Synthetic Biology Market

The Global Synthetic Biology Market is valued at USD 13.9 Billion in 2023 and is projected to reach a value of USD 78.6 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 28.08% between 2024 and 2030.

Key highlights of Synthetic Biology Market

• North America dominated the market in 2023, obtaining the largest revenue share of 45.9%.
• The Technology segment dominated the Synthetic Biology market with the largest market share of 54.3% in 2023.
• The Medical segment dominated the Synthetic Biology market with the largest market share of 46.8% in 2023.
• The funding for research and development in synthetic biology has expanded because of the growing threat of viruses, pollution, and the problem of climate change.
• Synthetic biology techniques have previously been applied to creating human cells for treating disease and manipulating the metabolism of bacteria to produce important industrial chemicals.
• Crude oil and gas utilized in practically every economy, also known as conventional petroleum, is a crucial factor in the climate change dilemma.

Synthetic Biology Market: Regional Overview

North America Dominated Sales with a 45.9% share in 2023. The rapid technical development of mechanical commercial synthetic biology is one of the key drivers propelling the market for synthetic biology in this area. The growth of synthetic biology businesses and research institutions in North America, an increase in government initiatives and programs about applications based on synthetic biology, as well as the global growth of the healthcare industry are all expected to contribute to North America's synthetic biology market having the largest revenue share during the forecast period. One of the key reasons influencing the expanding demand for synthetic biology techniques and technologies among academic and research organizations and healthcare enterprises in this region is increased R&D expenditure by governments and commercial companies.

U.S. Synthetic Biology Market Overview

The Synthetic Biology market in U.S., with a valuation of USD 5,764.0 Million in 2023, is projected to reach around USD 32,802.1 Million by 2030. This forecast indicates a substantial Compound Annual Growth Rate (CAGR) of 28.20% from 2024 to 2030. the U.S. is anticipated to lead the North American market attributed to the region's growing government initiatives on numerous novel biological compound synthesis, highly developed healthcare infrastructure, an abundance of research facilities researching a wide range of rare and genetically based diseases, advancements in genome sequencing, and the high number of synthetic biology patents. Such regional government initiatives will encourage the market for synthetic biology to expand. Other factors supporting the prediction include a sizable number of well-known companies and the growing number of alliances and product launches by major firms in the synthetic biology market.

The global Synthetic Biology market can be categorized as Type, Application, and Region.

Synthetic Biology Market: Type Overview

In 2023, the Technology segment dominated the market, with the largest share accounting for 54.3% of the overall market. The Synthetic Biology market, segmented by the Type, includes Tools and Technology. Tools and Technologies together cater to application of the market and the submission of these market segments provides the global market size. In Technology category, Oligonucleotides and synthetic DNA is major share to dominance the Market. The main component in many molecular and synthetic biology applications is oligonucleotides. The main market drivers include the expanding use of targeted NGS, mutagenesis studies, DNA computing, and CRISPR gene editing. For instance, OligoMix is a cutting-edge and custom product for genetic research. It produces a huge number of oligonucleotide sequences in parallel. The price is less than 0.8 cents per base for the same.

Synthetic Biology Market: Application Overview

In 2023, the Medical segment dominated the market, with the largest share accounting for 46.8% of the overall market. The Synthetic Biology market, segmented by the Application, includes Medical, Industrial, Food and agriculture, and Environmental applications. The market's largest medical sector is predicted to grow at a considerable CAGR throughout the projected period. Synthetic biology-based diagnostics offer a highly accurate, quick, noninvasive, and real-time method for identifying pathogens, cancer cells, and treatments. Researchers use rational engineering methods to create unique, dynamic bio-sensing systems comprising a processor, sensor, and reporter. Furthermore, Industrial segment is dominance for forecast period. Due to significant recent advancements in synthetic biology and metabolic engineering in microalgae for biofuel generation, together with new DNA sequencing technologies supporting industrial biotechnology.

