New York, USA, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Synthetic Biology Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Synthetic Biology Market Information By Tool, Technologies, Application, And Region - Forecast till 2032", the market is projected to grow from USD 14.8 Billion in 2023 to USD 93.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.90% during the forecast period (2023 - 2032).
Market Synopsis
Molecular biology, biophysics, biotechnology, and genetics are just a few of the sciences that have been combined to create the innovative field of study known as synthetic biology. Projects in synthetic biology frequently try to alter organisms to produce a material, like medication or fuel, or gain a new capacity, like the ability to sense something in the surroundings. A few instances of synthetic biology are yeast engineered to create rose oil, beta-carotene-producing rice, and microorganisms employed in bioremediation. With significant implications for understanding the origin and course of disease, locating diagnostic indicators & prognosis, and developing more effective targeted treatments, molecular genetics has emerged as a key component of biomedical science and medical practice. Top-down and bottom-up approaches are the two main methods utilized in synthetic biology.
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A top-down approach would entail redesigning and developing new biological structures to manufacture synthetic commodities. The global market is expected to grow as studies and developments are expanded across many industries. Players are using synthetic biology approaches to boost output and make the most of cheap inputs like trash to increase the production of traditional biofuels. Biological systems or devices that do not exist must be invented and made from scratch as part of a bottom-up strategy. The urgent need to understand how genetic elements, cells, and biological reaction function led to the establishment of the synthetic biology industry. The industries that use the products made in this unique biological system include those in the medical and diagnostic, bioplastics, energy, and environmental sectors.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 93.7 Billion |
| CAGR | 25.90% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Tool, Technologies, Application, End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing collaboration between academic and industrial sectors |
| Decreasing costs of DNA synthesis |
Synthetic Biology Market Competitive Landscape:
- Bota Biosciences Inc.
- Illumina Inc.
- Merck Kgaa (Sigma-Aldrich Co. LLC)
- New England Biolabs
- Eurofins Scientific
- Novozymes Pareto Bio, Inc.
- Scarab Genomics, LLC
- Synthego
- Codexis Inc.
- Creative Biogene
- CREATIVE ENZYMES
- Enbiotix Inc.
- Synthetic Genomics Inc.
- Thermo Fisher Scientific, Inc
Synthetic Biology Market Trends:
Market Drivers:
Demand is anticipated to increase during the research period due to the expanding number of uses for synthetic biology, including medicinal genome editing, multiplexed diagnostics, and cellular recording. Antibiotic-resistant bacteria are a serious threat to pharmaceutical companies, but synthetic biology can lessen their possibility. To create novel drugs and vaccines, manufacturers employ synthetic biology to create artificial biological substances using biological instruments and systems. Synthetic biology emphasizes the development of biofoundries, improvements in genome editing, the accessibility of natural resources, and substantial marketplaces as global assets for developing a biobased economy.
There are talks about potential roadblocks to the area's future development, like inadequate infrastructure and laws, as well as suggestions for solutions, like public-private partnerships, enhanced global collaboration, and a solid governance framework. Using synthetic biology-derived goods in other industries, such as energy and chemicals, will affect the market's overall development. The international market is anticipated to grow as efforts to conduct research and development are expanded across many industries. Players use synthetic biology approaches to boost output and make the most of cheap inputs like trash to increase conventional biofuel production.
Restraints
The primary biosafety concern in synthetic biology is the purposeful or unintentional release of synthetic organisms into the natural world for research or other purposes. When released into the environment, synthetic bacteria risk evolving or communicating with other organisms, which might result in inbreeding and biological errors. These consequences may put the ecosystems of living creatures in the natural environment in danger. Antibiotic-resistant superbugs are a significant problem for biosecurity.
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COVID 19 Analysis
Owing to the COVID-19 epidemic, the utilization of products derived from synthetic biology has increased over the past two years. According to a study by the European Parliament, synthetic biology represents a few of the emerging technologies. It serves as a tool to combat COVID-19 infection. Many leading pharmaceutical, biotechnology, and synthetic biology industry participants have expanded their research efforts globally using various techniques to develop therapies, test kits, and vaccines for COVID-19.
Synthetic Biology Market Segmentation
The technologies employed in the industry include gene synthesis, genome engineering, site-directed mutagenesis, measurement and modeling, sequencing, bioinformatics, microfluidics, cloning, and nanotechnology. Among the products on the market are oligonucleotides, synthetic DNA, enzymes, cloning technique kits, chassis organisms, synthetic cells, and xeno-nucleic acids. The market is separated into segments based on application, including synthetic tissue, tissue regeneration, food & agriculture, industrial, and medical.
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Synthetic Biology Market Regional Insights
Due to several variables, including the rise in reputable synthetic biology businesses and research institutions in the U.S. and Canada, North America dominates the synthetic biology market. This significant portion can be ascribed to rising private company investment, advantageous rules, and government support. To fuel the expansion of the synthetic biology business, the U.S. primarily focuses on research in drug screening and discovery, proteomics, and genomic structure prediction. The synthetic biology market is anticipated to expand in Asia-Pacific during the forecast period due to the region's expanding pharmaceutical and biopharmaceutical industry, and it is expanding healthcare and life science infrastructure.
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