Synthetic Biology Market in terms of revenue was estimated to be worth $11.4 billion in 2022 and is poised to reach $35.7 billion by 2027, growing at a CAGR of 25.6% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as diversified applications of synthetic biology, rising RD funding and growing initiatives in synthetic biology, declining cost of DNA sequencing and synthesizing, and increasing investments in the market are propelling the growth of this market. However, biosafety, biosecurity, and ethical concerns related to synthetic biology are the major factors restraining the growth of this market.
The growth of the synthetic biology market is attributed to advances in gene editing tools and technologies, government funding, and the increasing availability of DNA synthesis platforms. Additionally, the development of new products and services based on synthetic biology is driving the market’s growth.
One of the key drivers of the synthetic biology market is the focus on the development of innovative products and services that can improve the quality of life. For instance, the development of novel drugs, vaccines, and diagnostics are leading to a surge in demand for synthetic biology products and services. Additionally, the development of advanced materials, such as biofuels, bioplastics, and biopolymers, further increases the need for synthetic biology solutions.
The increasing demand for synthetic biology products and services is also creating opportunities for new business models. Companies are investing in the development of advanced technologies, such as gene-editing tools, which can increase the efficiency and cost-effectiveness of the manufacturing process. Additionally, the development of synthetic biology-based services, such as biomanufacturing and bioinformatics, are creating lucrative opportunities for companies in the market.
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Top Lading Players: Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies (US), Novozymes (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and among others.
Some Key Highlights from the Report:
- The global synthetic biology market was valued at USD 11.4 billion in 2022 and is expected to reach USD 35.7 billion by 2027, growing at a CAGR of 25.6% from 2022 to 2027.
- The increasing demand for synthetic biology-based products such as drugs, vaccines, and diagnostic kits are driving the growth of the market.
- Increasing RD activities in the field of synthetic biology and the rising investments in this field are also driving the growth of the market.
- The increasing awareness about synthetic biology and its applications are expected to drive the growth of the market.
- The rising demand for synthetic biology-based products in the healthcare sector is expected to fuel the growth of the market.
- The growing demand for synthetic biology-based products in the food and beverage industry is also driving the growth of the market.
- The increasing demand for synthetic biology-based products in the energy and chemical industries is expected to fuel the growth of the market.
Segments covered in the report:
By Tool
- Oligonucleotides and Synthetic DNA
- Enzymes
- Cloning Technologies Kits
- Synthetic Cells
- Chassis Organisms
- Xeno-nucleic Acids
By Technology
- Gene Synthesis
- Genome Engineering
- Sequencing
- Bioinformatics
- Site-directed Mutagenesis
- Cloning
- Measurement and Modelling
- Microfluidics
- Nanotechnology
By Application
- Medical Application
- Artificial Tissue and Tissue Regeneration
- Industrial Applications
- Food Agriculture
- Environmental Applications
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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