PUBLISHER: Meticulous Research | PRODUCT CODE: 1576654
PUBLISHER: Meticulous Research | PRODUCT CODE: 1576654
The global synthetic biology market is Projected to Reach $80.20 Billion by 2031 at a CAGR of 23.5% from 2024 to 2031.
Succeeding extensive secondary and primary research and in-depth analysis of the synthetic biology market scenario, the report comprises the analysis of key industry drivers, restraints, challenges, and opportunities. The growth of this market is driven by the increased funding for synthetic biology research, the declining cost of sequencing, the rising application area of synthetic biology, advancements in gene engineering technologies, and rising research on synthetic vaccines. However, biosafety and biosecurity issues and ethical issues associated with synthetic biology restrain market growth.
Furthermore, rising funding for R&D, a rising focus on personalized medicine, and innovations in synthetic biology are expected to offer growth opportunities. However, the unprecedented effect of synthetic organisms on ecosystems and public reluctance to accept and access synthetic biology are major challenges for the market's growth.
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over four years (2020-2024). The key players operating in the global synthetic biology market are Thermo Fisher Scientific Inc. (U.S.), Merck KGaA (Germany), Agilent Technologies, Inc. (U.S.), Novozymes A/S (Denmark), Codexis, Inc. (U.S.), Creative Biogene Inc. (U.S.), Amyris, Inc. (U.S.), Precigen, Inc. (U.S.), Illumina, Inc. (U.S.), New England Biolabs (U.S.), Ginkgo Bioworks (U.S.), Genscript Biotech Corp. (U.S.), Eurofins Scientific SE (France), and Twist Bioscience (U.S.).
Among all the products studied in this report, in 2024, the oligonucleotide and synthetic DNA segment is expected to account for the largest share of over 35% of the synthetic biology market. The expansion of the application of synthetic DNA and oligonucleotides across various end-use industries is contributing to the large market share of the segment. Also, the versatility and programmability of synthetic DNA and oligonucleotides are increasing their demand in biomedical research.
Among all the technologies studied in this report, in 2024, the gene synthesis segment is expected to account for the largest share of the synthetic biology market. The large share of gene synthesis is attributed to accelerated life sciences R&D and emerging application areas such as metabolic engineering. Gene synthesis technology simplifies the procedures of DNA synthesis by creating mutated, recombinant, or novel DNA sequences without a template, which otherwise would be a tedious task with traditional technologies, thus increasing the demand.
Among all the applications studied in this report, in 2024, the life science & healthcare application is expected to account for the largest share of over 41% of the synthetic biology market. Increasing funding for drug discovery & development is expected to accelerate the demand for synthetic biology tools for drug target identification & validation. For instance, in July 2022, the Council of Scientific and Industrial Research (CSIR) (India) invested USD 6.73 million in R&D activities for drug discovery and development. Additionally, increasing focus on synthetic vaccines and increasing funding for the development of immunotherapies is further contributing to the large market share of this segment.
Among all the end users studied in this report, in 2024, the pharmaceutical, biotechnology, & MedTech companies are expected to account for the largest share of the synthetic biology market. The increasing reliance of pharmaceutical & biotechnology, & MedTech companies on synthetic biology for developing IVD tests, optimizing production processes, and designing novel therapeutics is contributing to the large market share of this segment.
An in-depth analysis of the geographical scenario of the global synthetic biology market provides detailed qualitative and quantitative insights into the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region.
Among all the geographies studied in this report, in 2024, North America is expected to account for the largest share of over 36.8% of the synthetic biology market. The large share of this regional market is attributed to the growth in the life sciences sector, advancements in synthetic biology technologies, an increasing number of research studies in synthetic biology, government initiatives supporting research and development, rising demand for biofuel, and the presence of key market players.
Synthetic Biology Market Assessment-by Product
Note: Other products include synthetic cells, enabling kits, and viral expression systems
Synthetic Biology Market Assessment-by Technology
Note: Other technologies include nanotechnology, HTS, and microfluidics
Synthetic Biology Market Assessment-by Application
Note: Other life sciences & healthcare applications include IVD test developments, personalized medicines, biomaterials
Synthetic Biology Market Assessment-by End User
Note: Other end users include textile industry, paper industry, and cosmetics industry
Synthetic Biology Market Assessment-by Geography
(Note: SWOT analysis of the top 5 companies will be provided.)
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