Synthetic Biology Market Is Estimated To Reach US$ 17.88 Billion in 2024; 22.3% CAGR Projected- Coherent Market Insights

According to Coherent Market Insights, the global synthetic biology market size is estimated at USD 17.88 billion in 2024 and is expected to surpass USD 73.08 billion by 2031, growing at a CAGR of 22.3% from 2024 to 2031.

 

The synthetic biology market is driven by increasing demand for synthetic biology in various applications such as healthcare, industrial, and food and agriculture. Synthetic biology finds wide application in developing drugs and pharmaceuticals. Moreover, synthetic biology tools help in designing and constructing new biological functions. These tools are useful in developing biofuels, biomaterials, and developing engineered organisms.

 

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Market Dynamics:

 

The synthetic biology market is driven by increasing demand for synthetic biology in various applications such as healthcare, industrial, and food and agriculture. Synthetic biology finds wide application in developing drugs and pharmaceuticals. Moreover, synthetic biology tools help in designing and constructing new biological functions. These tools are useful in developing biofuels, biomaterials, and developing engineered organisms.

 

Market Trends:

 

Increase in research and development activities: Key trend is growing R&D investments in both public and private sectors. Additionally, an increasing number of startups are focusing on synthetic biology.

 

Advancements in gene editing technology: Continuous advancements in gene editing technology such as CRISPR technology has provided new opportunities for synthetic biology. CRISPR/Cas9 gene editing tool has enabled alterations in DNA sequences and modifications in genome editing. This has further driven the demand for synthetic biology.

 

Synthetic Biology Market Report Coverage

 

 

Report Coverage

Details

Market Revenue in 2024

$17.88 billion

Estimated Value by 2031

$73.08 billion

Growth Rate

Poised to grow at a CAGR of 22.3%

Historical Data

2019–2023

Forecast Period

2024–2031

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product, By Technology, By End User

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Growth Drivers

Strategic investment by key players

• Advancing technology in genome engineering

Restraints & Challenges

Stringent government regulations

• High capital investment

 

SYNTHETIC BIOLOGY Market OppoUrtunities

 

Genome engineering technology segment holds significant growth potential within the synthetic biology market. Genome editing allows genetic material to be added, removed, or altered at particular locations in the genome. For instance, CRISPR has enabled rapid, precise, and affordable gene drives to eliminate mosquito-borne diseases like malaria. Factors such as increasing R&D funding, technological advancements, and growing application areas. They will drive the adoption of genome engineering tools over the forecast period.

 

 

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Synthetic cells promise new treatment approaches by harnessing cellular processes. Synthetic cells mimic natural cells while being more standardized, controlled, and less complex. Thesey could beare engineered to produce pharmaceuticals, synthesize biofuels, removing pollutants, or regenerating tissues and organs. For example, synthetic erythrocytes could delivers oxygen to tissues, alleviating the need for blood transfusions. The vast potential applications and ability to circumvent many limitations of natural cells position synthetic cells for strong future growth.

 

 

Key Market Takeaways:

 

The global synthetic biology market is anticipated to witness a CAGR of 22.3% during the forecast period 2024-2031. This is owing to ongoing developments in gene editing tools and the vast potential of synthetic cells.

 

On the basis of product, the oligonucleotides segment is expected to hold a dominant position. This is owing to their widespread use as primers, probes and gene assembly.

 

By technology, genome engineering techniques such as CRISPR are is expected to dominate the market. The reason is their ease of use and ability to perform precise genomic alterations.

 

On the basis of end user, pharmaceutical companies will dominate the synthetic biology space. This is due to their efforts to leverage synthetic biology for drug development.

 

By region, North America is expected to hold a dominant position over the forecast period. This is due to their presence of leading synthetic biology companies, high R&D investments, and government funding.

 

 

Competitor Insights

 

Key players operating in the synthetic biology market include

 

-          Thermo Fisher Scientific

-          Synbio Technologies

-          Merck KGaA, Agilent Technologies Inc.,

-          GenScript

-          Amyris

-          Eurofins Genomics GmbH

-          Integrated DNA Technologies Inc.

-          EnBiotix Inc.

-          Synthego, New England Biolabs Ltd.

-          Scarab Genomics LLC,

-          Genomatica Inc.

 

Synthetic Biology Industry NewsRecent Developmentsoplemnts:  

 

In March, 2022, Tanner R. Treece claimed thatintroduced synthetic biology approaches with his collaborators for improving chemical production in cyanobacteria.

In August 2022 David N. Carruthers and Taek Soon Lee proposed that the success of a drop-in bio product is contingent on market competition with petrochemical analogues.In August 2022, David N. Carruthers and Taek Soon Lee highlighted that for synthetic biology-derived drop-in bioproducts to succeed, they must compete economically with petrochemical alternatives while maintaining environmental benefits.

In January 2021, Novozymes announced the launch of GlutenEX. It is an enzyme solution designed to save energy and help processors increase gluten protein recovery.

 

In February 2021, Merck and BioNtech entered into a collaboration. This collaboration is done to supply lipids to produce Pfizer-BioNTech COVID-19 Vaccine.

 

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Market Segmentation

By Product:

o    Oligonucleotides

o    Enzymes

o    Synthetic Cells

o    Chassis Organism

o    Others

By Technology:

o    Genome Engineering

o    PCR Technology

o    Bioprocessing Technology

o    NGS Technology

o    Bioinformatics

o    Nanotechnology

o    Others

By End User:

o    Pharmaceutical Companies

o    Biotechnology Companies

o    CMO & CRO

o    Others

By Region:

    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East
      • GCC Countries
      • Israel
      • Rest of Middle East
    • Africa
      • South Africa
      • North Africa
      • Central Africa

 

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About Us:

 

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

 

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