Synthetic biology utilizes advancements in genome editing technologies such as CRISPR and DNA synthesis to design and construct new biological components and systems that can serve useful functions. For instance, synthetic biologists can engineer microorganisms to produce fuels, chemicals, and drugs. The growing production of biofuels, biochemicals, and pharmaceuticals through synthetic biology is expected to propel market growth over the forecast period. Synthetic biology also finds applications in developing antiviral drugs for infectious diseases and engineering mammalian cells for regenerative medicine applications.
The global Synthetic Biology Market is estimated to be valued at US$ 31693.59 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in genome editing technologies such as CRISPR is one of the key trends driving growth of the synthetic biology market. CRISPR allows for precise editing of genes which enables cellular reprogramming for various applications. Researchers are extensively utilizing CRISPR for engineering the genomes of various organisms including microbes, plants, and animals. Growing R&D focus on developing CRISPR therapeutic is also pushing the demand for synthetic biology. Additionally, the advent of cloud computing and automation technologies is aiding the design of complex biochemical pathways and genetic circuits. SynBio companies are partnering with leaders in cloud computing and automation to offer user-friendly design platforms. This is expected to increase the adoption of synthetic biology solutions among research institutes and industries.
Porter’s Analysis
Threat of new entrants: Low economies of scale of R&D and manufacturing for synthetic biology systems pose challenges for new entrants. Regulatory compliance for genome editing further limits new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as they have a large pool of options from key players. However, specialized technologies keep switching costs high.
Bargaining power of suppliers: Key upstream inputs like DNA sequencing and gene synthesis services gives suppliers moderate power as players depend on a concentrated set of technology providers.
Threat of new substitutes: Few substitutes exist currently for synthetic biology approaches. However, computational and traditional bioengineering methods pose a long term threat.
Competitive rivalry: Intense competition exists among major players to develop advanced platforms. Players differentiate through collaborations and customized solutions to gain market share.
Key Takeaways
The Global Synthetic Biology Market Growth is expected to witness high over the forecast period supported by growing investments in research. The global synthetic biology market is estimated to be valued at US$ 31693.59 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030.
North America currently dominates the market attributed to presence of major players and government funding for synthetic biology projects in the US and Canada. Wide applications of synthetic biology across healthcare, industrial, and environmental sectors will continue boosting regional market growth. Europe is also a significant market for synthetic biology driven by strategic funding from UK, Germany, France and other countries to support development of synthetic biology capabilities. The Asia Pacific region demonstrates high growth potential led by countries like China, Japan and South Korea. Increasing R&D expenditures and availability of low-cost manufacturing are factors strengthening the regional market.
Key players operating in the synthetic biology market are DiaSorin S.p.A., Abbott Laboratories, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers, Beckman Coulter Inc., F. Hoffmann-La Roche AG, Inova Diagnostics, Inc., Maccura Biotechnology Co., Ltd., Tosoh Corporation, and Ortho Clinical Diagnostic. Players are engaged in new product launches and strategic collaborations with industrial bodies to gain access to specialized capabilities and end-user applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
