The rise of Synthetic Biology is anticipated to openup the new avanue for Synthetic Biology Market

Global Synthetic Biology Market
Global Synthetic Biology Market


The Synthetic Biology Market is estimated to be valued at US$ 31693.59 Mn in 2023 and is expected to exhibit a CAGR of 28% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Synthetic biology involves engineering of novel DNA sequences and biological systems not found in nature. It utilizes various technologies such as DNA sequencing, gene synthesis, metabolic engineering and protein engineering to enable new functions in living organisms. Synthetic biology finds wide applications in renewable energy production, pharmaceuticals, agriculture and environmental protection. It helps create new vaccines, develop new therapeutics and produce sustainable biofuels and biomaterials.

Market Dynamics:
Growing research and development activities in Synthetic biology is one of the major drivers of this market. Continuous technological advancements and innovations in genetic engineering and DNA sequencing technologies has enabled researchers to engineer living organisms for various industrial and medical applications. Rising investment by both public and private players to develop sustainable solutions using synthetic biology is also propelling the market growth. For instance, in 2021, Gingko Bioworks raised over $1.6 billion in funding to commercialize products based on synthetic biology. Increased focus on developing alternative fuels and improving agricultural yields is expected to drive demand for synthetic biology over the forecast period.
Segment Analysis
The Global Synthetic Biology Market can be segmented into DNA synthesis, DNA sequencing and site-directed breeding. DNA sequencing dominates the market currently due to advancements in next generation sequencing technologies and decreasing cost of DNA sequencing. DNA sequencing has wide applications in healthcare for disease diagnosis, drug discovery and precision medicine.

PEST Analysis
Political: Government policies and regulations play a key role in synthetic biology market. Regulatory bodies regulate research and commercial applications involving genetically modified organisms.
Economic: Increasing R&D expenditures on healthcare and biotechnology is fueling market growth. Synthetic biology has applications in pharmaceuticals, chemicals and energy industries.
Social: Public awareness and acceptance of synthetic biology applications will influence market dynamics. Social concerns exist regarding GMO organisms and biosecurity issues.
Technological: Advancements in gene editing tools such as CRISPR-Cas9 and development of open genome access platforms are driving market expansion. Emergence of digital tools for biological design is also facilitating market growth.

Key Takeaways
The global synthetic biology market size is expected to reach USD 31693.59 Mn by 2030, expanding at a CAGR of 28%over the forecast period. The growth can be attributed to increasing demand for synthetic genes and cells from the healthcare and chemical industries.

Regionally, North America dominates the synthetic biology market currently due to presence of key players and extensive R&D activities on synthetic biology. Growing investments from government and private players for synthetic biology research is fueling market growth in the region.

Key players operating in the synthetic biology market are 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. Major players are investing in R&D to develop advanced tools and technologies for applications in healthcare, chemicals and energy sectors.

 

Read More: https://www.ukwebwire.com/global-synthetic-biology-market-analysis-size-and-share/

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