The global Synthetic Biology market is anticipated to develop at a profitable 23.8% CAGR throughout the projection period, from USD 3.75 billion in 2024 to USD 31.73 billion by 2034. The market is expanding because to the growing demand to improve practical abilities, remodel naturally occurring systems, and create novel biological components, instruments, and systems.
The design and engineering of biological systems to produce new biological tools, systems, and components with improved features and capacities is known as synthetic biology. Synthetic biology has found widespread applications in a wide range of disciplines, including environmental protection, industrial biotechnology, healthcare, and agriculture. It can be used to address current global problems and open up new avenues for scientific research and technological development.
Its rapid expansion is being driven by the transformation Synthetic Biology is bringing to numerous sectors and tackling pressing global concerns. The market is driven by its ability to revolutionize industries and provide cutting-edge answers to urgent problems.
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Key Takeaways:
- The synthetic biology market is projected to surge from US$3.75 billion in 2024 to US$31.73 billion by 2034, reflecting a remarkable CAGR of 23.8%.
- Rising demand for enhanced functionalities, redesigned natural systems, and novel biological tools are fueling market growth.
- Synthetic biology holds immense potential in addressing critical challenges related to bio-based chemicals, renewable fuels, and affordable medications.
- The need for genetically modified crops to ensure global food security is further propelling advancements in the field.
- The convergence of technological breakthroughs and growing market needs positions synthetic biology as a key solution provider for social and environmental concerns, fostering further innovation in the coming years.
Demand for sustainable solutions: Businesses and consumers alike are looking for more environmentally friendly options. The field of synthetic biology has promise for the development of bio-based compounds, renewable fuels, and more reasonably priced pharmaceuticals and vaccinations. Synthetic biology solutions are becoming increasingly in demand as a result of this move towards sustainable practices.
Concerns about food security: To maintain food security in the face of an increasing global population, creative solutions are required. Developments in synthetic biology are essential to the creation of genetically engineered crops with increased resistance and yields. The potential for this technology to alleviate the world’s food shortages is enormous.
Recent Developments in the Synthetic Biology Industry
- In January 2024, Rice University established the Rice Synthetic Biology Institute (RSBI) in Texas to promote collaborative research in synthetic biology and convert it into beneficial technologies. The institute aims to attract global attention to Rice’s esteemed synthetic biology program and retain top talent.
- In January 2024, Kerstin Göpfrich founded a research group at the Max Planck Institute for Medical Research in Heidelberg, Germany. The group focuses on engineering life and exploring new cell abilities to create new life forms.
- In November 2023, the United Kingdom-based team led by Ben Blount at the University of Nottingham developed a yeast strain with over 50% synthetic DNA, a significant achievement in the Saccharomyces cerevisiae (Sc) 2.0 project, a global effort to produce synthetic versions of the yeast genome.
- In July 2023, WPI researchers Eric Young and Kevin Keating developed a method to express genes across bacterial species by designing a generalized collection of DNA parts that can be used with multiple species to assemble DNA sequences.
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Key Companies in the Synthetic Biology Market:
- Thermo Fisher Scientific, Inc.
- Merck KGaA
- Novozymes
- Agilent Technologies, Inc.
- Codexis, Inc.
- Bota Biosciences Inc.
- Creative Biogene.
- Creative Enzymes.
- Enbiotix, Inc.
- Illumina, Inc.
- Eurofins Scientific
- New England Biolabs
- Pareto Bio, Inc.
- Scarab Genomics, Llc
- Synthego
- Twist Bioscience
- Synthetic Genomics Inc.
- BioBricks Foundation
- DIYbio
- Amyris
- Cyrus Biotechnology
- TeselaGen
Key Segments:
By Product:
- Oligonucleotides
- Enzymes
- Synthetic Cells
- Cloning Technologies Kits
- Xeno-Nucleic Acids
- Chassis Organism
By Application:
- Healthcare
- Non-Healthcare
By End User:
- Biopharmaceutical manufacturers
- Academic and Government Research Institutes
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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