The synthetic biology market is prospering owing to its promulgating applications all over the world
The Synthetic Biology Market was valued at ~US$ 35 billion in 2020 and is expected to grow at a CAGR of ~20% during the forecast period (2021-2027). Synthetic biology is a developing area of biological research that syndicates both science and engineering. It mainly assists in designing and construction of the new biological devices, parts, and systems that are not present in nature and the redesigning of the existing biological systems.
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The demand for the Synthetic Biology market is increasing on account of the high investments in the R&D sector. The R&D sector has generally remained capital-intensive owing to long development periods and approval cycles. R&D funding and expenditure have witnessed constant growth over the years. Pharmaceuticals, as well as biotechnology companies, invest highly in research to produce molecules to cater to the growing needs of the healthcare industry and to prevent the onset of new diseases. The R&D sector in the global pharmaceutical & Biotechnology industry accounts for about 80% of the overall R&D expenditure in the life sciences industry. Moreover, the declining cost of DNA sequencing and synthesizing, and rising investments in the market are boosting the growth of the Synthetic biology market. Furthermore, the increasing demand for biofuels, rising awareness in emerging economies offer remunerative growth opportunities in the market.
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Based on Tools, the market is fragmented into Oligonucleotides and Synthetic DNA, Enzymes, Cloning Technologies Kits, Synthetic Cells, Chassis Organisms, and Xeno-nucleic Acids. The oligonucleotides & synthetic DNA segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period owing to increasing demand for synthetic genes, synthetic DNA, and synthetic RNA which are employed in a wide range of applications. Oligonucleotide synthesis is a rapidly growing process that involves the chemical synthesis of small fragments of nucleic acids with a well-defined sequence.
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Based on Technology, the market is bifurcated into Gene Synthesis, Genome Engineering, Sequencing, Bioinformatics, Site-directed Mutagenesis, Cloning, Measurement and Modeling, Microfluidics, and Nanotechnology. The Gene Synthesis segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period. Gene Synthesis is very useful in genome engineering which increases its attractiveness and value. Gene synthesis is highly exploited in efficient genome editing and genome targeting. Moreover, the increasing funding in genomics, focus on personalized medicine and other factors, such as patient-centered approach is fueling the market growth.
Based on Application, the market is bifurcated into Pharmaceuticals & Diagnostics, Chemicals, Medical Biofuels, Bioplastics, and Others (Environment, Agriculture & Aquaculture). The Medical segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period owing to several factors such as the extensive research on new and better treatments, coupled with the availability of huge private and public funding for the discovery of novel therapies.
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For a better understanding of the market adoption of Synthetic Biology, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Synthetic Biology market on account of the rising applications in many areas like in agriculture, the farmers can raise yield and productivity of crops with the help of synthetic biology, high funding by research academics and private organizations for the development of novel biological products, increasing demand for synthetic cells and genes, and advancements in genetic engineering. Some of the major players operating in the market include Thermo Fisher Scientific, Merck KGaA, Agilent Technologies, Inc., Novozymes A/S, Ginkgo Bioworks, Amyris, Precigen, GenScript Biotech Corporation, Twist Bioscience, and Synthetic Genomics. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Synthetic Biology Market Segmentation
Market Insight, by Tools
· Oligonucleotides and Synthetic DNA
· Enzymes
· Cloning Technologies Kits
· Synthetic Cells
· Chassis Organisms
· Xeno-nucleic Acids
Market Insight, by Technology
· Gene Synthesis
· Genome Engineering
· Sequencing
· Bioinformatics
· Site-directed Mutagenesis
· Cloning
· Measurement and Modeling
· Microfluidics
· Nanotechnology
Market Insight, by Application
· Pharmaceuticals & Diagnostics
· Chemicals
· Medical
· Biofuels
· Bioplastics
· Others (Environment, Agriculture & Aquaculture)
Market Insight, by Region
· North America
o United States
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of World
Top Company Profiles
· Thermo Fisher Scientific
· Merck KGaA
· Agilent Technologies, Inc.
· Novozymes A/S
· Ginkgo Bioworks
· Amyris
· Precigen
· GenScript Biotech Corporation
· Twist Bioscience
· Synthetic Genomics
