Synthetic Biology Market Research Report

Market Overview:

The global synthetic biology market size reached US$ 13.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.8 Billion by 2028, exhibiting a growth rate (CAGR) of 18.1% during 2023-2028. Significant advancements in gene editing technologies, the rising demand for sustainable solutions across industries, collaborative ecosystems, and increasing venture capital investments are some of the major factors propelling the market.

Synthetic biology is a rapidly evolving field that involves the engineering of biological systems by combining biology, engineering, and computer science principles. Researchers in this field use advanced techniques to design and construct novel biological parts, devices, and systems, often by modifying DNA sequences. These engineered biological systems can be used for a wide range of applications, including biopharmaceutical production, sustainable biofuel development, environmental remediation, and medical advancements. The field's dynamic nature and interdisciplinary approach contribute to its potential to revolutionize various industries through innovative solutions that harness the power of living organisms.

Significant advancements in gene editing technologies have substantially enhanced researchers' ability to manipulate genetic material, fostering the creation of more complex and targeted synthetic organisms, thereby bolstering the global synthetic biology market. In addition to this, the increasing demand for sustainable and eco-friendly solutions across various industries, including agriculture, healthcare, and energy, has prompted a surge in the development of synthetic biology-based applications, such as biofuels, bioplastics, and biopharmaceuticals, creating a positive outlook for market expansion. Moreover, expanding collaborations between academia, industry, and government bodies are fostering an environment conducive to research and development (R&D) in synthetic biology, which in turn, is presenting remunerative opportunities for market growth. Furthermore, the rise of venture capital investments in biotechnology startups is influencing market growth by providing crucial funding for pioneering projects.

Synthetic Biology Market Trends/Drivers:

Advancements in gene editing technologies

One of the primary driving forces behind the growth of the global synthetic biology market is the rapid evolution and widespread adoption of advanced gene editing technologies. Various techniques such as CRISPR-Cas9 have revolutionized the field by enabling precise and efficient manipulation of genetic material, strengthening the market growth. Researchers can now design, edit, and engineer DNA sequences with unprecedented accuracy, allowing them to create intricate synthetic organisms tailored to specific functions. This technological prowess has opened up avenues for the development of novel applications, ranging from disease treatment through gene therapies to the creation of bioengineered organisms capable of producing valuable compounds, such as enzymes and biofuels, thus aiding in market expansion.

Demand for sustainable solutions

The escalating demand for sustainable and environmentally friendly solutions across various sectors is another pivotal factor driving the synthetic biology market. As industries grapple with the need to mitigate their ecological footprint, synthetic biology offers innovative pathways. In line with this, the expanding production of bioplastics derived from renewable resources and the development of biofuels with reduced carbon emissions aligning with the global push towards sustainability are contributing to the market’s growth. Apart from this, synthetic biology's capacity to engineer microorganisms for bioremediation, where they detoxify pollutants or assist in environmental cleanup, addresses pressing ecological challenges, thereby impelling the market growth.

Collaborative ecosystem and investment

The collaborative synergy between academia, industry, and government entities fosters a conducive environment for research and development within the synthetic biology field. Collaborations enable the sharing of expertise, resources, and insights, accelerating the pace of innovation. Governments often support research initiatives through grants and funding, while established companies and startups collaborate to pool resources for groundbreaking projects, supporting the market growth. In addition to this, the surge in venture capital investments in biotechnology startups injects vital capital into the field, nurturing the growth of nascent ideas into tangible products and applications. This collaborative ecosystem sustains a cycle of research, innovation, and commercialization, propelling the global synthetic biology market forward.

Synthetic Biology Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global synthetic biology market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on product, technology, and application.

Breakup by Product:

• Oligonucleotide/Oligo Pools and Synthetic DNA
• Enzymes
• Cloning Technologies Kits
• Xeno-nucleic Acids
• Chassis Organism
   

Oligonucleotide/oligo pools and synthetic DNA dominates the market

The report has provided a detailed breakup and analysis of the market based on the product. This includes oligonucleotide/oligo pools and synthetic DNA, enzymes, cloning technologies kits, Xeno-nucleic acids, and chassis organism. According to the report, oligonucleotide/oligo pools and synthetic DNA represented the largest segment.

The growing demand for synthetic biology products, specifically oligonucleotide/oligo pools and synthetic DNA, is mainly fueled by the exponential growth in fields such as personalized medicine, gene therapy, and molecular diagnostics that have amplified the need for precise and customizable genetic materials. Oligonucleotide pools and synthetic DNA play a pivotal role in these applications, enabling the creation of tailored genetic constructs for research and therapeutic purposes. Furthermore, the ongoing digital transformation has led to increased data-driven biological research, where high-throughput synthesis of DNA sequences is essential for large-scale experimentation and analysis. Additionally, the rise of synthetic biology startups and the democratization of gene editing technologies have made these products more accessible, empowering researchers across diverse disciplines to engage in innovative projects, thereby creating a favorable outlook for market expansion.

