Ottawa, Dec. 21, 2023 (GLOBE NEWSWIRE) -- The global synthetic biology market size was valued at USD 13.4 billion in 2022 and the sector is expanding at a CAGR of 28.3% between 2023 and 2032. North America has captured the largest market share of 40% in 2022.
The U.S. synthetic biology market size is estimated to grow from USD 4.81 billion in 2023 to reach around USD 32.34 billion by 2032.
The synthetic biology market is driven by the growing demand from the healthcare and pharmaceuticals industry, growing investment, technological advancements and rising demand for sustainable solutions.
"Synthetic biology" is a newly emerging multidisciplinary field that explores the application of engineering principles to biology. Its objective is to construct and redesign biological systems and elements that are not found in the natural world. By combining the rapidly expanding discipline of genomics with the chemical synthesis of DNA, synthetic biology allows researchers to quickly produce sequences of DNA that are classified and assemble them into new genomes. Owing to advances in the cost and speed of DNA synthesis, researchers can now create and synthesize modified bacterial chromosomes that can be used to produce advanced biofuels, bioproducts, renewable chemicals, and bio-based specialty chemicals (pharmaceutical intermediates, fine chemicals, food ingredients), as well as products for the healthcare sector.
The Full Study is Readily Available | Download the Sample Pages of this Report@ https://www.precedenceresearch.com/sample/2862
The rising funding is expected to propel the market growth during the forecast period. For instance, in October 2023, Phenomics Australia is set to receive over $15 million under the National Collaborative Research Infrastructure Strategy (NCRIS) from the Commonwealth Government Department of Education. This funding is intended to support the organization's strategic science and research priorities and advance the understanding of the molecular causes of disease, ultimately improving the health of all Australians. The funding increases the overall amount to over $42 million for the years 2023–2028, which is in addition to the over $27 million obtained under the 2022 Research Infrastructure Investment Plan.
Key Insights:
- Asia Pacific is expected to be the fastest-growing region, driven by rising investments, partnerships, and collaborations.
- In 2022, the PCR sector held the biggest market share at 28%.
- The genome editing segment is expected to expand at the fastest CAGR of 28.9% between 2023 and 2032.
- The enzymes segment is predicted to develop at a CAGR of 25% over the forecast period.
- The oligonucleotide/oligo pools & synthetic DNA segment show significant growth during the forecast timeframe.
- The healthcare sector leads the market and is expected to grow at a 27.5% CAGR during the forecast period.
- The pharmaceutical and biotech companies’ group had the highest revenue share of 52% in 2022.
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
Regional Stance
North America is expected to hold the largest market share over the forecast period due to factors including expanding investments in synthetic biology companies, rising demand for bio-based products, and growing funding for synthetic biology research and development. Additionally, governments in the area are working to improve of the healthcare sector, with a particular emphasis on creating high-quality research instruments for data reproducibility and individualized treatment development. Consequently, during the forecast period, government support from public and private organizations is anticipated to propel the regional synthetic biology market.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The market growth in the region is particularly driven by countries like India and China. The pharmaceuticals industry in these countries is booming, which in turn, drives the market growth in the region. According to the International Trade Administration, China's pharmaceutical business has been expanding steadily, and by 2023, it is predicted to reach $161.8 billion, accounting for around 30% of the worldwide market.
Highlights of the Synthetic Biology Market
| Report Coverage | Details |
| CAGR | 28.3% from 2023 to 2032 |
| Global Market Size in 2023 | USD 16.35 Billion |
| Global Market Size in 2032 | USD 116.04 Billion |
| U.S. Market Size in 2023 | USD 4.81 Billion |
| U.S. Market Size by 2032 | USD 32.34 Billion |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Segments Covered | By Technology, By Product, By Application, and By End-Use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
We've prepared a service to help you write your own Go-To-Market strategy.
