The Global Synthetic Biology Market is estimated to reach USD 20.64 Billion by 2027, according to a new report by Reports and Data. This can be mainly associated with the rising need to know the functioning of genetic elements, cells, and biological methods, development of the synthetic biology industry. Products produced in this new biological system are used across many applications, including energy, pharmaceutical & diagnostics; bioplastics and environment are expected to become the most common growth factors globally in the coming years.
Synthetic biology is mainly known for the usage of molecular biology along with standard industrial fermentation for the production of renewable, sustainable, algal oils that would reduce the pressure on the ecosystem due to habitat damage and deforestation. Currently, there are customer products in the market, as on department store shelves or grocery that includes the ingredients made using an advanced form of manufacturing and engineering. The primary aim of synthetic biology was the production of biofuels, and it has continued to businesses, such as flavorings, scents, cosmetics, and others.
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DNA sequencing knowledge is built by synthetic biology, and also there is an expectation of improvement of bio-based chemicals, development of food crops, and sources of green energy. The development of rational synthesis methods in life sciences is one of the essential roles of synthetic biology. There are some potential environmental benefits of synthetic biologies, such as distinct chemicals immobilization, bio-transformation, detection of environmental pathogens & contaminants, in situ biodegradation, and others, which would appeal to the governments of different LDC’s and developing counties to invest in the same. The drivers for the market are reduced cost of data generation due to decreasing prices of DNA sequencing, molecular biology advancement, rise in government funding and increase in demand for renewable energy such as biofuels, developing demand for enhanced vaccines and drugs also, and expanding demand for genetically modified crops due to the rising population.
Due to the presence of key players, favorable reimbursement policies, and the rising number of chronic diseases along with several initiatives initiated by the government, North America accounts for the largest share of over 32.3% of the market in 2019.
Further key findings from the report suggest
- the Synthetic DNA product segment is estimated to reach USD 4.52 Billion by 2027 at the highest CAGR of 19.0% during the forecast period.
- The penetration rate is high due to its widespread use in R&D and commercialization than any other product segment.
- Genome engineering technology accounts for a market share of 22.6% in 2019. It has emerged as the most notable technology utilized in synthetic biotechnology.
- The researchers anticipate this technology to advance in the forthcoming years.
- Also, other factors, such as advancements in DNA synthesis technologies and CRISPR-toolbox, the need for cheap, rapid, multiplex alteration of genomes, and ongoing research activities, are anticipated to drive the growth of the genome engineering during the forecast period.
- Synthetic oligos of the product segment are estimated to reach USD 4.6 Billion by 2027 at a CAGR of 18.9% during the forecast period.
- The method is beneficial in modern laboratory practice because it provides accelerated and reasonable access to custom-made oligonucleotides of the desired sequence.
- Pharmaceuticals and diagnostics are estimated to reach USD 8.1 Billion by 2027 at a CAGR of 18.9% during the forecast period.
- Production of Artemisinin is supposed to be one of the best health applications.
- Some of the possible applications of synthetic biology in health and food are reprogramming of stem cells, regenerative medicine, new therapeutic methods, efficient production of nutraceuticals, for instance, vitamins, food supplements, and preservatives.
- The synthetic biology products and technologies have notable usage in several application areas.
- The organisms engineered with synthetic biology methods are relatively inexpensive, owing to their use in numerous industrial applications.
- It is also a cost-effective approach for research, due to which the market for these techniques is progressing considerably across the world.
- Europe accounts for a share of 28.2% of the market in 2019 and is estimated to surpass USD 4.96 billion by 2027.
- Key participants include Thermo Fisher, Merck KGaA, Novozymes, DNA2.0, Eurofins Scientific, Inc., Intrexon, Agilent Technologies, Amyris, Pareto Biotechnologies, GenScript, Integrated DNA Technologies, Ginkgo Bioworks, Synthetic Genomics, New England Biolabs, TeselaGen, and Twist Bioscience.
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For the purpose of this study, Reports and Data have segmented the global Synthetic Biology Market on the basis of product, technology, application, and region:
By Product Outlook (Revenue, USD Million; 2017-2027)
- Synthetic oligos
- Synthetic DNA
- Synthetic genes
- Software tools
- Chassis organisms
- Synthetic clones
- Synthetic cells
By Technology Outlook (Revenue, USD Million; 2017-2027)
- Gene synthesis
- DNA Sequencing
- Genome Engineering
- Biological Components
- Integrated Systems
Application Outlook (Revenue, USD Million; 2017-2027)
- Pharmaceuticals and diagnostics
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/synthetic-biology-market
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