The global synthetic biology market is set for extraordinary expansion, with a projected rise from USD 3.75 billion in 2024 to an impressive USD 31.73 billion by 2034. This growth represents a remarkable compound annual growth rate (CAGR) of 23.8% over the forecast period.
This rapid growth is driven by the increasing need to enhance practical capabilities, redesign naturally occurring systems, and develop new biological components, tools, and systems. Synthetic biology is becoming an essential driver of innovation in industries that rely on bio-based chemicals, renewable fuels, and cost-effective medications and vaccines.
In addition, the global push for genetically modified crops to meet the food demands of an ever-expanding population is contributing significantly to the market’s momentum. As advancements in synthetic biology continue to revolutionize multiple sectors, the market is well-positioned for sustained growth over the next decade.
At the same time, utmost care needs to be taken to see that government protocols are followed for selling any of the synthetic biology products in the market.
Genetically engineered products, gene synthesis, DNA sequencing, NGS (next-generation sequencing), and bioinformatics are enhancing research in this field of medicine at the global level.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Synthetic Biology Market’. It has its line of expertise in the form of analysts and consultants to execute using a 360-degree approach in its primary, secondary, and tertiary modes of research.
“With discovery of novel therapeutic targets to treat diseases like cancer on the anvil, the global synthetic biology market is slated to grow voraciously in the upcoming period”, says an analyst from Future Market Insights.
Bioengineering is an interdisciplinary field of science that combines biology and engineering principles to design and build new biological systems or modify existing ones. It involves the application of engineering principles to biological systems, with the goal of creating new and useful functions that are not found in nature.
Key Takeaways from Synthetic Biology Market
- North America holds the largest market share with the US being home to maximum biopharmaceutical and pharmaceutical companies.
- Europe holds a significant market share on the back of Germany. This is evident from the fact that Robert Koch Institute, in the year 2019, had 502,655 people based out of Germany diagnosed with cancer. This calls for high-level adoption of synthetic products amongst the Germans.
- The Asia-Pacific is expected to be led by China. This could be credited to nigger strategic investment in research in synthetic biology, thereby boosting the bio-economy in the forecast period.
Competitive Biology
- Novozymes, in January 2021, did launch Frontia GlutenEx with the objective of assisting wheat processors to increase recovery rate of gluten protein and also cut down on consumption of energy.
- Merck, in February 2021, entered into partnership with BioNtech for supplying lipids for manufacturing Pfizer-BioNtech Covid-19 vaccine (BNT162b2).
- Merck, in January 2021, completed acquisition of AmpTec to strengthen the product portfolio for manufacturing and developing mRNA to facilitate diagnostics, treatments, and vaccination.
- Ribbon Biolabs, in January 2022, did raise a series A financing fund worth EUR 18 Million with the objective of enabling production facilities at the commercial scale along with DNA synthesis technology’s expansion in the US.
- GenScript, in November 2021, did expand the gene synthesis production capacities in the US with 100% automated oligo synthesis along with sequencing platforms.
- The PABC (Pennsylvania Biotechnology Center), in September 2022, did announce that Thermo Fisher Scientific joined hands as one of the founding sponsors of PABC campus at Doylestown; along with its novel B+Labs incubator in Philadelphia; wherein upcoming life science companies could catalyze the way to commercialization.
- Medichem and Bota Bio, in August 2022, did commit to promote sustainability while improvising on industrial processes. The latter’s expertise with respect to enzyme engineering would be used for developing enzymes that could be effortlessly incorporated into former’s chemical processes.
- Codexis, in July 2021, along with Kalsec, Inc., did announce expanding research collaboration for manufacturing Kalsec’s natural hop acid.
Key Market Players:
- Thermo Fisher Scientific, Inc.
- Merck KGaA
- Novozymes
- Agilent Technologies, Inc.
- Codexis, Inc.
- Bota Biosciences Inc.
- Creative Biogene.
- Creative Enzymes.
- Enbiotix, Inc.
- Illumina, Inc.
- Other
Key Market Segments Covered in Synthetic Biology Industry Research
By Product:
- Oligonucleotides
- Enzymes
- Synthetic Cells
- Cloning Technologies Kits
- Xeno-Nucleic Acids
- Chassis Organism
By Application:
- Healthcare
- Non-Healthcare
By End User:
- Biotechnology and Pharmaceutical companies
- Academic and Government Research Institutes
- Others
At the same time, utmost care needs to be taken to see that government protocols are followed for selling any of the synthetic biology products in the market.
Genetically engineered products, gene synthesis, DNA sequencing, NGS (next-generation sequencing), and bioinformatics are enhancing research in this field of medicine at the global level.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Synthetic Biology Market’. It has its line of expertise in the form of analysts and consultants to execute using a 360-degree approach in its primary, secondary, and tertiary modes of research.
“With discovery of novel therapeutic targets to treat diseases like cancer on the anvil, the global synthetic biology market is slated to grow voraciously in the upcoming period”, says an analyst from Future Market Insights.
Bioengineering is an interdisciplinary field of science that combines biology and engineering principles to design and build new biological systems or modify existing ones. It involves the application of engineering principles to biological systems, with the goal of creating new and useful functions that are not found in nature.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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