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 28% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Synthetic biology enables designing and construction of new biological parts, devices and systems as well as redesigning existing natural biological systems. It has applications in various end use industries like healthcare, energy, agriculture and environment. Use of synthetic biology helps in production of advanced biomaterials, development of improved diagnostics and therapeutics, as well as enable better chemical production routes.
Market key trends:
Cell free protein expression has emerged as one of the fastest growing trends in synthetic biology market. Cell free protein expression uses cell lysate to conduct biological reactions needed for protein production instead of living cells. It offers advantages like higher production yield, lower reaction volumes, less complexity in process development and scale up. Cell free systems provide direct access to intracellular machinery for protein synthesis without maintaining living cells. This approach helps in producing toxic, unstable or rare proteins which cannot be expressed in vivo.
Segment Analysis
The Global Synthetic Biology Market is segmented based on tools, technology, application, and end-use. Based on tools, the market is segmented into oligonucleotides and synthetic DNA, enzymes, clones and synthetic cells, chassis organisms, and xeno-nucleic acids. The oligonucleotides and synthetic DNA segment dominated the market in 2022 due to widening applications of synthetic DNA in cloning, sequencing, and gene editing.
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 genes and cells from the pharmaceutical and biotechnology industries for drug discovery and production.
Regional analysis
North America dominated the global market in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to well-established biotechnology industry and growing adoption of synthetic biology technologies for developing novel medicines and engineered organisms in the region. Asia Pacific is projected to witness the fastest growth during the forecast period due to rising government funding for synthetic biology related R&D and increasing number of emerging players in countries like China and India.
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. Thermo Fisher Scientific is one of the dominating players in synthetic biology market due to its diverse product portfolio for synthetic biology including genomic tools and reagents, gene synthesis services and synthetic cells.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.