Chicago, July 19, 2022 (GLOBE NEWSWIRE) -- According to the latest research report, the synthetic biology market is expected to grow at a CAGR of 25% during 2022-2027. The increase in R&D investments in drug discovery reduced cost of DNA sequencing and synthesizing are major factors that drive the growth of the synthetic biology market. Synthetic biology offers modern approaches to engineer new biological systems or redesign existing ones for practical purposes. It can deliver unique solutions to global healthcare. However, despite success in producing some high-value chemicals and drugs, synthetic biology still in trend worldwide. Synthetic biology is a part of the solution to many present and future needs in medicine.
Synthetic Biology Market Report Scope
| Report Scope | Attributes | |
| Market Size (2027) | $38.73 Billion | |
| Market Size (2021) | $10.13 Billion | |
| CAGR (2022-2027) | 25% | |
| Base Year | 2021 | |
| Forecast Year | 2022-2027 | |
| Market Segments | Tools, Technology, Application, End-user, and Geography | |
| Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa | |
| Countries Covered | US, Canada, UK, Germany, France, Italy, Spain, Japan, China, South Korea, Australia, India, Brazil, Mexico, Argentina, Turkey, South Africa, and Saudi Arabia | |
Click Here to Download the Free Sample Report
Synthetic biology offers modern approaches to engineer new biological systems or redesign existing ones for practical purposes. It can deliver unique solutions to global healthcare. However, despite success in producing some high-value chemicals and drugs, synthetic biology still trends globally. Synthetic biology is a part of the solution to many present and future needs in medicine. Synthetic biology attracts various top academic institutions, which will provide a considerable market growth potential in the future. There is a huge inflow of investments for synthetic biology start-ups as they provide innovative solutions to various industries. In the current scenario, the number of opportunities is more in synthetic biology than challenges. Still, there are some ethical issues that need to be addressed.
Key Insights
- The global synthetic biology market to observe an absolute growth of over 282.40% during the forecast period.
- The financial year 2021 saw a rise in the synthetic biology market funding records, driven by the COVID-19 pandemic. These investments were particularly in therapeutics and life science tools, and diagnostics. Other than the healthcare industry, many industries witnessed increased investments from the global pandemic.
- The oligonucleotides & synthetic DNA market accounting for a share of 43.44%, followed by enzymes, cloning technology kits, xeno-nucleic acids, and chassis organisms with 22.28%, 17.87%, 9.94% and 6.48% shares, respectively in 2021.
- Synthetic biology has the potential to develop real-world applications, which includes its applications in food and medicines. There are many biotechnology, pharmaceutical, and agriculture companies that best highlight the applications of synthetic biology tools developed between 2000 and 2021 and are already available or will be in the coming years. Over the next decade, more high-performance and affordable synthetic biology products are expected to be available.
- The global synthetic biology market is segmented into enabled & enabling technology. The enabling technology segment accounted for the largest share, 52.53%, of the global synthetic biology market in 2021, followed by enabled technology with 47.47%.
- The healthcare applications segment accounted for the largest share, 42.78%, of the global synthetic biology market in 2021, followed by industrial applications, food & agriculture applications, and environmental applications with 28.08%, 19.28%, and 9.86% shares, respectively.
- There are numerous vendors in the market. As the market is still in its early stages, only a few key vendors compete in it. However, mergers and acquisitions among biotechnology and pharmaceutical companies are common to acquire larger market shares. Many businesses have multiple product lines in the works. Furthermore, there are numerous start-ups with upcoming product releases that have the potential to revolutionise the market. As a result, competitive rivalry in the market is moderate.
- The global synthetic biology market is segmented into academic/research institutes & laboratories, pharma & biotech companies, and others. The academic/research institutes & laboratories segment dominated the global synthetic biology market with a share of 41.37% in 2021, followed by pharma & biotech companies with 23.34% and others with 35.39%.
Global players focus on the development of innovative products and expand their product portfolios to remain competitive in the market. They invest extensively in R&D and product development activities to enhance their product portfolios. This scenario leads to collaborations and acquisitions in the market. New entrants in the market revolutionize market segments, and other players invest largely to stay in the market.
North America is home to more than 530 regenerative medicine companies, including cell and gene therapy and stem cell-based medicine manufacturers in this region. These companies are primarily involved in R&D and manufacturing using synthetic biology products.
Explore our healthcare lifesciences profile to know more about the industry.
Click Here to Download the Free Sample Report
Read some of the top-selling reports:
- Proteomics Market - Global Outlook and Forecast 2022-2027
- DNA Extraction Kit Market – Global Outlook & Forecast 2022-2027
- Biomarkers Market - Global Outlook & Forecast 2022-2027
- Genome Sequencing Market - Global Outlook and Forecast 2021-2026
About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Call: +1-312-235-2040
+1 302 469 0707
