Global Synthetic Biology Market Size & CAGR (2021 to 2026)
From 2021 to 2026, the worldwide synthetic biology market is expected to develop at a CAGR of 24.1%. The market size is expected to be worth USD 20.24 billion by 2026 from USD 6.88 billion in 2021.
Impact of COVID-19 on the global synthetic biology market:
The growth of the synthetic biology market is boosted by ongoing research into COVID-19 vaccines and drugs. Synthetic biology addresses the requirement of vaccine development during the COVID-19 pandemic, according to a research article published in MolecularCloud in 2020 titled “Synthetic Biology’s Role in Fighting COVID-19.” Drug discovery experts can use synthetic biology to create DNA fragments, clones, or complete variation libraries. In a report from the European Parliament, synthetic biology is noted as one of the emerging technologies. It can fight the COVID-19 pandemic. Synthetic biology has also been identified to speed up vaccine development by the National Institute of Health in the United States. Vaccine technologies based on DNA and mRNA can make vaccine development and production more accessible. These vaccines are made up of synthetic nucleotide strands that cause proteins to form in the individual’s cells, inducing an immune response.
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KEY DRIVING FACTORS:
Increased R & D Spending is expected to boost the global synthetic biology market’s growth rate during the forecast period.
The R&D business has always been capital-intensive because of long research times and approval delays. However, R&D is recognized by governments as a critical investment for a country’s prosperity, international competitiveness, and public benefit. As a result, R&D spending and funding have steadily increased throughout the years. Synthetic biology is becoming more popular among the biotech and pharmaceutical industries for research and development purposes, fueling the market’s expansion. Synthetic Biology techniques in drug research and development are propelling the global Synthetic Biology market forward.
Concerns about biosafety, biosecurity, and ethics are on the rise, estimated to limit the market’s expansion during the forecast period.
The purposeful or unintended release of synthetic organisms into the environment during research and other uses is a significant biosafety risk in synthetic biology. When synthetic microorganisms are released into the environment, they can mutate or interact with other species, leading to crossbreeding and bio errors. This may put natural species’ ecosystems at risk.
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KEY MARKET INSIGHTS:
- Based on the tool, the largest share of the synthetic biology market in 2020 was accounted by oligonucleotides and synthetic DNA. Thus, the growing demand for synthetic DNA, synthetic RNA, and synthetic genes, which are employed in a wide range of applications, can be attributable to this segment’s substantial share.
- Based on the technology, the gene synthesis segment held the most market share in 2020. The expanding need for synthetic DNA, synthetic RNA, and oligonucleotides across numerous application industries could explain the high market presence. Gene Synthesis is also very beneficial in genome engineering, which adds to its value and appeal. In addition, effective genome editing and genome targeting need the use of gene synthesis.
- Based on the application, the medical applications segment is expected to grow at the fastest rate during the forecast period. The medical applications segment’s growth is primarily driven by factors such as considerable research on new and better treatments and the availability of significant private and public financing for the discovery of novel cures.
- Based on the region, the North American regional market dominated the global synthetic biology market, with Europe and the Asia Pacific following closely behind. Factors such as the increase in the number of well-established synthetic biology companies and research institutes in the United States and Canada, a large number of ongoing research studies, and the overall growth of the healthcare sector on a global scale are among the few factors expected to contribute to the market’s growth.
- According to the competitive analysis of the companies, the majority of them are focusing on agreements, followed by product launches, to expand their business. The steps in the value chain of product manufacture that involve collaborative efforts from two or more organizations are the primary rationale for company agreements. Merck KGaA, Amyris, Pareto Biotechnologies, Thermo Fisher Scientific, Novozymes, Eurofins Scientific, Inc., DNA2.0, Intrexon, Agilent Technologies, GenScript, Ginkgo Bioworks, Synthetic Genomics, and others are key players in the worldwide synthetic biology market.
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RECENT MARKET DEVELOPMENTS:
- Novozymes released Frontia GlutenEx in January 2021. It would assist wheat processors in increasing gluten protein recovery while also reducing energy consumption.
- Merck bought AmpTec in January 2021. The company expanded its product portfolio by developing and manufacturing mRNA for use in vaccinations, therapies, and diagnostics due to this acquisition.
- Twist Bioscience Corporation, a firm that helps clients succeed by supplying high-quality synthetic DNA through its silicon platform, announced the availability of Clonal-Ready Gene Fragments in December 2020, giving customers a promotion of an integrated approach offering.
- Zymergen Inc., a California-based material innovation business, purchased enEvolv, Inc. for an unknown sum in March 2020. Zymergen has been able to accelerate the supply of high-performing, sustainable products to its clients as a result of this purchase and strengthen the company’s leadership position in the bio-manufacturing market.
SEGMENTS COVERED IN THIS REPORT:
- Chassis Organisms
- Cloning & Assembly Kits
- Oligonucleotide Synthesis
- Xeno Nucleic Acid
- Enabling technologies
- Gene Synthesis
- Cloning and Sequencing
- Genome Engineering
- Site-Directed Mutagenesis
- Measurement and Modelling
- Enabled technologies
- Next-Generation Sequencing
- Pathway Engineering
- North America
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Synthetic Biology Market
- Europe Synthetic Biology Market
- APAC Synthetic Biology Market
- Latin America Synthetic Biology Market
- MEA Synthetic Biology Market
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