Synthetic Biology Market in terms of revenue was estimated to be worth $11.4 billion in 2022 and is poised to reach $35.7 billion by 2027, growing at a CAGR of 25.6% from 2022 to 2027 according to a new report by MarketsandMarkets™. Synthetic biology is a rapidly growing field of science that combines engineering principles with biotechnology to create new biological products and processes. It is a field of biotechnology that makes use of engineering and information technology to design and construct new biological systems from a variety of components. The global Synthetic Biology Market is expected to witness significant growth over the forecast period, primarily due to the increasing demand for synthetic biology-based products and services in the industrial and medical sectors.
The key applications of synthetic biology include drug development, diagnostics, gene synthesis, metabolic engineering, bioproduction, and bioremediation. The increasing demand for the production of affordable, high-quality drugs and other products has propelled the growth of the synthetic biology market. The advancements in genetic engineering technologies and the increasing demand for personalized medicines are expected to further drive the growth of the market.
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The increasing interest of venture capitalists and governments in the field of synthetic biology is providing an impetus to the growth of the market. Several government initiatives and venture capital investments are being made in the field, which is expected to propel the growth of the synthetic biology market. In addition, the increasing demand for biofuels and the growing demand for advanced biologics are expected to propel the growth of the market.
However, the limited availability of skilled professionals and the high cost of research and development are expected to restrain the growth of the market. Moreover, stringent regulations regarding the use of synthetic biology products and services are expected to pose a challenge to the growth of the 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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Key Market Players:
Some of the prominent players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies (US), Novozymes (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 among others.
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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