Global Synthetic Biology Market- WishTree Insight

Global Synthetic Biology Market by Product (Synthetic DNA, Cloning Technologies Kits, Enzymes, Oligonucleotides, Xeno-Nucleic Acids, Chassis Organism), Technology (Bioprocessing Technology, PCR Technology, Genome Editing Technology, NGS Technology), Application (Healthcare and Non-Healthcare), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Synthetic Biology market was valued at USD 15 billion in 2022 and is expected to surpass USD 86 billion by 2032, expanding at a CAGR of 20 % during the forecast period, 2022–2032. The market's growth is attributed to the increased research and development activity in various industries.

INTRODUCTION

Synthetic biology is an interdisciplinary field of science that combines principles of biology, engineering, and computer science to design and build new biological systems or modify existing ones for practical applications. It involves the use of engineering principles to manipulate DNA, RNA, and proteins to create new biological parts, circuits, and systems with novel functions.

Some of the applications of synthetic biology include the production of new medicines, biofuels, and materials, the development of new diagnostic tools, and the creation of new biological systems for environmental remediation or bioremediation. Synthetic biology also has the potential to revolutionize fields such as agriculture, biotechnology, and healthcare.

One of the key tools of synthetic biology is genetic engineering, which involves the modification of DNA sequences to achieve specific goals. This can be done through techniques such as gene editing, gene synthesis, and genome engineering. With these techniques, scientists can create entirely new organisms or modify existing ones for specific purposes.

Overall, synthetic biology has the potential to transform many areas of science and industry, but it also raises important ethical and safety concerns that need to be addressed as the field continues to advance.

Market Trends, Drivers, Restraints, and Opportunities

• Increased government and private sector support is expected to drive the global synthetic biology market.
• The decreasing cost and development of DNA sequencing and synthesizing is propelling the synthetic biology market.
• Increased R&D funding in drug discovery is anticipated to boost the market.
• The rising engagement of government entities, research institutes, and large organizations in synthetic biology research will propel the global synthetic biology market.
• Increased synthetic vaccinations and medications are factors that are driving the market.
• Improvements in diagnosis and treatment are anticipated to spur market growth.
• Concerns about ethics and biosafety are the restraining factors of the market.
• Rising funding for research and development is expected to create significant opportunities in the market.

Scope of the Report

Market Segment Insights

The Oligonucleotides segment is projected to register a considerable CAGR

Based on product, the synthetic biology market is divided into synthetic DNA, cloning technologies kits, Enzymes, Oligonucleotides, Xeno-Nucleic Acids, and chassis organisms. The oligonucleotides segment is expected to expand rapidly during the forecast period owing to increasing utilization of targeted NGS, mutagenesis experiments, CRISPR gene editing, and DNA computing. However, the enzymes segment is anticipated to hold a key market share in the coming years due to the neutral properties offered by enzymes.

The PCR technology segment holds a share of 28%

Based on technology, the synthetic biology market is divided into bioprocessing technology, PCR technology, genome editing technology, and NGS technology. The PCR technology segment holds a share of 28% and is expected to expand rapidly during the forecast period. However, the genome editing segment is anticipated to hold a key market share in the coming years.

The healthcare segment is expected to augment the market

On the basis of application, the synthetic biology market is segregated into healthcare and non-healthcare. The healthcare segment is expected to augment the market in the forecast period.

North America led the market with a 43% share

In terms of regions, the synthetic biology market is classified as APAC, Europe, North America, and LAMEA. The market of North America led the market with a 43% share and is expected to constitute a key share of the market during the projected period. The growth of the market is attributed to rising private company investment, government support, and reasonable regulations. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to increased partnerships, rising investments, and increased collaborations in the field of synthetic biology, and funding.

Competitive Landscape

Key players competing in the Synthetic Biology market are Bota Biosciences Inc.; Illumina, Inc.; Merck Kgaa; Scarab Genomics, Llc.; Thermo Fisher Scientific, Inc.; Codexis, Inc.

FAQs

How much is the market worth?

The Synthetic Biology market size was valued at USD 15 billion in 2022 and is expected to surpass USD 86 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 20%.

What are the key drivers of the market?

The market's growth is attributed to the increased research and development activity in various industries.

What segments are covered in the Synthetic Biology report?

The segments covered in the report are product (synthetic DNA, cloning technologies kits, enzymes, oligonucleotides, xeno-nucleic acids, chassis organism), technology (bioprocessing technology, PCR technology, genome editing technology, NGS technology), application (healthcare and non-healthcare).

Mention which region is expected to hold the highest share of the Synthetic Biology market.

The North American region is expected to hold the highest share of the Synthetic Biology market.

Which segment holds the largest market share in Synthetic Biology by 2032?

The Healthcare segment holds the largest market share in Synthetic Biology by 2032.

Mention the key players in the market.

Bota Biosciences Inc.; Illumina, Inc.; Merck Kgaa; Scarab Genomics, Llc.; Thermo Fisher Scientific, Inc.; Codexis, Inc.