Synthetic Biology Market to Grow at 20% CAGR to be Worth $37.85 Billion, Globally, by 2028 - Exclusive Report by The Insight Partners

The Insight Partners published latest 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 global synthetic biology market is expected to grow from $10.54 Billion in 2021 to $37.85 Billion by 2028; it is estimated to grow at a CAGR of 20.0%from 2021 to 2028.

The synthetic biology market growth is driven by the increasing investments in synthetic biology, advancements in biotechnology, and the rising number of start-ups. However, renewed regulations for biotechnology are restricting market growth.

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Synthetic Biology Market: Competitive Landscape and Key Developments

In August 2021, New England Biolabs announced the release of its newest loop-mediated is sthermal amplification (LAMP) products: the WarmStart Multi-Purpose LAMP/RT-LAMP 2X Master Mix (with UDG) and the WarmStart Fluorescent LAMP/RT-LAMP Kit (with UDG), which combines the master mix and LAMP fluorescent dye in one convenient kit. The new master mix and kit enable researchers to perform rapid, high-throughput detection of targeted segments of DNA or RNA using various amplification detection methods.

In April 2022, Agilent Technologies Inc. announced the expansion of CE-IVD marking in the European Union for its PD-L1 IHC 28-8 pharmDx as an aid in identifying esophageal squamous cell carcinoma patients for treatment with Bristol Myers Squibb’s PD-1-targeted immunotherapeutic OPDIVO (nivolumab), in combination with fluoropyrimidine and platinum-based chemotherapy or OPDIVO in combination with YERVOY (ipilimumab). These combined treatments provide new hope for patients diagnosed with these cancers.

In April 2022, Merck KGaA launched the first-ever antibody to achieve ACT label designation. ZooMAb antibodies received the lowest Environmental Impact Factor (EIF) scores in the chemicals and reagents category.

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Global synthetic biology market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In North America, the U.S. is the largest market for synthetic biology. Asia Pacific is expected to account for the fastest global synthetic biology market growth.. Asia-pacific region will have lucrative growth opportunities during the forecast period due to government initiatives taken in the region. For instance, in November 2017, China launched the first synthetic biology association to support the market’s growth. This association promotes academic research and communication in synthetic biology; it further enhances the comprehensive competitiveness of the Shenzhen synthetic biology industry and domestic and foreign influence. While, North America has huge market potential, followed by Europe in the overall synthetic biology market, which is attributed to government funds, investments made by the major companies, conferences held for the awareness regarding synthetic biology, technological advancements in the field of genomics, and higher acceptance by the consumers. However, the MEA and SCAM will also show a relatively lower opportunity in the next few years.

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. Some synthetic biology firms with the most funding in the first half of 2020 are listed below.

Table 1. Synthetic Biology Firms with Most Funding in First Half of 2020

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Synthetic Biology Market: Segmental Overview

The synthetic biology market, based on product, is segmented into oligonucleotides, chassis organisms, enzymes, and xeno-nucleic acid. The oligonucleotides segment is likely to hold the largest share of the market in 2021. Moreover, the same segment is anticipated to register the highest CAGR in the market from 2021-2028. This is mainly because of the rising application of oligonucleotides in genetic testing/ assays and forensic sciences. Based on technology, the market is segmented into, gene synthesis, genome engineering, measurement & modeling, cloning & sequencing, nanotechnology, and others. In 2021, the gene synthesis segment is likely to hold the largest share of the market. However, the genome engineering segment is expected to grow in demand at the fastest CAGR of 20.8% from 2021 to 2028. Based on application, the market is segmented into medical applications, industrial applications, environmental applications, food and agriculture, and others. The medical applications segment is further segmented into drug discovery & therapeutics and pharmaceuticals. In 2021, the medical applications segment is likely to hold the largest share of the market. Moreover, the similar segment is expected to witness growth in its demand at the fastest CAGR of 20.8% from 2021 to 2028.

North America synthetic biology market includes consolidated markets for countries such as the US, Canada, and Mexico. In recent years, all the three countries in the region are witnessing a sequential change in the synthetic biology market. By geography, North America held the largest global synthetic biology market share. This largest share can be attributed to government funds, investments made by the major companies, conferences held for awareness regarding synthetic biology, technological advancements in genomics, and higher consumer acceptance. Synthetic biology is a major tool for biological advances, which helps in providing potential for the development of biological weapons. Security issues can be avoided by regulating the biotechnology industry through policy legislation.

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The various government initiatives and funding offered are becoming great support for the synthetic biology market to grow in the US. For instance, according to a report by National Center for Biotechnology Information (NCBI), the US government offers approximately US$ 220 million every year toward synthetic biology research and development.

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Oligonucleotide Synthesis Market Forecast to 2027 – Global Analysis – by Product (Synthesized Oligonucleotides, Reagents, and Equipment), Application (Research, Diagnostics, and Therapeutics), and End User (Academic Research Institutes, Pharmaceutical & Biotechnology Companies, Diagnostic Laboratories, and Other End Users).

Gene Synthesis Market to 2025 - Global Analysis and Forecasts By Products & Services (Services, Consumable, Software), Application (Research & Development Activities, Diagnostics, Therapeutics, Others) End Users (Academic & Research Institutes, Biotech & Pharmaceutical Companies, Diagnostic Laboratories, Others) and Geography.

Genomics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction and Purification, and Others), Product & Service (Instruments/Systems, Consumables, and Services), Application (Diagnostics, Drug Discovery and Development, Precision/Personalized Medicine, Agriculture & Animal Research, and Others) and End User (Research Centers, Hospitals and Clinics, Pharmaceutical & Biotechnology Companies, and Others).

Molecular Biology Enzymes, Kits, and Reagents Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Enzymes and Kits & Reagents), Application (Epigenetics, Sequencing, Synthetic Biology, Polymerase Chain Reaction, and Other), End User (Biotechnological & Pharmaceutical Companies, Hospitals & Diagnostic Centres, and Academic & Research Institutes), and Geography.

Genome Editing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (CRISPR, TALEN, Antisense, and Others), Application (Cell Line Engineering, Genetic Engineering, Diagnostic Applications, Drug Discovery, and Others), and End User (Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, and Clinical Research Organizations).

Biohacking Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Sensors, Smart Drugs, Strains, Wearables, Others); Application (Synthetic biology, Genetic engineering, Forensic science, Diagnosis and treatment, Drug testing, Others); End User (Pharmaceutical and biotechnological companies, Forensic laboratories, Others) and Geography.

Enzymatic DNA Synthesis Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Custom DNA Synthesis, DNA Library Synthesis); Application (Synthetic Biology, Genetic Engineering, Therapeutic Antibodies, Vaccine Design, Others); End User (Academic and Research Institutes, Biotech and Pharmaceutical Companies, Diagnostic Laboratories, Other) and Geography.

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