Synthetic Biology Market worth $30.7 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 19, 2022 /PRNewswire/ -- Synthetic Biology Market is projected to reach USD 30.7 billion by 2026, at a CAGR of 26.5% according to a new report by MarketsandMarkets™. The growth of this market is mainly driven by the increasing demand for synthetic genes and synthetic cells, a wide range of applications of synthetic biology, declining cost of DNA sequencing and synthesizing, increasing R&D funding and initiatives in synthetic biology, and increasing investments in the market.

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Browse in-depth TOC on "Synthetic Biology Market"

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Synthetic Biology Market Scope:

The oligonucleotides and synthetic DNA segment accounted for the largest share of the tool segment in the synthetic biology market.

On the basis of tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2020, oligonucleotides & synthetic DNA accounted for the largest share of the synthetic biology market for tools. This segments large share can be attributed to factors such as rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.

The medical applications segment accounted for the largest share of the application segment in the synthetic biology market.

Based on application, the synthetic biology market is categorized into three segments—medical applications, industrial applications, food & agriculture, and environmental applications. In 2020, medical applications segment accounted for the largest share of synthetic biology market. Factors such as the extensive research on new and better treatments, coupled with the availability of huge private and public funding for the discovery of novel therapies, is the primary driver for the medical segment's growth.

The Asia Pacific region is the fastest-growing region of the synthetic biology market.

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 growing collaborations in the field of synthetic biology, growing partnerships in the Chinese market, and investments in Asia Pacific countries for research.

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Synthetic Biology Market Dynamics:

Drivers:

1.  Wide range of applications of synthetic biology

2.  Rising R&D funding and growing initiatives in synthetic biology

3.  Declining cost of DNA sequencing and synthesizing

4.  Increasing investments in the market

Restraints:

1.  Biosafety, biosecurity, and ethical concerns

Opportunities:

1.  Rise in the need for fuel alternatives

2.  Increase in the demand for protein therapeutics and personalized medicines

3.  Growth in research on synthetic drugs and vaccines

Challenges:

1.  Standardization of biological parts

Key Market Players:

Some of the prominent players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc (US), Novozymes A/S (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and Eurofins Scientific (Luxembourg).

Recent Developments:

• In January 2021, Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
• In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
• In January 2021, Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.

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Browse Adjacent Market: Biotechnology Market Research Reports & Consulting

Related Reports:

Synthetic Stem Cells Market - Global Forecasts to 2028

Oligonucleotide Synthesis Market - Global Forecasts to 2027

Molecular Diagnostics Market - Global Forecasts to 2027

Next Generation Sequencing Market - Global Forecasts to 2026

Molecular Biology Enzymes Market - Global Forecasts to 2026

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