by The synthetic biology market is estimated to be valued at US$ 31,693.59 Mn in 2023 and is expected to exhibit a CAGR of 28% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Synthetic biology involves engineering of novel biological functions and systems that do not exist in nature. It employs techniques such as DNA synthesis and genome engineering to design and construct new biological parts, devices, and systems as well as redesigning existing natural biological systems. Synthetic biology finds wide applications across various end-use industries such as healthcare, chemical, energy, and agriculture. In the healthcare sector, it is used for developing medicines, vaccines, biofuels, biologics, and genetically engineered organisms.
Market Dynamics:
Increasing investments for synthetic biology research and growing demand for healthcare applications are some of the major factors expected to propel the growth of the synthetic biology market over the forecast period. Research funding from both private and public organizations supports the development of new tools and technologies in synthetic biology. For instance, according to the report published by SynBioBeta, the investments in synthetic biology increased from $772 million in 2012 to reach $3.06 billion in 2018. Moreover, synthetic biology tools are increasingly being used to develop diagnostic tools, drugs, and medical devices to treat various diseases. For example, companies are applying synthetic biology to develop new biologics like monoclonal antibodies for cancer treatment and gene therapies. Additionally, advancement in DNA synthesis and genome engineering technologies such as CRISPR is expected to contribute towards the market growth over the forecast period.
SWOT Analysis
Strength:
Synthetic biology can efficiently produce economically viable products. Some examples include producing biofuel from renewable feedstocks, developing new therapeutics, engineering microbes for sustainable manufacturing.
Synthetic biology tools and approaches allow accurate genome engineering capabilities. They provide capabilities to easily modify the DNA of organisms which allows developing organisms for different applications.
Synthetic biology is an interdisciplinary field which combines various domains of science like biology, engineering, computer science, and others. This allows leveraging combined capabilities for developing innovative solutions.
Weakness:
Synthetic biology research requires substantial funding for technology development and product commercialization which is a challenge.
Regulatory policies related to synthetic biology applications are still evolving. Unclear guidelines pose challenges for researchers and industries.
Opportunity:
Synthetic biology can help address challenging issues like climate change, improving health, and sustainable manufacturing. Developing technologies like carbon capture, precision medicines, and bio-based materials offer significant opportunities.
With continued technology advancement, the cost of DNA sequencing and synthesis is declining. This expands the scope of applications and makes synthetic biology approaches more accessible.
Threats:
Ethical and biosafety issues associated with genomic engineering techniques can negatively impact public opinion about synthetic biology.
Natural biological systems are highly complex which poses technical challenges in fully understanding and engineering organisms as desired. Unexpected perturbations can affect outcomes.
Key Takeaways
The Global Synthetic Biology Market is expected to witness high growth, exhibiting a CAGR of 28.% over the forecast period, due to increasing demand for synthetic DNA, chips & reagents, software and services in applications ranging from healthcare, industrial, food & agriculture.
Regional analysis:
North America is currently the largest and fastest growing regional market for synthetic biology due to presence of major players and associated technology hubs as well as significant R&D investments. Europe and Asia Pacific are other major regional markets exhibiting lucrative growth opportunities. In Europe, countries like the UK and Germany are pioneering markets while China is emerging as a high growth hotspot in the Asia Pacific region.
Key players:
Key players operating in the synthetic biology market are Thermo Fisher Scientific, Synbio Technologies, Merck KGaA, Agilent Technologies, Inc., GenScript, Amyris, Eurofins Genomics GmbH, Integrated DNA Technologies, Inc., Codexis, Inc., EnBiotix, Inc., Synthego, New England Biolabs (UK) Ltd., Scarab Genomics, LLC and Genomatica, Inc. These players are focusing on technology advancements through R&D and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