Key Trends

• In 2023, the technology category dominates the market and is projected to continue its dominant position in the coming years.
• In 2023, the medical had a major share. Moreover, medical category to witness the fastest growth over the forecast period.
• In 2023, North America category had a major share in the market.

Premium Insights

The global Synthetic Biology market is projected to witness a substantial growth. This is majorly due to the increase in demand for technogically advanced products. As COVID-19 waves hit the countries worldwide, the demand for synthetic biology is expected to witness susbtantial growth in the long run. The major companies are continously investing heavily to enhance the production which is projected to enhance the global market growth over the coming years. The development of global competition, technology, and advertising industry have made maintenance, pricing and promotion strategies for the product more complicated. Concerning these challenges, the importance of the marketing channel, as a strategic tool, has rapidly grown.

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

Book Demo

Get Access Now

Track market trends LIVE & outsmart rivals with our Premium Data Intel Tool: Vantage Point

Market Dynamics

Rising demand for DNA sequencing to boost market expansion

Many synthetic biology applications use DNA sequencing; as a result, the low cost of the DNA sequencing technique encourages the development of products based on these applications. A researcher can build a repository of complete genomes with DNA sequencing, which enables them to identify the DNA sequences in genes. Based on these repositories, synthetic biology applications can be implemented, including protein expression, directed evolution, and metabolic engineering. The Human Genome Research Institute estimates that in 2023, prices per genome sequenced will have dropped from $3 billion to roughly $300 million over the previous 17 years and will gradually drop by a factor of ten over the following five years.

Expanding the use of synthetic biotechnology to drive market expansion

The covid-19 pandemic enhanced the use of synthetic biology in the creation of coronavirus testing tools, medicines, treatments, vaccines, and other medications. The need for synthetic biology to create more climate-resilient crops has also arisen due to the rising frequency of extreme weather events devastating crops. The capital increase is being used to research the potential applications of synthetic biotechnology in health, agriculture, and life sciences, as well as in producing biofuels, environmentally friendly chemicals, and other energy-related products. Synthetic biology is increasingly being used in various industries that want to reduce their carbon footprints to prevent further increases in global temperature. This is due to its potential to mimic the properties of necessary chemicals and materials without having any negative environmental effects. The market will be driven by the growing research and development in synthetic biology, which is expanding the range of its applications.

Concerns about biosafety and ethics pose a challenge to market expansion

The main biosafety issue in synthetic biology is the intentional or unintentional discharge of artificial organisms into the environment for study or other reasons. Synthetic microbes discharged into the environment risk mutating or interacting with other species, which could result in crossbreeding and biological mistakes. Ecosystems of living things in the natural world may be at risk due to these effects. Superbugs that are resistant to antibiotics are another major biosecurity issue. The European Union (E.U.) has recently funded several studies investigating the effects of genetically modified bacteria discharged for plant growth or bioremediation on the environment. These elements can constrain the market's expansion in the ensuing years.

Competitive Landscape

The global Synthetic Biology market is a competitive and fragmented market due to the high presence of players in the market. Only a few companies account for a major market share, and hence, the degree of competition among the suppliers is high as the players in the market are active at global, regional, and country level. Also, the increasing rivalry between the players to obtain the majority of the market share for global has played a major role in intensifying the level of competition. The Major key players are Thermo Fisher Scientific Inc., Merck KGaA, Agilent Technologies, Novozymes, Ginkgo Bioworks, Amyris, Precigen Inc., GenScript, Twist Bioscience, Synthetic Genomics.

Recent Developments

• In April 2022, Twist Bioscience Company and Ginkgo Bioworks have a new supply agreement, which will deepen and broaden their cooperation in the synthetic biology ecosystem.
• In January 2021, Thermo Fisher Scientific announced the acquisition of Mesa Biotech, a company focused on developing diagnostic tests for infectious diseases, including COVID-19.