The synthetic biology market is projected to reach USD 35.7 billion by 2027 from USD 11.4 billion in 2022, at a CAGR of 25.6% during the forecast period. The growth of this market is mainly driven by rise in demand for synthetic genes and synthetic cells, declining cost of DNA sequencing and synthesizing.
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Synthetic biology is an interdisciplinary field that combines principles from biology, engineering, and computer science to design and construct new biological parts, devices, and systems, as well as to redesign existing biological systems for useful purposes.
Key components and segments of the synthetic biology market include:
Tools and Technologies: Companies in this segment develop and sell the tools and technologies necessary for synthetic biology research and applications. This includes DNA synthesis and sequencing, genome editing technologies like CRISPR/Cas9, and automation equipment.
Bioinformatics and Software: The field relies heavily on computational tools and software for designing and simulating biological systems. This segment includes companies that provide bioinformatics solutions for data analysis and modeling.
Applications: Synthetic biology has a wide range of applications, including healthcare (such as the development of engineered microbes for drug production), agriculture (creating genetically modified crops), and industrial processes (biofuel production, specialty chemical synthesis).
Startups and Biotech Companies: Many startups and biotechnology companies are actively engaged in synthetic biology research and development.
Academic and Research Institutions: Universities and research institutions play a significant role in advancing synthetic biology through fundamental research and education.
Regulatory Environment: Given the potential implications of synthetic biology, regulatory bodies like the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have been developing guidelines to ensure safety and ethical considerations are addressed.
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Key Market Players
The prominent players operating in the synthetic biology market are Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Novozymes A/S (Denmark), and Ginkgo Bioworks (US).
Thermo Fisher Scientific (US) is one of the leading player in synthetic biology market. The company’s leading position attributable to its diversified product portfolio, strong geographic presence, and adoption of organic and inorganic growth strategies. The company has adopted different growth strategies, such as new product launches and deals that include agreements, partnerships, acquisitions, and expansions, to maintain its leading position in the synthetic biology market.
Merck KGaA (Germany) is one of the leading players in the life sciences market. The company, through its acquisition of Sigma-Aldrich (US) in November 2015, entered the synthetic biology market. The life sciences division of Sigma offers oligonucleotides, CRISPR genome editing reagents, custom-engineered cell lines, and metabolic assays in the synthetic biology market. The strength of Sigma-Aldrich lies in its global reach. The company has its footprint in 37 countries and manages to reach its customers through its eCommerce platform.
Asia Pacific is likely to grow at higher double digit during the forecast period.
The Asia Pacific region is estimated to grow at the highest CAGR in the synthetic biology market during the forecast period, this is mainly due to factors such the increasing investment in research & development, emergence of new market players in synthetic biology market.
Synthetic Biology Market Dynamics:
Drivers:
· Diverse applications of synthetic biology
· Increased funding for research in synthetic biology
· Declining cost of DNA sequencing and synthesizing
· Innovations in synthetic biology
Restraints:
· Biosafety, biosecurity, and ethical concerns
Opportunities:
· Increasing demand for fuel alternatives
· Growth in research on synthetic drugs and vaccines
· Use of machine learning in research and development
Challenges:
· Standardization of biological parts
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