Synthetic Biology Technology Market Size, Share, Growth and Industry Analysis by Type (Genome Engineering, DNA Sequencing, Biological Components and Integrated Systems, And, Others) By Application (Medical, Industrial, Environmental, And, Others) Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Synthetic Biology Technology Market REPORT OVERVIEW

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The global synthetic biology technology market is expected to be worth 1297.46 million in 2021. As per our research, the market is projected to touch USD 4423.8 million by 2027 with a CAGR of 22.68% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Synthetic biology is an interdisciplinary field at the intersection of biology and engineering that focuses on designing, constructing, and manipulating biological systems for practical purposes. It involves the creation of artificial biological components, such as genes and proteins, and the assembly of these elements to create new organisms or modify existing ones. Synthetic biology has diverse applications, from developing biofuels and bioplastics to designing customized drugs and enhancing agricultural crops.

This technology has the potential to revolutionize industries, improve healthcare, and address environmental challenges, making it a promising and rapidly evolving area of scientific research with wide-ranging implications for the future. All of these factors are driving the synthetic biology technology market growth.

COVID-19 impact: Acceleration in Research and Development Efforts During Pandemic Increased Market Growth

The COVID-19 pandemic had a profound impact on synthetic biology technology. It accelerated research and development efforts in vaccine development, with synthetic biology techniques enabling the rapid design and production of mRNA vaccines like those from Pfizer-BioNTech and Moderna. The pandemic also highlighted the importance of synthetic biology in diagnostics, leading to innovations in biosensors and diagnostic tools.

Additionally, the crisis underscored the need for scalable and flexible biomanufacturing processes, prompting investments in synthetic biology platforms. Overall, COVID-19 catalyzed advancements in synthetic biology, demonstrating its crucial role in responding to global health emergencies and fostering broader adoption of this technology in various fields.

LATEST TRENDS

"Advancements in DNA Synthesis Technologies to Fuel Market Growth"

Recent innovations in synthetic biology technology have been transformative. CRISPR-Cas9 gene-editing techniques have become even more precise and accessible, revolutionizing genetic manipulation. DNA synthesis technologies have advanced, enabling the rapid and cost-effective construction of synthetic genes and organisms.

Custom-designed biological circuits and cellular sensors are being employed for various applications, including disease detection and environmental monitoring. Synthetic biology is also driving sustainable solutions, such as biofuels and biodegradable materials, contributing to a greener future. Moreover, automation and machine learning are streamlining the design and optimization of biological systems. These innovations are expanding the possibilities and impact of synthetic biology across medicine, industry, and sustainability efforts.

Synthetic Biology Technology Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Genome engineering, DNA sequencing, biological components and integrated systems, and, others. The genome engineering segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Medical, industrial, environmental, and, others. The medical segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Growing Need for Sustainable Solutions to Accelerate Market Growth"

Synthetic biology technology is driven by several key factors. Firstly, the increasing need for sustainable solutions to address global challenges, such as climate change and resource scarcity, propels research into engineered organisms that can produce eco-friendly alternatives, like biofuels and biodegradable materials. Secondly, advancements in genetic engineering tools, particularly CRISPR-Cas9, make genetic manipulation more accessible and efficient.

 Thirdly, the growing interest in precision medicine and personalized therapies relies on synthetic biology to design and produce custom-tailored treatments. Finally, the expanding biotechnology industry seeks innovative ways to improve biomanufacturing processes, reducing costs and increasing production yields. These factors collectively amplify synthetic biology technology market share.

"Increase in Collaborative Networks to Propel Market Growth "

In addition to sustainability, advanced tools, precision medicine, and biomanufacturing, other driving factors in synthetic biology technology include increased funding and investment. Governments, private companies, and venture capitalists are pouring substantial resources into research and development, fostering innovation and growth in the field. Collaborative research networks and interdisciplinary approaches encourage cross-pollination of ideas, further propelling progress.

 The rising demand for high-value chemicals, pharmaceuticals, and agricultural products fuels the exploration of synthetic biology for cost-effective and scalable production. Moreover, public awareness and acceptance of synthetic biology's potential to address pressing global issues encourage further exploration and application of this transformative technology.

RESTRAINING FACTOR

"Intellectual Property Disputes and Stringent Regulations to Bring Down Market Growth"

Restraining factors in synthetic biology technology include ethical and safety concerns, with potential risks associated with gene editing and the release of genetically modified organisms into the environment. Stringent regulatory frameworks can hinder rapid development and deployment. Intellectual property disputes and access to gene sequences may also impede progress.

Additionally, the complexity of biological systems and the unpredictability of genetic interactions pose challenges. Limited public understanding of synthetic biology may result in skepticism and resistance. Addressing these issues requires careful consideration of ethical and safety guidelines, transparent communication, robust regulatory oversight, and collaborative efforts to ensure that synthetic biology continues to advance responsibly and sustainably.

Synthetic Biology Technology Market Regional Insights

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"Presence of Dynamic Ecosystem with Renowned Institutions to Increase Market Growth in North America "

The leading region in synthetic biology technology is North America, especially the U.S. It boasts a dynamic ecosystem comprising renowned research institutions, innovative startups, and well-established biotechnology companies. The U.S. has been at the forefront of synthetic biology advancements, with key hubs like the Boston-Cambridge area and the San Francisco Bay Area driving research and development.

Generous funding from both public and private sectors, a strong entrepreneurial culture, and favorable regulatory environments have propelled the nation's dominance in the field. This leadership extends across various applications, from healthcare and pharmaceuticals to biofuels and agriculture, cementing the U.S. as a global leader in synthetic biology technology.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Genscript Corporation (China)
• Evolva SA (Switzerland)
• Thermo Fisher Scientific, Inc. (U.S.)
• GENEWIZ, Inc (U.S.)
• Millipore Sigma (U.S.)
• Green Biologics Ltd. (U.K.)
• Intrexon Corporation (U.S.)
• Synthetic Genomics (U.S.)
• Integrated DNA Technologies, Inc. (U.S.)
• Codexis, Inc. (U.S.)
• Novozymes (Denmark)
• DSM Sinochem Pharmaceuticals (Netherlands)
• Renewable Energy Group, Inc. (U.S.)
• ATUM (U.S.)
• LC Sciences LLC (U.S.)
• Qteros (U.S.)
• E. I. du Pont de Nemours and Company (U.S.)
• Synthetic Biologics, Inc. (U.S.)
• Amyris, Inc. (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. A list of the key industry players has also been mentioned in the report in order to give an idea of the competition present in the market.