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| 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/