Click to Unlock Your GTM Strategy for the Synthetic Biology Market
Technology Insights
The PCR technology segment is expected to dominate the market during the forecast period. PCR is often used in gene synthesis and DNA assembly processes within synthetic biology. Fragments of DNA can be amplified using PCR technologies and then assembled to create synthetic genes or genetic constructs. In addition, PCR technology, including real-time PCR, is widely used in diagnostics. Synthetic biology applications in medicine, such as the development of synthetic diagnostics or engineered organisms for medical purposes, may leverage PCR for detection and monitoring.
Furthermore, the growing product launches in the healthcare industry using this technology are also propelling the market expansion during the projected period. For instance, in November 2023, to broaden the range of applications for digital PCR technology, QIAGEN introduced three new kits for use with its QIAcuity systems in addition to a significant software upgrade. These applications include cell and gene therapies, DNA and RNA quantification, and food and pharmaceutical safety.
Product Insights
The enzymes segment is expected to grow at the fastest rate over the analysis period. Enzymes play a crucial role in synthetic biology, contributing to various aspects of the design, construction, and manipulation of biological systems. Enzymes are biological catalysts that facilitate and accelerate biochemical reactions, and they are extensively used in synthetic biology applications for tasks such as DNA manipulation, gene editing, and pathway construction. The synthetic biology market is significantly influenced by the demand for enzymes as essential tools in various processes.
Application Insights
The healthcare segment is expected to grow at the highest CAGR during the forecast period. Synthetic biology is employed in drug discovery by creating engineered microorganisms or cells for the production of therapeutic proteins and other bioactive compounds. This approach can streamline the drug development process and offer new avenues for producing complex molecules. Additionally, synthetic biology plays a crucial role in the development of biopharmaceuticals, including monoclonal antibodies, vaccines, and gene therapies. Engineered cells are used to produce therapeutic proteins and enzymes, providing more efficient and scalable production methods.
End-use Insights
The biotechnology and pharmaceutical companies’ segment is expected to capture a significant market share over the forecast period. The segment expansion is attributed to the rising collaboration in the industry. For instance, in August 2023, to find and create novel antibodies for autoimmune disorders, Ono Pharmaceutical and Twist Bioscience established a cooperation in drug research. According to the agreement, Twist will carry out research operations to find new antibodies against therapeutic target(s) that are identified by Ono using the Twist Biopharma Solutions Library of Libraries.
Personalized your customization here: https://www.precedenceresearch.com/customization/2862
Market Dynamics:
Driver
Technological developments in gene editing
The rapid advancement and extensive utilization of sophisticated gene editing technologies are one of the main factors propelling the expansion of the worldwide synthetic biology industry. Through the precise and effective editing of genetic material made possible by various approaches like CRISPR-Cas9, the area has undergone a revolution that has strengthened market growth. With unprecedented precision, researchers can now design, modify, and engineer DNA sequences to build complex artificial things with specialized roles. Because of this technological proficiency, new applications have been developed that have helped expand the industry. These include the construction of bioengineered creatures that can produce valuable chemicals like enzymes and biofuels and the treatment of diseases through gene therapies.
Restraint
Technical complexity
Living systems have infinite complexity, making biological systems extraordinarily complex and nonlinear in their behavior. The degree of complexity also rises when one moves from the cellular to the system level. They are still extremely early in the process of learning how to construct creatures. The application of synthetic biology is not without problems. Researchers and scientists don’t know enough about or comprehend artificial intelligence. Furthermore, genetic circuits, which are composed of interacting genes and proteins, determine biological processes. It is challenging to investigate the fundamental structure of the genes as these circuits are frequently nested within more intricate circuits. Thus, throughout the projected period, technological obstacles would impede the expansion of the worldwide synthetic biology market.
