The global synthetic biology market size is projected to reach USD 30.7 billion by 2026 from USD 9.5 billion in 2021, at a CAGR of 26.5% during the forecast period. Factors such as the increasing demand for synthetic genes and synthetic cells, wide range of applications of synthetic biology, declining cost of DNA sequencing and synthesizing, increasing R&D funding and initiatives in synthetic biology, and increasing investments in the market are propelling the growth of this market. However, rising biosafety, biosecurity, and ethical concerns related to synthetic biology is likely to hamper the growth of this market.
“The oligonucleotides and synthetic DNA segment is expected to grow at the highest rate during the forecast period.”
On the basis of tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2020, the oligonucleotides and synthetic DNA segment is expected to register the highest CAGR during the forecast period. This can be attributed to factors such as the rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications, such as pharmaceuticals, nutraceuticals, personal care, flavors and fragrances, probiotics, green chemicals, and industrial enzymes.
“The genome engineering segment is expected to grow at the highest CAGR during the forecast period.”
On the basis of technology, the market is segmented into gene synthesis, genome engineering, sequencing, bioinformatics, cloning, site-directed mutagenesis, measurement and modeling, microfluidics, nanotechnology.
The genome engineering segment is expected to register the highest CAGR during the forecast period due to factors such as the increasing use of engineering technologies for manipulating complex genomes, growing therapeutics development for cancer and other diseases, and the increasing technological advances in CRISPR-toolbox and DNA synthesis technologies.
“The medical applications segment is expected to grow at the highest CAGR during the forecast period.”
Based on application, the synthetic biology market is segmented into medical applications, industrial applications, food & agriculture, and environmental applications. The medical applications segment is expected to register the highest CAGR during the forecast period. Factors such as the extensive research on new and better treatments, coupled with the availability of huge private and public funding for the discovery of novel therapies, is the primary driver for the medical applications segment’s growth.
“The Asia Pacific is projected to witness the highest growth during the forecast period.”
The synthetic biology market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the synthetic biology market. However, the APAC region is expected to witness the highest growth during the forecast period owing to the growth in the number of pharmaceutical & biopharmaceutical companies, the increasing number of healthcare & life science facilities, and increasing requirements for regulatory compliance in pharmaceutical and biopharmaceutical companies, growing number of international alliances, heavy funding for synthetic biology research, and strong government support. Furthermore, the increasing focus on the Asia Pacific markets due to their low-cost manufacturing advantage also provides growth opportunities for manufacturers.
The primary interviews conducted for this report can be categorized as follows:
- By Respondent: Supply Side- 70%, and Demand Side - 30%
- By Designation (Supply Side): Managers - 45%, CXOs and Directors - 30%, and Executives- 25%
- By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, and Middle East and Africa -5%
This report provides a detailed picture of the synthetic biology market. It aims at estimating the size and future growth potential of the market across different segments, such as tool, technology, application, and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall synthetic biology market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.