Factors such as a wide range of applications of synthetic biology, the 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. However, biosafety, biosecurity, and ethical concerns related to synthetic biology would hamper the growth of this market.
According to the new market research report “Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), By Technology (Gene Synthesis, Bioinformatics), By Application (Tissue Regeneration, Biofuel, Renewable Energy, Food & Agriculture, Bioremediation) – Global Forecast to 2025″, published by MarketsandMarkets™, the Synthetic Biology Market is projected to reach USD 19.8 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 23.9%.
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The Factors such as the increasing demand for synthetic genes & synthetic cells, wide range of applications of synthetic biology, declining cost of DNA sequencing & synthesizing, increasing R&D funding & initiatives in synthetic biology, and increasing investments in the market are propelling the growth of this market. However, rising biosafety, biosecurity, and ethical concerns related to synthetic biology is likely to hamper the growth of this market.
On the basis of tools, the oligonucleotides and synthetic DNA segment accounted for the largest share of the Synthetic Biology Market
Based on tools, the market has been segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, chassis organisms, xeno-nucleic acids, and synthetic cells. In 2019, the oligonucleotides and synthetic DNA segment accounted for the largest share of the market. This can be attributed to factors such as the rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications, such as pharmaceuticals, nutraceuticals, personal care, flavors and fragrances, probiotics, green chemicals, and industrial enzymes.
The genome engineering segment is expected to grow at the highest CAGR during the forecast period.
Based on technology, the Synthetic Biology Market is segmented into gene synthesis, genome engineering, cloning, sequencing, site-directed mutagenesis, measurement & modeling, microfluidics, nanotechnology, and bioinformatics. The genome engineering segment is expected to grow at the highest CAGR during the forecast period. This is owing to its ease and efficiency in genome editing and genome targeting. Furthermore, the use of engineering technologies for manipulating complex genomes, growing therapeutics development for cancer and other diseases, and the increasing technological advances in CRISPR-toolbox and DNA synthesis technologies are aiding market growth.
The industrial applications segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the Synthetic Biology Market is segmented into medical, industrial, food & agricultural, and environmental applications. The industrial applications segment is expected to grow at the highest CAGR, owing to the rising applications of synthetic biology in producing renewable energy, biomaterials & green chemicals, and enzymes.
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North America to dominate the market during the forecast period.
In 2019, North America dominated the global market, followed by Europe. The large share of North America can be attributed to the increase in life sciences R&D; availability of funds for research from government organizations, namely, DARPA, SynBERC, DOD, DOE, NIH, and USDA; growing number of synthetic biology companies in the US; growing efforts to increase the output of the healthcare industry; rising demand for high-quality research tools for data reproducibility; and increasing focus on developing personalized therapeutics.
Prominent players in the Synthetic Biology Market include Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Novozymes A/S (Denmark), Ginkgo Bioworks (US), Amyris, Inc. (US), Intrexon Corporation (US), GenScript Biotech Corporation (China), Twist Bioscience (US), Synthetic Genomics, Inc. (US), Codexis, Inc. (US), Synthego Corporation (US), Creative Enzymes (US), Eurofins Scientific (Luxembourg), Cyrus Biotechnology Inc. (US), ATUM (US), TeselaGen (US), Arzeda (US), Integrated DNA Technologies, Inc. (US), and New England Biolabs (US).
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