Synthetic Biology Market Worth 9.26 Million by 2030 – Reports and Data
According to a new report by Reports and Data, the Synthetic Biology Market size was valued at USD 9.26 Billion in 2021 and is estimated to exceed USD 75.9 Billion in terms of revenue, at a CAGR of 26.3% through 2030. The market growth is driven by declining cost of DNA sequencing and synthesizing coupled with increasing R&D investment in drug discovery.
Products produced by synthetic biology are used across several applications, including energy, bioplastics & environment, and pharmaceutical & diagnostics. Synthetic biology is mainly known for the usage of molecular biology along with standard industrial fermentation for the production of renewable, sustainable, algal oils that would reduce the pressure on the ecosystem due to habitat damage and deforestation.
Synthetic biology has a potential in DNA sequencing research and there is an expectation of improvement of bio-based chemicals, development of food crops and sources of green energy with the technology.
Increased amount of study data generation with dipping prices of DNA sequencing, rise in government funding and increase in demand for renewable energy such as biofuels, demand for genetically modified crops, advancement in molecular biology, and surging demand for effective vaccines and drugs are the key factors offering lucrative opportunities for the global synthetic biology market growth.
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Further key findings from the report suggest:
- The penetration rate is high due to its widespread use in R&D and commercialization than any other product segments.
- Based on product type, the synthetic oligos segment is expected to deliver a CAGR of 26.3% through 2030. The method is most preferred in modern laboratory practice as it offers accelerated and reasonable access to custom-made oligonucleotides of the desired sequence.
- The synthetic DNA product segment is expected to observe a CAGR of 19.0% during the forecast period.
- Based on technology, the genome engineering segment accounted for 22.6% of the global synthetic biology market share in 2020 and is expected to gain major traction through 2030. Advancements in DNA synthesis technologies, CRISPR-toolbox, the ongoing research activities, and growing need for cost-effective, rapid, multiplex alteration of genomes, are the key factors driving segmental growth.
- Based on application, the healthcare segment is expected to observe notable growth during the forecast period. Some of the possible application of synthetic biology in health and food include regenerative medicine, reprogramming of stem cells, new therapeutic methods, and efficient production of nutraceuticals like food supplements, preservatives, and vitamins.
- The pharmaceuticals and diagnostics segment is forecast to showcase at a CAGR of 26.3% during the forecast period.
- In the regional landscape, Europe accounted for 28.2% of the market share in 2020 and is estimated to make significant revenue contributions through 2030.
- North America accounted for 32.3% of the market share in 2020 and is expected to gain major traction owing to presence of key industry players, growing chronic diseases, and favorable reimbursement policies by the regional government.
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Synthetic Biology market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
- Amyris, Inc.
- Ginkgo Bioworks
- Codexis, Inc.
- Novozymes AG
- Twist Biosciences
- GenScrip Corporation.
- Merck KGaD
- Codex DNA, Inc.
- Eurofins Scientific, Inc.
- Amgen, Inc.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Synthetic Biology Market Segmentation:
- Nucleotide synthesis and sequencing
- Genome engineering
- Integrated systems
- Functional genomics
- Synthetic DNA and Oligonucleotides
- Synthetic Cells
- Chassis Organisms
- Xeno-nucleic Acids
- Medical & Healthcare Application
- Artificial Tissue & Tissue Regeneration
- Environment & Agriculture
- Bioprocess Industry
- Biotechnology & Pharmaceutical Companies
- Academic & Government Research Institutions
Geographic Segment Covered in the Report:
The Synthetic Biology report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
• North America (the USA and Canada)
• Europe (UK, Germany, France, and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• the Middle East and Africa (GCC and the rest of the Middle East and Africa)
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Key market aspects are illuminated in the report:
- Executive Summary: It covers a summary of the most vital studies, the Global Synthetic Biology market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.
- Study Analysis: Covers major companies, vital market segments, the scope of the products offered in the Global Synthetic Biology market, the years measured, and the study points.
- Company Profile: Each Firm well-defined in this segment is screened based on a products, value, SWOT analysis, their ability and other significant features.
- Manufacture by Region: This Global Synthetic Biology report offers data on imports and exports, sales, production and key companies in all studied regional markets.
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