Opportunity
Demand for sustainable solutions
The important driver propelling the synthetic biology market is the growing need for ecologically friendly and sustainable solutions across a range of industries. Synthetic biology provides novel routes as companies struggle with the need to reduce their ecological imprint. Therefore, the development of biofuels with lower carbon emissions by the worldwide efforts towards sustainability and the growing production of bioplastics made from renewable resources are driving the market expansion. In addition, the ability of synthetic biology to create microbes for bioremediation, a process in which they detoxify toxins or help clean up the environment, addresses urgent ecological issues and propels market expansions.
Related Reports:
Molecular Biology Enzymes Market: The global molecular biology enzymes market size was estimated at USD 17.95 billion in 2023 and is projected to hit around USD 58.83 billion by 2032, registering a CAGR of 14.10% from 2023 to 2032.
Generative AI in Biology Market: The global generative AI in biology market size was estimated at USD 74 million in 2022 and it is projected to reach around USD 363.37 million by 2032, growing at a CAGR of 17.3% from 2023 to 2032.
Structural Biology Market: The global structural biology market is surging, with an overall revenue growth expectation of hundreds of millions of dollars during the forecast period from 2023 to 2032.
Clinical Microbiology Market: The global clinical microbiology market size accounted for USD 3.95 billion in 2022 and it is expected to hit around USD 8.59 billion by 2032, poised to grow at a CAGR of 8.08% from 2023 to 2032.
Industrial Microbiology Market: The global industrial microbiology market size was exhibited at USD 12.94 billion in 2022 and is projected to hit around USD 22.37 billion by 2032, growing at a CAGR of 5.63% from 2023 to 2032.
Drug Discovery Services Market: The global drug discovery services market size was valued at USD 21 billion in 2022 and is expected to hit USD 69.72 billion by 2032, poised to grow at a CAGR of 12.80% from 2023 to 2032.
Recent Developments:
- In May 2023, along with a varied lineup of key opinion leaders (KOLs), GenScript Biotech Corporation also demonstrated the newest synthetic biology technologies and methodologies alongside strategic partner Allozymes. Additionally, they unveiled GenTitanTM, the company's new gene fragment synthesis service, which is powered by the first commercial semiconductor platform for DNA synthesis in the world. With the introduction of GenTitan, GenScript can now provide the greatest acceptance rate for complicated sequences, as well as bespoke synthetic genes at the lowest cost and fastest turnaround times in the market.
- In July 2023, a new initiative to create functional chemicals using synthetic biology and build on the companies' current biomanufacturing partnership was announced by Ginkgo Bioworks, which is developing the leading platform for cell programming and biosecurity, and Sumitomo Chemical Co., Ltd., one of Japan's top chemical companies.
Market Key Players:
- Creative Enzymes
- Bota Biosciences Inc.
- Synthetic Genomics Inc.
- Creative Biogene.
- Illumina, Inc.
- Enbiotix, Inc.
- New England Biolabs
- Merck Kgaa (Sigma-Aldrich Co. Llc)
- Novozymes
- Euro fins Scientific
- Scarab Genomics, LLC
- Pareto Bio, Inc.
- Codexis, Inc.
- Thermo Fisher Scientific, Inc.
- Synthego
Market Segmentation
By Technology
- PCR Technology
- NGS Technology
- Bioprocessing Technology
- Genome Editing Technology
- Other Technologies
By Product
- Enzymes
- Oligonucleotide/Oligo Pools and Synthetic DNA
- Xeno-Nucleic Acids
- Cloning Technologies Kits
- Chassis Organism
By Application
- Healthcare
- Non-Clinical
- Clinical
- Non-healthcare
- Specialty Chemicals
- Biotech Crops
- Bio-fuels
- Others
By End-Use
- Academic and Government Research Institutes
- Biotechnology and Pharmaceutical Companies
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/2862
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
Unlocking Market Insights through Data Excellence
The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world.
To Access our Premium Real Time Data Intelligence Tool, Visit: www.precedencestatistics.com
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Web: https://www.precedenceresearch.com
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
For Latest Update Follow Us:
