Global Synthetic Biology Market Report 2023: Sector is Expected to Reach $55.37 Billion by 2030 at a CAGR of 18.97% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Synthetic Biology Market Size, Share, Growth Analysis, By Products, By Application, By Tool, By Technology - Industry Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The global synthetic biology marketsize was valued at USD 11 billion in 2021 and is poised to grow from USD 13.09 billion in 2022 to USD 55.37 billion by 2030, growing at a CAGR of 18.97% in the forecast period (2023-2030).

The global Synthetic Biology market is a rapidly growing field that combines principles of engineering, biology, and chemistry to create new biological systems or modify existing ones. The market includes a variety of products and applications such as gene editing tools, DNA sequencing, and synthetic cells.

Advancements in technology have enabled the development of new, innovative products that have the potential to revolutionize healthcare, agriculture, and industrial sectors. The growing demand for personalized medicine and sustainable solutions is expected to drive the market growth in the coming years.

Segments covered in this report

The global synthetic biology market is segmented based on Product, Applications, Tool, Technology, and Region. Based on Product it is categorized into: Core Products, Enabling Products, Enabled Products. Based on Applications it is categorized into: Healthcare, Chemicals (Including Bio-Fuels), Food and Agriculture, Other Applications (Biosecurity, Energy, and Environment).

Based on Tool it is categorized into: Oligonucleotides and Synthetic DNA, Enzymes, Cloning Technologies Kits, Synthetic Cells, Chassis Organisms, Xeno-nucleic Acids. Based on Technology it is categorized into: Gene Synthesis, Genome Engineering, Sequencing, Bioinformatics, Site-directed Mutagenesis, Cloning, Measurement and Modeling, Microfluidics, Nanotechnology. Based on end use, the market is segmented into Biotechnology and Pharmaceutical Companies, Academic and Government Research Institutes, and Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

The R&D industry has always required substantial capital investment due to the lengthy research and regulatory procedures involved. Governments recognize the significance of R&D as a crucial investment for their country's prosperity, international competitiveness, and public welfare. Consequently, R&D funding and investment have consistently grown over the years. In the life sciences industry, R&D investment rose by 22% from 2018 to 2019.

Pharmaceutical and biotechnology companies allocate significant resources to research in order to develop groundbreaking compounds to meet the growing demands of the healthcare sector and address emerging diseases. The pharmaceutical R&D sector worldwide accounts for more than 80% of the total R&D investment in the life sciences industry.

Restrain

Synthetic biology poses a significant biosafety risk due to the deliberate or accidental introduction of artificial organisms into the environment during research and other applications.

Such introduction of synthetic bacteria could result in mutations or interactions with other species, leading to crossbreeding and biological errors, which may pose a threat to the natural habitat. Additionally, the emergence of antibiotic-resistant superbugs is another crucial biosafety concern. To address this issue, the European Union (EU) has funded various research initiatives on the environmental consequences of genetically modified bacteria released intentionally for plant growth or bioremediation.

Trend

The medical applications category is anticipated to exhibit the highest compound annual growth rate (CAGR). This can be attributed to the ample corporate and government funding available for the advancement of innovative remedies, coupled with extensive research into improved and novel therapies, which are the primary factors propelling the growth of this segment.

Companies Mentioned

• Thermo Fisher Scientific Inc.
• Ginkgo Bioworks
• Twist Bioscience Corporation
• Codexis Inc.
• Intrexon Corporation
• Synthetic Genomics Inc.
• Amyris Inc.
• Zymergen Inc.
• GenScript Biotech Corporation
• Evolva Holding SA
• DSM NV
• ATUM
• Editas Medicine
• Genomatica Inc.
• Global Bioenergies SA
• BioAmber Inc.
• Gevo Inc.
• Synthace Limited
• Arzeda Corporation
• Inscripta Inc

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