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Redding, California - April 30, 2024

Synthetic Biology Market to be Worth $80.20 Billion by 2031

Synthetic Biology Market Size, Share, Forecast, & Trends Analysis by Product (Enzymes, Oligonucleotide, DNA) Technology (Gene Synthesis, Genome Editing, Sequencing, Cloning) Application (Life Sciences, Chemical, Food) End User – Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, 'Synthetic Biology Market Size, Share, Forecast, & Trends Analysis by Product (Enzymes, Oligonucleotide, DNA) Technology (Gene Synthesis, Genome Editing, Sequencing, Cloning) Application (Life Sciences, Chemical, Food) End User – Global Forecast to 2031.'

According to this latest publication from Meticulous Research^®, the global synthetic biology market is projected to reach $80.20 billion by 2031 at a CAGR of 23.5% from 2024 to 2031.The growth of this market can be attributed to various factors, such as increased funding for synthetic biology research, the declining cost of sequencing, the rising application area of synthetic biology, advancements in gene engineering technologies, and rising research on synthetic vaccines. However, biosafety and biosecurity issues and ethical issues associated with synthetic biology restrain market growth.

Furthermore, rising funding for R&D, a rising focus on personalized medicine, and innovations in synthetic biology are expected to offer growth opportunities. However, the unprecedented effect of synthetic organisms on ecosystems and public reluctance to accept and access synthetic biology are major challenges for the market’s growth.

Key Players

The key players operating in the global synthetic biology market are Thermo Fisher Scientific Inc. (U.S.), Merck KGaA (Germany), Agilent Technologies, Inc. (U.S.), Novozymes A/S (Denmark), Codexis, Inc. (U.S.), Creative Biogene Inc. (U.S.), Amyris, Inc. (U.S.), Precigen, Inc. (U.S.), Illumina, Inc. (U.S.), New England Biolabs (U.S.), Ginkgo Bioworks (U.S.), Genscript Biotech Corp. (U.S.), Eurofins Scientific SE (France), and Twist Bioscience (U.S.).

Synthetic Biology Market: Future Outlook

The global synthetic biology market is segmented by Product (Oligonucleotide and Synthetic DNA, Xeno-Nucleic Acids, Enzymes, Cloning Technologies Kits, Chassis Organism, Other Products), Technology (Gene Synthesis, and Sequencing, Genome Editing, Cloning, Site Directed Mutagenesis, Bioinformatics, and Other Technologies), Application (Life Science & Healthcare Application [Drug Discovery, Bioprocessing, Therapeutic, and Other Applications], Industrial & Chemical Application [Biofuels, Industrial Enzyme (Textile Industry, Paper Industry, and Cosmetic Industry), Bioplastics & Green Chemicals], Food & Agriculture Application [Specialty Food and Fertilizers], and Environment Application [Biosensing and Bioremediation/Conservation), End Users (Pharmaceutical, Biotechnology, & MedTech Companies, CMOs & CROs, Academic & Research Institutes, Food & Agriculture Industry, Chemical Industry, Environmental Agencies, and Other End Users) and Geography. The study also evaluates industry competitors and analyzes the market at the global and regional levels.

Among all the products studied in this report, in 2024, the oligonucleotide and synthetic DNA segment is expected to account for the largest share of the synthetic biology market. Synthetic oligonucleotides are used in applications such as the development of novel therapeutics and manufacturing commodity chemicals, perfumes, and textiles. The expansion of the application of synthetic DNA and oligonucleotides across various end user industries is contributing to the largest share. The focus on synthetic DNA utilization in environmental biotechnology is rising for designing entities capable of degrading pollutants, creating biofuels, and mitigating environmental contaminants. Thus, growing environmental concerns, a high focus on clinical research, and expanding applications of synthetic DNA in biotextiles are supporting the largest share.

Among all the technologies studied in this report, in 2024, the gene synthesis segment is expected to account for the largest share of the synthetic biology market. Gene synthesis technology can create mutated, recombinant, or novel DNA sequences without a template, thereby simplifying the procedures of DNA synthesis, which otherwise would be a tedious task with traditional technologies. Additionally, gene synthesis has its application in engineering proteins, pathway designing, and genome engineering, to aid research in plant biology, oncology, structural biology, neurosciences, synthetic vaccines, and others. Thus, extended application areas of gene synthesis support the largest share of the segment.

Among all the applications studied in this report, in 2024, the life science & healthcare application is expected to account for the largest share of the synthetic biology market. The largest share of the segment is attributed to the increasing focus & funding for synthetic vaccines, the rising need to develop novel therapies, the rising focus on drug discovery, and the government focus on R&D of drugs. For instance, in July 2022, the Council of Scientific and Industrial Research (CSIR) (India) invested USD 6.73 million in R&D activities for drug discovery and development. Increasing funding for drug discovery & development is expected to accelerate the demand for synthetic biology tools for drug target identification & validation.

Among all the end users studied in this report, in 2024, the pharmaceutical, biotechnology, & MedTech companies are expected to account for the largest share of the synthetic biology market. The large share of the segment is attributed to the growing number of research laboratories, increased investments in R&D, and rising funding for pharmaceutical research. The rising demand for new drugs and therapies is driving an increase in funding for research laboratories, consequently creating a higher demand for synthetic biology tools. For instance, NIH funding has witnessed an increase from USD 42 billion in 2021 to USD 45 billion in 2022 for research purposes (Source: Congressional Research Service).

This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, Denmark, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa.

Among all the geographies studied in this report, Asia-Pacific is slated to register the highest growth rate during the forecast period. Increasing research on synthetic vaccines, rising demand for fuel alternatives, supportive policies for biofuel production, increasing pharmaceutical R&D expenditure, increasing focus on personalized medicine, and advancements in the biotechnology sector are driving market growth in the region. For instance, the Government of India has formed the Department of Biotechnology (DBT) and other government-funded institutions, such as the National Biotechnology Board (NBTB), which work together to establish India as a global hub for biotech research and business excellence. India’s bioeconomy industry was valued at USD 137 billion in 2023 and is expected to reach USD 150 billion by 2025 (Source: India Brand Equity Foundation). Thus, with the advancements in the biotechnology sector, the demand for synthetic biology tools is expected to increase for applications such as synthetic vaccines, biofuel, biopeptides, and others.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5826

Key questions answered in the report-

Which are the high-growth market segments in terms of product, technology, application, end user, and region/country?
What was the historical market size for the synthetic biology market globally?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, challenges, opportunities, and trends in the global synthetic biology market?
Who are the major players in the global synthetic biology market?
What is the competitive landscape like, and who are the market leaders in the global synthetic biology market?
What are the recent developments in the global synthetic biology market?
What are the different strategies adopted by the major players in the global synthetic biology market?
What are the geographical trends and high-growth regions/countries?

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Redding, California - April 30, 2024

Synthetic Biology Market to be Worth $80.20 Billion by 2031

Synthetic Biology Market Size, Share, Forecast, & Trends Analysis by Product (Enzymes, Oligonucleotide, DNA) Technology (Gene Synthesis, Genome Editing, Sequencing, Cloning) Application (Life Sciences, Chemical, Food) End User – Global Forecast to 2031

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