering from diseases, which in turn, increases the demand for novel medication methods. Especially, chronic diseases such as cancer and diabetes that do not have any precise treatment available increase the demand for gene therapy. Moreover, in consequence of changing trends to a busy lifestyle, people are focusing on ready-to-eat foods. Furthermore, improper routine, as well as lack of exercise, is providing improper nutrition & diet to body. Thus, leading to enlarge the base population of people suffering from diseases. These are some of the factors that propel the growth of the synthetic biology market over the forecast period.
North America is expected to witness the maximum share for the Synthetic Biology market during the forecast period. The market growth is attributed to increasing in the number of deep-rooted synthetic biology companies and research institutes in the region. Additionally, a large number of ongoing research studies, as well as rising Research and Development (R&D) funding along with growing initiatives in synthetic biology in the region is further propelling the growth of Synthetic Biology market in the region over the forecast period.