DELRAY BEACH, Fla., Nov. 11, 2024
DELRAY BEACH, Fla., Nov. 11, 2024 /PRNewswire/ -- The global synthetic biology market is anticipated to reach USD 31.52 billion in 2029 from USD 12.33 billion in 2024, with a significant CAGR of 20.6%. The major factors contributing towards the growth of the synthetic biology market include the diversified applications of synthetic biology and the bio-based products rising demand. Furthermore, the advancements in synthetic biology and rising funding in R&D and collaborations is likely to drive market adoption in the coming years.
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The tool segment is segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, chassis organisms, xeno nucleic acids and synthetic cells. The oligonucleotides & synthetic DNA segment dominated tool segment in terms of market share and CAGR. The large share of this segment is attributed to the rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.
Based on technology, the global synthetic biology market is segmented into measurement and modeling, genome engineering, gene synthesis, cloning, site-directed mutagenesis, microfluidics, sequencing, nanotechnology and bioinformatics. The gene synthesis segment held the highest share in the synthetic biology market in 2023, and the genome engineering segment is predicted to grow at the highest CAGR during the forecast period. The increase in the demand for synthetic genes and rising competitiveness among market players with a reduction in the gene synthesis services price, coupled with technological advancements are expected to spur the adoption of gene synthesis.
Based on application, the global synthetic biology market is segmented into medical applications (pharmaceuticals, drug discovery & therapeutics [cancer detection & diagnostics, other drug discovery & therapeutic applications], artificial tissue and tissue regeneration [biosynthesis, stem cell regulation, other artificial tissue and tissue regeneration]), industrial applications (biofuel & renewable energy, industry enzymes [textile industry, paper industry, consumer care industry {skin care & cosmetics, other consumer care products}, other industries], biomaterials & green chemicals), food, animal health & agricultural applications (flavours & fragrances and other food, animal health & agricultural applications), environmental applications (bioremediation and biosensing). Medical applications segment dominated the market owing to increased adoption of synthetic biology in drug discovery and development, cancer detection across the globe.
The market is segmented by region into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America dominated the synthetic biology market in 2023, and the Asia Pacific region is likely to grow at a significant CAGR during the forecast period. The growth of the Asia Pacific region is attributable to the growth in life sciences research in the region. Furthermore, the markets for biologics such as antibodies and protein-based drugs are also on the rise in the Asia Pacific region, driving growth.
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The market for synthetic biology market is competitive, with key players strategizing to capture the majority market share. Prominent players in the synthetic biology market are Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Novozymes A/S (Denmark), Eurofins Scientific (Luxembourg), Agilent Technologies Inc. (US), Amyris, Inc. (US), Codexis, Inc. (US), Twist Bioscience (US), Genscript (US), Precigen (US), Ginkgo Bioworks (US), Viridos (US), Synthego (US), Creative Enzymes (US) and Cyrus Biotechnology (US) among others. The market players have adopted various strategies such as development of advanced products, partnerships, contracts, expansions, and acquisitions to strengthen their position in the synthetic biology market.
Thermo Fisher Scientific Inc. is one of the prominent players in synthetic biology with an extensive product and services portfolio, including Cas9 nucleases and gene editing mRNA pairs. Thermo Fischer's major strengths include a diverse geographical presence and strong quality standards. Thermo Fisher utilizes multiple organic and inorganic growth approaches. For example, in July 2024, Thermo Fisher & National Cancer Institute (NCI) partnered to help expedite research in novel treatments for Acute Myeloid Leukemia and Myelodysplastic Syndrome on the myelQMATCH precision medicine umbrella trial.
Merck is among the leading players in the global synthetic biology market. The company provides an extensive range of products for the synthetic biology industry, such as CRISPR & Gene editing tools. To meet the growing demand for biopharmaceuticals and biotechnological resources, Merck undertakes investments in biomanufacturing technologies that boost the capacity and productivity of biological production processes. Additionally, Merck engages in inorganic growth via the acquisition of new synthetic biology firms, thus broadening its product range and market penetration. In May 2024, Merck purchased Mirus Bio, a company mainly producing products like TransIT-VirusGEN to aid in the manufacture of viral vectors for cell and gene therapies.
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