Synthetic Biology Market Analysis | 2023-2028

Market Insights

"The synthetic biology market was estimated at USD 12.18 billion in 2022 and is likely to grow at a CAGR of 23.89% during 2023-2028 to reach USD 44.17 billion in 2028".

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Market Dynamics

Introduction

Synthetic biology is an advanced technology that is developed from biology, engineering, chemistry, and computer science and mainly uses two approaches: the top-down approach and the bottom-up approach. The top-down approach involves the re-designing and fabrication of existing biological systems for producing synthetic products, whereas the bottom-up approach involves designing and constructing novel biological systems that do not exist in nature.

Aid from government as well as private organizations, the rising number of synthetic biology research entities, and the declining cost of DNA sequencing & synthesizing are the major factors acting as a catalyst towards the imminent need to understand the functioning of genetic elements, cells, and biological processes.

Market Drivers

The major factors driving the growth of the synthetic biology market are-

• Increasing use of synthetic biology for various applications such as biofuel development, protein therapeutics, personalized medicine, and synthetic drugs & vaccines is one of the prime factors contributing to the demand for synthetic biology.
• Large-scale adoption of synthetic biology coupled with the decreasing cost of DNA sequencing & synthesis of genes resulting in increasing investments by governments and private entities in the field of synthetic biology is driving the growth of the market.
• This funding is being used to develop new products and technologies and to conduct research and development activities. Increasing biofuel demand for sustainable and eco-friendly solutions is driving the demand for synthetic biology-based products.

Restraints:

Increasing concerns about ethics and biosafety

Synthetic biology poses biosafety risks due to the introduction of synthetic organisms into the environment for research or other purposes. These microorganisms can mutate, interact with existing species, and create errors, endangering wild animal habitats. The European Union has funded studies on genetically modified bacteria's environmental impact.

Opportunities:

Surge in funding for research and development

Rising spending, investments, and research funding in the pharmaceutical market provide opportunities for growth. Pharmaceutical companies receive significant funding for new treatments, and government subsidies boost global competitiveness. This investment in R&D aims to develop revolutionary drugs for the healthcare sector.

Increasing use of machine learning in research and development

AI and machine learning are gaining traction as alternatives to systems biology in synthetic biology, enhancing analysis and decision-making. BigHat Biosciences and Merck are collaborating to develop an AI-enabled protein engineering platform.

Segments Analysis

By Tool Type

"The oligonucleotides & synthetic DNA segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period".

• The market is segmented as oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids.
• The growing demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of research applications is propelling the segment’s market.

By Technology Type

"The genome engineering segment is expected to grow at the highest rate in the market".

• The market is segmented as gene synthesis, genome engineering, sequencing, bioinformatics, cloning, site-directed mutagenesis, measurement & modeling, microfluidics, and nanotechnology.
• The genome engineering segment is expected to grow at the highest rate in the market, owing to its superior properties as compared to other technologies. Synthetic biology is a preferred choice in genome engineering as it offers ease and efficiency in genome editing and genome targeting.

By End-Use Industry Type

"The medical segment is expected to grow at the highest rate in the market over the forecast period".

• The market is segmented as medical, industrial, food & agriculture, and environmental.
• With the growing population and increased life expectancy comes increased occurrence of disease, which demands better, newer, and more efficient modalities of treatments. Increasing focus towards research & development for better treatments along with huge private and public funding for the discovery of new therapies is a key factor driving the growth of the market for medical applications.

Regional Analysis

"Asia-Pacific is estimated to be the largest market during the forecast period".

• China, Japan, India, and Australia being the major countries with lucrative growth opportunities. This growth can be attributed to the presence of major synthetic biology companies in the region.
• Availability of funds for research from government organizations, advancing efforts to increase the output of the healthcare industry, rising demand for high-quality research tools for data reproducibility, and increasing focus on the development of personalized therapeutics are some prime factors driving the region’s synthetic biology market.
• North American market accounted for more than 35% share in 2021 and is expected to grow at a substantial CAGR in the following years.

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Key Players

The following are the key players in the Synthetic Biology Market (arranged alphabetically).

• Agilent Technologies, Inc.,
• Amyris, Inc.,
• Codexis, Inc.,
• Creative Enzymes,
• Cyrus Biotechnology Inc.,
• Eurofins Scientific,
• GenScript Biotech Corporation,
• Ginkgo Bioworks,
• Integrated DNA Technologies, Inc.,
• New England Biolabs,
• Novozymes A/S,
• Precigen, Inc.,
• Synthego Corporation,
• Synthetic Genomics, Inc.,
• The Merck Group,
• Thermo Fisher Scientific Inc.,
• Twist Bioscience.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the global synthetic biology market.

What Deliverables Will You Get in this Report?

Research Methodology

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Segmentation

• Current market segmentation of any one of the tool types by end-use industry types.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Recent Developments

August 2022: Synthetic bio company Antheia raises $40m, announces new pilot plant.

Thanks to $40m USD in financing from a number of investors, synthetic biology company Antheia is poised to make its plans for a pilot-scale manufacturing facility a reality. Read More...

August 2022: Synlogic Announces Synthetic Biotic for Gout Developed in Partnership with Ginkgo Bioworks

Synthetic Biotic and is the second product to advance to clinical development through a research collaboration between Synlogic and Ginkgo, following the investigational new drug candidate SYNB1353 for the potential treatment of homocystinuria (HCU).