Market Overview:
Synthetic biology is a field that combines principles of biology and engineering to design and construct new biological parts, devices, and systems. It offers advantages such as improved drug development, sustainable chemical production, and enhanced crop yields. The demand for synthetic biology products is driven by the need for solutions to various challenges such as healthcare and environmental sustainability.
Market Key Trends:
One key trend in the synthetic biology market is the increasing adoption of gene editing technologies. Gene editing technologies such as CRISPR-Cas9 have revolutionized the field of synthetic biology by enabling precise and efficient manipulation of DNA. These technologies have applications in various industries, including healthcare, agriculture, and industrial manufacturing.
The global Synthetic Biology Market Trends is estimated to be valued at US$ 13.9 billion in 2023 and is expected to exhibit a CAGR of 28.0% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Gene editing tools are being utilized for gene therapy in the treatment of genetic disorders, developing disease-resistant crops, and engineering microorganisms for the production of biofuels and bio-based chemicals. The rapid advancements in gene editing technologies are expected to drive the growth of the synthetic biology market in the forecast period.
Segment Analysis
The Synthetic Biology Market can be segmented based on product, technology, application, and region. Among these, the technology segment is expected to dominate the market during the forecast period. This can be attributed to the increasing advancements in synthetic biology technologies, such as DNA sequencing, gene synthesis, and genome engineering. These technologies are essential in the development of novel synthetic biological products and solutions.
Within the technology segment, gene synthesis is anticipated to be the dominating sub-segment. Gene synthesis involves the artificial creation of genes using DNA synthesis technology. This process is widely used in synthetic biology for gene editing, gene expression, and bioengineering applications. The growing demand for engineered DNA sequences for various research, industrial, and pharmaceutical purposes is driving the dominance of the gene synthesis sub-segment. Additionally, the increasing adoption of gene synthesis technologies by academic institutions, research laboratories, and biotechnology companies further contributes to its dominance in the market.
Key Takeaways
The global Synthetic Biology Market is expected to witness high growth, exhibiting a CAGR of 28.0% over the forecast period of 2022-2030. This growth can be attributed to several factors. Firstly, the increasing demand for sustainable and eco-friendly solutions to address global challenges such as food security, renewable energy, and environmental pollution is driving the adoption of synthetic biology. The ability of synthetic biology to engineer microorganisms and develop new biological systems offers solutions to these challenges.
Regionally, North America is expected to be the fastest-growing and dominating region in the Synthetic Biology Market. This can be attributed to the presence of a well-established biotechnology sector, strong research infrastructure, and favorable government initiatives supporting synthetic biology research and development. Additionally, the rising investments in synthetic biology companies and collaborations between academia and industry enhance the growth of the market in this region.
The key players operating in the Synthetic Biology Market include 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. These companies are focusing on strategic initiatives such as partnerships, collaborations, mergers, and acquisitions to strengthen their market position and expand their product portfolios.
