Synthetic Biology Market Size and Industry Growth by 2028
Posted by Prabha Mahajan on September 27th, 2022
According to our new research study on "Synthetic Biology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Products (Enzymes, Chassis Organisms, Oligonucleotides, and Xeno-Nucleic Acids), Technology (Measurement & Modeling, Cloning & Sequencing, Genome Engineering, Gene Synthesis, Nanotechnology, and Others), and Application (Medical Applications, Industrial Applications, Food and Agriculture, Environmental Applications, and Others), the market is expected to reach US$ 37,850.85 million by 2028 from US$ 10,544.16 million in 2021; it is estimated to grow at a CAGR of 20.0% during 2021–2028.
Synthetic biology is a branch of biology and engineering, which involves designing and constructing new devices, systems and biological parts as well as re-design of existing, natural biological systems for various application in the field of food & agriculture, medicine, and other areas. For example, Benchling operates in CAD Tools, GenScript offers gene synthesis, Ginkgo Bioworks works for the organism engineering, and Transcriptis which is into bioinformatics operates for cloud labs/automation, Glowee offers consumer products, among the other companies operating in the synthetic biology. Such diversified applications of synthetic biology can be the key drivers for the growth of synthetic biology. Another major reason for the market growth is the investments and developments made by the companies operating in the synthetic biology market. Advanced technologies in synthetic biology add value to clinical trials for inherited diseases and this is likely to propel the growth of the global synthetic biology market.
The global synthetic biology market is experiencing a steep rise in the present scenario and is expected to witness a significant growth in the coming years. The synthetic biology market comprises of well-established players and tier 2 & tier 3 companies across the globe. In the recent years, there has been an increase in the investment by manufactures to deliver the most advanced technology to various industries. The technological advancement as headed emergence of the New Bioeconomy, which is the replacement of petrochemical-based manufacturing and fermentation-based manufacturing products. Moreover, there has been a significant increase in the investments by public and private investors in synthetic biology research & manufacturing.
The global synthetic biology market has been segmented, based on different parameters such as product, technology and application and geographical regions. The products considered in the study are enzymes, oligonucleotides, chassis organisms and xeno-nucleic acids. The technology of synthetic biology covered in the report include gene synthesis, genome engineering, measurement & modeling, cloning & sequencing, nanotechnology, and others. The application of synthetic biology covered in the report include industrial applications, food & agriculture, medical applications, environmental applications, and others. The market is further examined by evaluating the market on basis of five strategic regions worldwide as North America, Europe, Asia Pacific, Middle East and Africa, and South America.
North America acquired the largest market share owing to presence of large number of startups in the US and huge investments made by the major players in the market. Synthetic biology has gained grounds in North America with rising awareness on applications of synthetic biology, and its technological advancements in the field of genomics. Synthetic biology products are widely used in research and academic institutes which further stimulates the growth of the market in this region.
In Asia Pacific, India, China and Japan are the largest contributors for the market growth. The market is driven by growing expenditure on R&D, increase in science and technology publications & patents, and government initiatives by countries such as China for the development of biotechnology industry. For instance, in November 2017, China has launched the first synthetic biology association to support the growth of the market. This association promotes academic research and in the field of synthetic biology and strengthens relationship between entrepreneurs and scientists in Shenzhen, China. Additionally, development of innovative solutions by market players is further expected to stimulate the progress of the market in this region during the forecast period.
Increasing Investment in Synthetic Biology Drives Synthetic Biology Market
Synthetic biology is an emerging concept that has numerous applications in the chemicals, agriculture, pharmaceuticals, and energy industries. Various start-ups offer gene synthesis products/services for biological processes. For example, Benchling provides CAD tools, GenScript offers gene synthesis, Ginkgo Bioworks assists in organism engineering, Transcripts (a bioinformatics company) offers solutions facilitating cloud labs/automation, and Glowee offers consumer products. Further, 56 synthetic biology businesses raised more than US$ 3 billion in equity financing in the first half of 2020, compared to 65 companies raising US$ 1.9 billion during the same period in 2020. The new generation of biopharma businesses uses synthetic biology to improve cell treatment and gene therapy and support early cancer detection.
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About the AuthorPrabha Mahajan
Joined: September 26th, 2022
Articles Posted: 158
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