Synthetic Biology Market by Product Type (Oligonucleotide/Oligo pools and Synthetic DNA, Enzymes, Cloning Technologies Kits, Xeno-nucleic Acids, Chassis Organism)
Industry: Healthcare
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33250
According to Persistence Market Research's newly released Synthetic Biology Market analysis report, the global market valuation stands at US$ 9.8 billion in 2021 and is expected to reach a valuation of US$ 12.5 billion by the end of 2022. The market is expected to rise at a CAGR of 29.5% during the period between 2022 and 2032. The market valuation is expected to reach US$ 162.9 Bn by the end of 2032 with an absolute dollar opportunity of US$ 150.4 Bn.
|
Attribute |
Details |
|
Global Synthetic Biology Market (2022) |
US$ 12.5 Bn |
|
Global Synthetic Biology Market (2032) |
US$ 163 Bn |
|
Global Synthetic Biology Market CAGR (2022 – 2032) |
29.5% |
|
U.S. Synthetic Biology Market CAGR (2022 – 2032) |
29.7% |
|
Key Companies Profiled |
|
Synthetic biology has revolutionized technologies in a variety of fields, like biocomputing, living materials, cellular recording, and therapeutic genome editing. Pharmaceutical, biotechnology, and agriculture industries can generate synthetic biology products with advancements in genome editing. The growing population and changing eating habits, combined with resource scarcity, have aided nutrition research and development. Furthermore, the technology is likely to bring higher food yields and the advancement of pest management techniques.
Healthcare is expected to remain the dominant segment which is expected to grow at a CAGR of 30% as compared to the historical CAGR of 24.7%. The growth is attributable to the increasing scale and scope of Synthetic Biology in developing biopharmaceutical medicines.
As per the publication released by Persistence Market Research – a market research and competitive intelligence provider, the market was valued at US$ 9.8 Bn in 2021 and is expected to rise at a CAGR of 29.5% between 2022 and 2032. This growth has been significantly higher than the historical growth of 24%. The market is expected to offer an absolute dollar opportunity of US$ 150.4 Bn between 2022 and 2032. By the end of 2032, the market for Synthetic Biology is likely to hit the valuation of US$ 162.9 Bn.
Factors such as increased R&D funding and development activities in synthetic biology reduced DNA sequencing and synthesizing costs, and increasing investments are projected to drive the market. Government agencies, research institutes, and large corporations are increasingly involved in synthetic biology research, which will boost market growth in the forthcoming years.
Industry growth will be driven by a shift in production trends towards natural plant-derived materials like rubber, essential oils, food flavors, and fragrances.
Over the projected period, increasing research efforts involving science, technology, and engineering to develop, redesign, generate, or change genetic materials and biological systems will create new growth prospects for industry participants. The synthetic biology market will rise significantly due to the rising demand for biofuel owing to fossil fuel depletion, the global energy crisis, and increased pollution.
The growing population and changing eating habits, combined with resource scarcity, have aided nutrition research and development. With the use of synthetic biology, various procedures have been developed for producing food, thus resulting in increased food yield.
The market is likely to be hampered by ethical difficulties regarding biosafety and biosecurity measures in developing synthetic biological products. The failure of some Synthetic Biological products to fall under either the living or non-living category may restrain the development of the market.
In synthetic biology, uncontrolled or even purposeful discharge of synthetic organisms to the environment during research and other uses is a fundamental biological safety concern. Designer microorganisms can be ecologically harmful after release into the environment, as they can mutate or mate with other organisms, forming hybrid species that can evolve in unpredictable ways and exhibit bio-system failures.
Global biopharmaceutical businesses have moved forward to help develop a solution for treating patients and developing vaccinations to combat the coronavirus illness. Synthetic biology was regarded as a possible method for combating the pandemic. As a result, synthetic biology technologies were used to revolutionize the development and production of vaccines to a greater level.
Zydus Cadila, for example, developed one of the most well-known DNA-based vaccines for immunizing people against the virus. Furthermore, companies like Moderna and Inovio have been able to move quickly into clinical development.
