Synthetic Biology Market is Poised to Thrive at CAGR of 21.4 % CAGR During 2023 to 2031 | TMR Report

Wilmington, Delaware, United States, April 20, 2023 (GLOBE NEWSWIRE) -- The global synthetic biology market is anticipated to grow at a 21.4% CAGR from 2023 to 2031. A market valuation of US$ 74.7 billion is expected by end of the forecast period.

The mounting scope of synthetic biology for multiplexed diagnostics & cellular recording and therapeutic genome editing is expected to drive market growth during the forecast period. Moreover, using organisms and products from synthetic biology techniques in various sectors, such as chemicals and energy, will fuel product sales.

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The market is anticipated to grow as a result of the increasing research and development activities in several fields. To increase and enhance conventional biofuel production, key players are following synthetic biology approaches to improve performance and increase the use of low-cost inputs such as waste. For example, fashion companies like Bolt Threads, Modern Meadow, and Vitro Labs are utilizing biotechnology to develop sustainable materials.

The market is witnessing heavy investments from private & public partnerships. According to ‘SynBioBeta’, the startups in the synthetic biology industry raised US$ 7.8 billion in investment in 2020, and US$ 18 billion in 2021. Companies like DNA Script and Arbor Biotechnologies raised more than USD 215 million and USD 167.2 million, respectively. The heavy investments increase the fund circulation in the market and support companies' growth across the supply chain. This will be beneficial for market expansion.

Further, advancements in genome editing and the presence of bio-foundries, are fueling product sales. Also, the availability of natural resources and enormous markets, are highlighted as global strengths in synthetic biology which will help the market to thrive in the coming years.

Key Takeaways from the Market Report

• The global Synthetic Biology Market is expected to be worth US$ 15.78 billion as of 2023.
• By application, healthcare segment is projected to lead the market, exhibiting a 19.2 % value CAGR during the forecast period.
• By product type, the synthetic DNA & oligonucleotides segment is expected to hold a maximum share of 39.2% in 2023.
• As per TMR projections, the market for Synthetic Biology in China will grow at an 18.9 % CAGR.

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Market Snapshot:

Synthetic Biology Market: Growth Drivers & Trends

• The growing demand for biofuels, increasing awareness in developing economies, and rising research and development investments for synthetic drugs and vaccines will drive market growth.
• The demand is further expected to rise as demand for protein therapies and personalized medicine escalates along with research into synthetic pharmaceuticals and vaccines. Also, rising synthetic biology applications, increasing synthetic biology investment, and decreasing DNA sequencing and synthesizing costs will further fuel product demand.
• The use of genetically designed viruses in fixing damaged genes in patients with inherited disorders like epidermolysis bullosa or combined immune deficiency (SCID) has increased significantly. Besides this, technologies for executing synthetic biology are gaining accessibility and internet usage is promoting ideas and information exchange, thereby leading to market expansion.
  

Synthetic Biology Market: Regional Analysis

• Europe is expected to dominate the synthetic biology market by accumulating over 38% market share by end of the forecast period. The growth is attributed to constant support from European government and private organizations. Also, inception of small start-ups and increasing investments by leading companies, especially in the biofuel segment will fuel growth in the overall market.
• North America is expected to hold 36.4% market share by end of the forecast period. Factors such as growing demand for bio-based products, rising investments in synthetic biology companies, and increased funding for research and development of synthetic biology are fueling growth across the region.
• The research being done in the fields of genomics, drug discovery, and proteomics structure prediction in the United States is anticipated to drive market growth in this region.
  

Synthetic Biology Market: Prominent Players

The global Synthetic Biology Market is characterized by the presence of numerous regional as well as global entities. Some key Synthetic Biology providers profiled by TMR include:

• Bristol-Myers Squibb
• Gevo, Inc.
• Life Technologies
• DSM
• DuPont, Inc.
• Genomatica, Inc.
• LS9 Inc.
• Amyris, Inc.
• Codexis, Inc.
• Twist Bioscience
• Ginkgo Bioworks
• Genscript
• Insitro
• ElevateBio
• Precigen, Inc.
  

Prominent developments in the Synthetic Biology domain by key players are as follows:

• In November 2021, GenScript increased its gene synthesis manufacturing capabilities in the United States with completely automated oligo synthesis and sequencing platforms.
• In August 2022, Bristol Myers Squibb completed the acquisition of ‘Turning Point Therapeutics, Inc.’ in an all-cash transaction. Turning Point is now a subsidiary of Bristol Myers Squibb.

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Synthetic Biology Market- Key Segments

By Product

• Core Products
  • Synthetic DNA
  • Synthetic Genes
  • Synthetic Cells
  • XNA & Chassis Organisms
  • Others
• Enabling Products
  • DNA Synthesis
  • Oligonucleotide Synthesis
    

By Technology

• Genome Engineering
• DNA Sequencing
• Bioinformatics
• Biological Components & Integrated Systems
• Nanotechnology
• Others

By Application

• Healthcare
• Chemicals
• Agriculture
• Others

By Region

• North America
• Asia Pacific
• Latin America
• Europe
• Middle East & Africa
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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