Market Research Future (MRFR) has published on the “Global Synthetic biology Market”
The global synthetic biology market is accounted to register a CAGR of 25.90% during the forecast period and is estimated to reach USD 93.7 Billion by 2032.
Globally, the synthetic biology industry is expanding significantly as researchers modify biological systems to develop novel remedies. The development of the market is fueled by elements like improvements in gene editing, rising consumer demand for environmentally friendly goods, and uses in the industrial, agricultural, and healthcare sectors. Opportunities exist for bio-based tools, technologies, and goods derived from synthetic biology.
MRFR recognizes the following companies as the key players in the global synthetic biology market— Bota Biosciences Inc, Codexis, Inc, Creative Biogene, CREATIVE ENZYMES, Enbiotix, Inc, Illumina, Inc, Merck Kgaa (Sigma-Aldrich Co LLC), New England Biolabs, Euro fins Scientific, Novozymes, Pareto Bio, Inc, Scarab Genomics, LLC, Synthego, Synthetic Genomics Inc, Thermo Fisher Scientific, Inc.
The global synthetic biology market has been segmented based tool, technologies, and application.
On the basis of Tool, the market is segmented into Oligonucleotides and Synthetic DNA, Enzymes, Cloning Technologies Kits, Synthetic Cells, Chassis Organisms, Xeno-nucleic Acids. The Oligonucleotides and Synthetic DNA segment dominated the market in 2022. Oligonucleotides and synthesised DNA are essential tools in numerous research and diagnostic applications.
Based on Technologies, the global synthetic biology market has been segmented into Gene Synthesis, Genome Engineering, Sequencing, Bioinformatics, Site-directed Mutagenesis, Cloning, Measurement and Modeling, Microfluidics, Nanotechnology. The Sequencing segment dominated the market in 2022. DNA sequencing has become an essential tool in the quest for novel medications and biological research.
Based on Application, the global synthetic biology market has been segmented into Medical Application, Artificial Tissue and Tissue Regeneration, Industrial Applications, Food & Agriculture, Environmental Applications. The Medical Application segment dominated the market in 2022. Genetic engineering methods and gene editing tools, such as CRISPR-Cas9, have both advanced significantly in recent years.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Synthetic Biology Market Research Report
The global synthetic biology market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe synthetic biology market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The synthetic biology market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World synthetic biology market comprises of Middle East, Africa, and Latin America.
The North America Synthetic biology Market dominated this market in 2022 (45.80%). North America has been an important market for synthetic biology because of the area's strong research infrastructure, well-established biotechnology and pharmaceutical sectors, and supportive government initiatives.
Moreover, the second-largest market share for synthetic biology is held by Europe. The prestigious academic institutions, research centres, and universities that make up Europe's robust ecosystem for scientific research. These groups provide important contributions to the development of synthetic biology research and development, innovation promotion, and intellectual property creation. The region's excellent research infrastructure plays a significant role in Europe's reputation as a market leader in synthetic biology.
Additionally, from 2023 to 2032, the synthetic biology market in Asia-Pacific is anticipated to experience the fastest CAGR growth. The Asia-Pacific region has seen a tremendous increase in the amount spent on research and development (R&D), particularly in the fields of biotechnology and the life sciences. Governments, academic institutions, and private companies are investing a lot of money to support research and promote innovation in synthetic biology. The increased R&D spending offers a strong foundation for the growth of the synthetic biology sector in the area.
Furthermore, as the area welcomes technological breakthroughs, a market for synthetic biology in Latin America is beginning to take shape with room for expansion. Synthetic biology applications in Latin America are presented with potential by factors like rising R&D expenditures, bioeconomy-promoting government programmes, and a rising demand for sustainable solutions.
Key Findings of the Study