North America was the largest market for synthetic biology, accounting for over 35% of the global share. The market in the region is expected to grow at a CAGR of around 28% during 2022 – 2032. The market in the region is likely to be driven by the attributes such as the rising well-established Synthetic Biology companies, academic research institutes, growing ongoing studies, and the overall growth of the healthcare sector. Other factors include increased R&D spending, favorable laws, government aid, and increased backing from the US government and private organizations.
U.S. Synthetic Biology Market Analysis
The U.S. is the driving force behind the growth of the global Synthetic Biology Market. In 2021, the U.S. accounted for over 28% share of the market and is expected to grow at a CAGR of 29.7% during the forecast period. The U.S. market growth is significantly higher than its historical average growth of 26.8%. Between 2022 and 2032, the market is estimated to grow with an absolute dollar opportunity of US$ 44.8 billion.
Japan Synthetic Biology Market Analysis
According to Persistence Market Research, the market in Japan is anticipated to grow at a CAGR of 35.9% between 2022 and 2032. In the next ten years, the Japanese market for Synthetic Biology is estimated to offer an absolute dollar opportunity of US$ 9.7 billion to reach a valuation of US$ 10.2 billion by 2032.
The rising CAGR of the Japanese market for Synthetic Biology is attributed to the rapid expansion of healthcare infrastructure and rising geriatric population. The market is also growing as a result of the introduction of technologically improved products, rising strategic partnerships and collaborations, increased investments from market participants, and increased medical tourism. As a result, market expansion is expected to expand in the near future.
Why Synthetic Biology finds its Largest Application in Healthcare Sector?
The Healthcare sector is the largest revenue-generating segment in the global Synthetic Biology Market, which is expected to grow at a CAGR of 30% between 2022 and 2032.
Synthetic biology has improved the sheer magnitude of biopharmaceutical medication development significantly. For gene engineering, expression optimization, yield stabilization, fermentation, and purification, the technology provides practical solutions for overcoming the limitations in existing biopharmaceutical production.
Private and public organizations are making significant investments in the market. Bolt Threads, Spiber, and Modern Meadow are among the companies that have witnessed tremendous growth in consumer biotechnology. These businesses are working to create sustainable synthetic yet "natural" biomaterials. The existence of major, regional, and transnational competitors in the synthetic biology market makes it competitive. Companies are using tactics like collaborations to conduct R&D, new product launches, and joint ventures to expand their businesses.
Some of the prominent companies in the Global Synthetic Biology market are Bota Biosciences, Codexis, Inc., Creative Biogene, Creative Enzymes, EnBiotix, Inc., Eurofins Scientific, Illumina, Merck, New England Biolabs, Novozymes, Pareto Biotechnologies, Inc., Scarab Genomics, Synthego, Synthetic Genomics, and Thermo Fisher.
Some of the recent developments in the Global Synthetic Biology Market are:
Similarly, recent developments related to companies offering Synthetic Biology products have been tracked by the team at Persistence Market Research, which is available in the full report.
By Application
By Product Type
By Technology
By End-use
By Region type
To know more about delivery timeline for this report Contact Sales
The market is currently valued at US$ 9.8 Bn and is expected to reach the valuation of US$ 12.5 Bn by the end of 2022.
The market is expected to grow with an absolute dollar opportunity of US$ 150.4 Bn between 2022 and 2032.
The Global Synthetic Biology Market is expected to grow at a CAGR of 29.5% during 2022 to 2032. By the end of 2032, its valuation will stand at US$ 162.9 Bn.
The Healthcare segment is expected to dominate the global market for Synthetic Biology. It is expected to proliferate at a CAGR of 30% from 2022 to 2032.
The major players in the market are Bota Biosciences, Codexis, Inc., Creative Biogene, Creative Enzymes, EnBiotix, Inc., Eurofins Scientific, Illumina, Merck (Sigma Aldrich), New England Biolabs, Novozymes, Pareto Biotechnologies, Inc., Scarab Genomics, Synthego, Synthetic Genomics, and Thermo Fisher.
