According to the lastest report published by MarketsandMarkets, "Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), Technology (Genome Engineering, Bioinformatics), Applications (Tissue Regeneration, Biofuel, Food, Agriculture, Consumer Care, Environmental)- Global Forecast to 2027, the global synthetic biology market size is projected to reach USD 35.7 billion by 2027 from 11.4 billion in 2022, at a CAGR of 25.6% during the forecast period. Factors such as diversified applications of synthetic biology, rising R&D funding and growing initiatives in synthetic biology, declining cost of DNA sequencing and synthesizing, and increasing investments in the market are propelling the growth of this market.
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Key Market Players
Some of the prominent players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies (US), Novozymes (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and among others.
Synthetic Biology Market Dynamics
Drivers: Increased Funding is likely to upsurge the market growth
Synthetic biomedicine research has gained momentum, owing to the depleting antibiotic pipeline, rising incidence of chronic and debilitating disorders such as cancer and HIV; and growing need to develop effective and promising cures for several diseases that adversely affect the quality of life across the globe. The continuous rise in the funding for synthetic biology by government agencies is further supporting the growth of this market.
Restraints: Biosafety, biosecurity, and ethical concerns
One important biosafety concern in synthetic biology is the intentional or unintentional release of synthetic organisms into the environment during research and other applications. Synthetic microbes, when released into the environment, can mutate or interact with other organisms, resulting in crossbreeding with natural organisms and creating bio errors.
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Opportunities: Use of Machine Learning in research and development
In recent years, artificial intelligence (AI)/machine learning has emerged as a plausible alternative to systems biology for the elucidation of biological phenomena and in attaining specified design objective in synthetic biology. The current development of artificial intelligence (AI) and machine learning (ML) techniques and tools in the biological and biotechnological domains can be viewed similarly for bringing about smarter and more automated analysis and decision-making to these fields. AI/ML remains an alternative for investigating system behaviors and improving the output of interest in synthetic biology applications.
Asia Pacific is likely to grow at higher double digit during the forecast period.
The Asia Pacific region is estimated to grow at the highest CAGR in the synthetic biology market during the forecast period, this is mainly due to factors such the increasing investment in research & development, emergence of new market players in synthetic biology market.
Recent Developments:
- Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
- Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
- Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.
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