Breakup by Technology:

• NGS Technology
• PCR Technology
• Genome Editing Technology
• Bioprocessing Technology
• Others
   

A detailed breakup and analysis of the market based on the technology has also been provided in the report. This includes NGS, PCR, genome editing, bioprocessing, and other technologies.

Next-generation sequencing (NGS) technology has become instrumental in deciphering complex biological information, facilitating the analysis of vast genetic data sets, and accelerating the discovery of novel genetic components, which in turn, is presenting lucrative market opportunities. Moreover, polymerase chain reaction (PCR) technology remains a cornerstone for DNA amplification, crucial in generating sufficient genetic material for various applications, from research to diagnostics. Besides this, genome editing technologies, particularly CRISPR-Cas9, hold immense promise for precision genetic modifications, driving advancements in gene therapies and customized genetic engineering. Bioprocessing technologies form a critical facet, enabling efficient large-scale production of bioengineered compounds, ranging from pharmaceuticals to biofuels. This segmentation underscores the diverse technological landscape within synthetic biology, highlighting these technologies' contribution to the sector's multifaceted growth and its transformative impact across industries.

Breakup by Application:

• Healthcare
  • Clinical
  • Non-Clinical/Research
• Non-Healthcare
  • Biotech Crops
  • Specialty Chemicals
  • Bio-Fuels
  • Others
     

The report has provided a detailed breakup and analysis of the market based on the application. This includes healthcare (clinical and non-clinical/research) and non-healthcare (biotech crops, specialty chemicals, bio-fuels, and others).

The bolstering growth of the healthcare sector, wherein synthetic biology is used in the development of personalized medicines, gene therapies, and diagnostics, is contributing to the market’s growth. Concurrent with this, the numerous non-clinical or research applications of synthetic biology encompassing drug discovery, functional genomics, and biomolecule production, are fueling scientific exploration and market growth. Beyond healthcare, synthetic biology's expanding usage in biotech crops engineered for improved yield and resistance to pests is aiding in market expansion. Furthermore, the increasing product adoption across the specialty chemicals industry, wherein bioengineered pathways create sustainable routes to produce high-value compounds is impelling the market growth. Apart from this, the growing use of synthetic biology in the biofuel sector to optimize microorganisms for efficient biofuel production is influencing market growth.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest synthetic biology market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, North America accounted for the largest market share.

The presence of a well-established research and innovation ecosystem in North America, characterized by leading academic institutions, cutting-edge biotechnology companies, and significant government investments, provides a fertile ground for advancements in synthetic biology. Moreover, the region's emphasis on R&D and technological innovation fosters collaborations that span academia and industry, driving the development of novel applications across sectors including healthcare, agriculture, and energy. In addition to this, the increasing focus on sustainable solutions and the demand for eco-friendly products align with synthetic biology's potential to offer greener alternatives. This, coupled with favorable regulatory frameworks that encourage biotechnology R&D, creates an environment conducive to the expansion of the North American synthetic biology market. As research and commercialization efforts continue to intersect, the region remains at the forefront of leveraging synthetic biology's transformative potential.

Competitive Landscape:

The global synthetic biology market features a dynamic competitive landscape shaped by a blend of established players and innovative startups. Leading companies, with their significant financial resources and expansive research capabilities, dominate the market by offering a diverse range of synthetic biology products and services. These companies actively engage in collaborations, strategic partnerships, and mergers to enhance their offerings and expand their market reach. Furthermore, a surge in venture capital investments has catalyzed the emergence of agile startups, injecting fresh ideas and disruptive technologies into the field. The competitive arena is characterized by a focus on innovation, technology integration, and the ability to address diverse market segments, accentuating the evolutionary nature of the global synthetic biology market.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• 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
• Viridos Inc.

Recent Developments:

• In May 2023, GenScript Biotech Corporation launched GenTitan™ Gene Fragments synthesis service, a commercial miniature semiconductor platform that utilizes integrated circuits for high-throughput DNA synthesis.
• In May 2023, Codexis, Inc. unveiled Enzyme-Catalyzed Oligonucleotide (ECO) Synthesis™ technology, a proprietary new synthesis platform being developed for manufacturing RNA oligonucleotide therapeutics at scale.
• In January 2023, Agilent Technologies partnered with Akoya Biosciences to develop multiplex-immunohistochemistry diagnostic solutions for tissue analysis and to commercialize workflow solutions for multiplex assays in the clinical research market.

Synthetic Biology Market Report Scope:

Key Questions Answered in This Report:

• How has the global synthetic biology market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global synthetic biology market?
• What is the impact of each driver, restraint, and opportunity on the global synthetic biology market?
• What are the key regional markets?
• Which countries represent the most attractive synthetic biology market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the synthetic biology market?
• What is the breakup of the market based on technology?
• Which is the most attractive technology in the synthetic biology market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the synthetic biology market?
• What is the competitive structure of the global synthetic biology market?
• Who are the key players/companies in the global synthetic biology market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the synthetic biology market from 2017-2028.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global synthetic biology market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the synthetic biology industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.