Synthetic Biology Market To Reach USD 24.54 Billion By 2028 – Reports and Data
Increasing R&D investments in drug discovery and reduced cost of DNA sequencing and synthesizing are the major factors influencing industry growth.
According to a new report by Reports and Data, the Synthetic Biology Market size was valued at USD 6.10 Billion in 2020 and is estimated to exceed USD 24.54 Billion in terms of revenue, at a CAGR of 18.9% through 2028. The market growth is driven by declining cost of DNA sequencing and synthesizing coupled with increasing R&D investment in drug discovery.
Products produced by synthetic biology are used across several applications, including energy, bioplastics & environment, and pharmaceutical & diagnostics. Synthetic biology is mainly known for the usage of molecular biology along with standard industrial fermentation for the production of renewable, sustainable, algal oils that would reduce the pressure on the ecosystem due to habitat damage and deforestation.
Synthetic biology has a potential in DNA sequencing research and there is an expectation of improvement of bio-based chemicals, development of food crops and sources of green energy with the technology.
Increased amount of study data generation with dipping prices of DNA sequencing, rise in government funding and increase in demand for renewable energy such as biofuels, demand for genetically modified crops, advancement in molecular biology, and surging demand for effective vaccines and drugs are the key factors offering lucrative opportunities for the global synthetic biology market growth.
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Further key findings from the report suggest
- The penetration rate is high due to its widespread use in R&D and commercialization than any other product segments.
- Based on product type, the synthetic oligos segment is expected to deliver a CAGR of 18.9% through 2028. The method is most preferred in modern laboratory practice as it offers accelerated and reasonable access to custom-made oligonucleotides of the desired sequence.
- The synthetic DNA product segment is expected to observe a CAGR of 19.0% during the forecast period.
- Based on technology, the genome engineering segment accounted for 22.6% of the global synthetic biology market share in 2020 and is expected to gain major traction through 2028. Advancements in DNA synthesis technologies, CRISPR-toolbox, the ongoing research activities, and growing need for cost-effective, rapid, multiplex alteration of genomes, are the key factors driving segmental growth.
- Based on application, the healthcare segment is expected to observe notable growth during the forecast period. Some of the possible application of synthetic biology in health and food include regenerative medicine, reprogramming of stem cells, new therapeutic methods, and efficient production of nutraceuticals like food supplements, preservatives, and vitamins.
- The pharmaceuticals and diagnostics segment is forecast to showcase at a CAGR of 18.9% during the forecast period.
- In the regional landscape, Europe accounted for 28.2% of the market share in 2020 and is estimated to make significant revenue contributions through 2028.
- North America accounted for 32.3% of the market share in 2020 and is expected to gain major traction owing to presence of key industry players, growing chronic diseases, and favorable reimbursement policies by the regional government.
- Key participants in the global synthetic biology market include Merck KGaA, Thermo Fisher, Novozymes, Eurofins Scientific, Inc., DNA2.0, Intrexon, Amyris, Pareto Biotechnologies, Agilent Technologies, GenScript, Ginkgo Bioworks, Synthetic Genomics, Integrated DNA Technologies, TeselaGen, Twist Bioscience, and New England Biolabs, among others.
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For the purpose of this study, Reports and Data has segmented the global Synthetic Biology Market on the basis of, Product, Technology, Application and region:
By Product Outlook (Revenue, USD Billion; 2018-2028)
- Synthetic oligos
- Synthetic DNA
- Synthetic genes
- Software tools
- Chassis organisms
- Synthetic clones
- Synthetic cells
By Technology Outlook (Revenue, USD Billion; 2018-2028)
- Gene synthesis
- DNA Sequencing
- Genome Engineering
- Biological Components
- Integrated Systems
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Application Outlook (Revenue, USD Billion; 2018-2028)
- Pharmaceuticals and diagnostics
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
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