According to the latest report by IMARC Group, titled “Synthetic Biology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global synthetic biology market size reached US$ 13.5 Billion in 2022. Synthetic biology refers to an interdisciplinary field that combines principles from biology, engineering, and computer science to design and construct new biological parts, devices, and systems. It aims to engineer living organisms or create artificial biological systems with specific functions. Synthetic biologists utilize advanced techniques, such as gene synthesis, genetic engineering, and genome editing to manipulate the genetic code of organisms and create novel biological functionalities. The applications of synthetic biology are vast and diverse, ranging from the development of sustainable biofuels, bio-based materials, and pharmaceuticals to the creation of genetically modified organisms for environmental remediation and disease treatment. The field holds great promise in revolutionizing various industries and addressing complex global challenges, positioning it at the forefront of scientific research and innovation.
Global Synthetic Biology Market Trends:
The increasing demand for sustainable and environmentally friendly solutions is driving the global market. By leveraging genetic engineering techniques, synthetic biology offers the potential to create biodegradable materials, eco-friendly chemicals, and renewable energy sources, reducing the reliance on fossil fuels and mitigating the impact of human activities on the environment. Moreover, ongoing advancements in gene editing technologies have accelerated progress in synthetic biology since these powerful tools allow researchers to precisely edit the genetic code of organisms, enabling faster and more precise engineering of biological systems. Moreover, the growing interest and investment from both the public and private sectors have significantly contributed to the expansion of the synthetic biology market. Governments and companies recognize the immense potential of synthetic biology to drive innovation and economic growth and address critical challenges in healthcare, agriculture, and industrial production. Furthermore, the openness and accessibility of genetic data and biotechnological tools have enabled a broader community of researchers and entrepreneurs to participate in the synthetic biology ecosystem. Looking forward, the market value is projected to reach US$ 38.8 Billion by 2028, expanding at a CAGR of 18.1% during 2023-2028.
- Based on the product, the market has been segmented into oligonucleotide/oligo pools and synthetic DNA, enzymes, cloning technologies kits, Xeno-nucleic acids, chassis organism.
- On the basis of technology, the market has been divided into NGS, PCR, genome editing, bioprocessing, and other technologies.
- Based on the application, the market has been bifurcated into healthcare (clinical, and non-clinical/research), and non-healthcare (biotech crops, specialty chemicals, bio-fuels, and others).
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Agilent Technologies Inc., Amyris Inc., Codexis Inc., Danaher Corporation, Eurofins Scientific, GenScript Biotech Corporation, Illumina Inc., Merck KGaA, New England Biolabs, Synthego Corporation, Thermo Fisher Scientific Inc., Twist Bioscience and Viridos Inc.
|Base Year of the Analysis
||Product, Technology, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Agilent Technologies Inc., Amyris Inc., Codexis Inc., Danaher Corporation, Eurofins Scientific, GenScript Biotech Corporation, Illumina Inc., Merck KGaA, New England Biolabs, Synthego Corporation, Thermo Fisher Scientific Inc., Twist Bioscience and Viridos Inc.
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