PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635120
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635120
The global synthetic biology market is experiencing significant growth, with its value projected to increase from $19,228.9 million in 2024 to $61,220.9 million by 2030, reflecting a robust compound annual growth rate (CAGR) of 21.6% during the forecast period (2025-2030). This growth is primarily driven by the declining costs of DNA sequencing and the availability of efficient and accurate next-generation sequencing systems at lower prices.
The decreasing cost of DNA sequencing has made synthetic biology more accessible, enabling a broader range of research and commercial applications. There is an increase in synthetic biology research initiatives, coupled with substantial R&D funding from governments and private entities, which is further propelling market growth.
The medical sector represents the largest application category, with synthetic biology playing a crucial role in developing innovative treatments for chronic diseases, including diabetes and cancer. Beyond healthcare, synthetic biology is being utilized in industrial processes and environmental applications, contributing to its expanding market presence.
North America holds the largest market share, driven by advancements in technology and strong investment in research. The Asia-Pacific region is expected to experience the fastest growth, supported by increasing investments in biotechnology and healthcare infrastructure.
The synthetic biology market is set to witness substantial growth, fueled by technological advancements, increased research funding, and expanding applications across various industries.