In our study, we have segmented the synthetic biology market by product, technology and application. On the basis of product, the market is segmented into enzymes, oligonucleotides, chassis organisms and xeno-nucleic acids. Enzymes acquired the largest market due to increasing applications of enzymes in industries, medical, food and agriculture. Additionally, enzymes are produced from the microbial sources that are used for industrial and commercial use On the basis of technology, the market is segmented into gene synthesis, genome engineering, measurement and modeling, cloning and sequencing, nanotechnology, and others. In 2017, gene synthesis held the largest market share among the technologies. On the basis of application, global synthetic biology market is segmented into industrial applications, food and agriculture, medical applications, environmental applications, and others.

The synthetic biology market is estimated to account for US$ 56,044.9 Mn by the end of 2025, escalating at a CAGR of 28.2% during the forecast period from 2018 to 2025, rising from US$ 8,244.8 Mn in 2017.

Increasing number of synthetic biology startup companies in developed regions such as, North America and Europe, and growing awareness about wide range of applications of synthetic biology are the major factors contributing to the growth of the market. Additionally, the growth is also governed by new product launches, partnerships, product approvals and collaborations by key players in the market. Additionally, the industry has attracted investments from various global leaders. For instance, synthetic biology company Zymergen has have received US$44 million funds in the year 2015, from investors such as Transcript, AME Cloud Ventures, Data Collective, Draper Fisher Jurvetson, HVF, Innovation Endeavors, Obvious ventures, True Ventures and Two Sigma Ventures. In addition, in the year 2016, Zymergen has raised US$130 million in Series B funding which was led by SoftBank Group.

North America is the largest market for synthetic biology across the globe whose growth in mainly driven by increasing focus on synthetic biology technologies such as gene synthesis and genome editing. Additionally, growing investments by the major companies and technological advancements in the field of genomics, and higher acceptance by the consumers also contribute to the growth of the market in North America. While, Asia Pacific is expected to exhibit fastest growth with China being the largest market followed by Japan and India. In China, the growth of the market is attributed to an increasing number of initiatives in synthetic biology such as launch of synthetic biology association and rising awareness about genome engineering and research and development.

The market for synthetic biology consists of well-recognized organizations as well as emerging companies namely; ThermoFisher Scientific Inc., Merck KGaA, Novozymes, Agilent Technologies, Amyris, GenScript, Integrated DNA Technologies, Inc., Twist Bioscience, New England Biolabs, Synthetic Genomics Inc. and others.