Synthetic Biology Market Growth, Trends, and Analysis by 2031

The synthetic biology market size is projected to reach US$ 66.4 billion by 2031 from US$ 15.1 billion in 2023. The market is expected to register a CAGR of 20.3% during 2023–2031. Advanced synthetic biology is likely to remain a key trend in the market.

Synthetic Biology Market Analysis

Key factors driving market growth are increasing investments in synthetic biology and the rising number of start-ups. Synthetic biology offers companies a broad scope of opportunities to collaborate inter-disciplinary globally between synthetic biologists, policymakers, researchers, and industry. For instance, in August 2021, Codex DNA announced a Synthetic Biology Collaboration with the U.S. Department of Agriculture to identify scalable therapeutic measures against citrus greening disease.

Synthetic Biology Market Overview

Synthetic biology is an emerging concept with numerous applications in the chemicals, agriculture, pharmaceuticals, and energy industries. Various start-ups offer solutions for complex microbial systems. For example, US-based startup Asimov offers a genetic design platform for mammalian synthetic biology. They integrate synthetic biology, multi-omics measurement, computational modeling, and machine learning in a single platform to advance therapeutic applications. Additionally, Benchling provides CAD tools, GenScript offers gene synthesis, Ginkgo Bioworks assists in organism engineering, Transcriptis (a bioinformatics company) offers solutions facilitating cloud labs/automation, and Glowee offers consumer products.

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Synthetic Biology Market: Strategic Insights

Synthetic Biology Market Drivers and Opportunities

Rising Number of Start-Ups

Biotechnology entrepreneurs can quickly raise funds and procure equipment and space from governments in their countries. For instance, For instance, the Indian government financed IITM Bioincubator, a division of the Indian Institute of Technology Madras, to establish a bioinformatics infrastructure facility and a cutting-edge cancer biology research center. Organizations include the Department of Science and Technology (DST), the Department of Biotechnology (DBT), and the Council of Scientific and Industrial Research (CSIR) contributed the funding. In China, Chinaccelerator is a financer that provides mentorship programs to help start-ups. It is also associated with SOSV Investments LLC, which helps in the establishment of start-ups by providing funds through programs such as RebelBio and Indie Bio. The easy availability of funds for ideas motivates entrepreneurs worldwide to establish synthetic biology businesses.

Collaboration Between Companies

Synthetic biology is the branch of biotechnology that would provide opportunities for nearly every aspect of the healthcare sector, including drug delivery, protein therapeutics, biofuels, and food and agricultural product development. It provides opportunities for biotechnology entrepreneurs to accelerate discovery, reduce clinical failures, and be more cost-efficient. Synthetic biology offers companies a broad scope of opportunities to collaborate inter-disciplinary globally between synthetic biologists, policymakers, researchers, and industry. For instance, in August 2021, Riffyn Inc. and Imperial College’s Centre collaborated for Synthetic Biology (IC-CSynB), and SynbiCITE’s London Biofoundry sets for synthetic biology research and education in scientific reproducibility. These are the primary factors that make companies grow in the synthetic biology market and are likely to impact market growth in the forecast period.

Synthetic Biology Market Report Segmentation Analysis

Key segments that contributed to the derivation of the synthetic biology market analysis are product, technology, and application.

• Based on product, the synthetic biology market is segmented into enzymes, chassis organisms, oligonucleotides, and xeno-nucleic acids. The oligonucleotides segment held a larger market share in 2023.
• By technology, the market is segmented into measurement & modeling, cloning & sequencing, genome engineering, gene synthesis, nanotechnology, and others. The gene synthesis segment held the largest share of the market in 2023.
• By application, the market is segmented into medical applications, industrial applications, food and agriculture, environmental applications, and others. The medical applications segment held the largest share of the market in 2023.

Synthetic Biology Market Share Analysis by Geography

The geographic scope of the synthetic biology market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Synthetic biology is a significant tool for biological advances, which provides potential for developing biological weapons, possible unforeseen negative impacts on human health, and any potential environmental impact. Security issues can be avoided by regulating industry biotechnology use through policy legislation.

The various government initiatives and funding offered are excellent support for the synthetic biology market's growth in the US. For instance, according to a National Center for Biotechnology Information (NCBI) report, the US government offers approximately US$220 million yearly for synthetic biology research and development. This fund includes investments from the Department of Energy, the National Science Foundation (NSF), the Department of Defense (DoD) (including DARPA), the National Institutes of Health (NIH), and the US Department of Agriculture (USDA).

Synthetic Biology Market Regional Insights

The regional trends and factors influencing the Synthetic Biology Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Synthetic Biology Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Synthetic Biology Market Report Scope

Synthetic Biology Market Players Density: Understanding Its Impact on Business Dynamics

The Synthetic Biology Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Synthetic Biology Market News and Recent Developments

The Synthetic Biology Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the synthetic biology market are listed below:

• bit.bio and Ginkgo Bioworks announced bit.bio as an inaugural partner of the Ginkgo Technology Network. The Network, launched, is a groundbreaking ecosystem of cutting-edge technology partners committed to collaborating with Ginkgo to provide new, integrated capabilities to drive success in customer R&D programs. (Source: bit.bio, Company Website, February 2024)
• Sumitomo Chemical Co., Ltd and Ginkgo Bioworks announced a new program to develop functional chemicals with synthetic biology and expand upon the companies’ existing biomanufacturing partnership. (Source: Sumitomo Chemical Co., Ltd, Company Website, July 2023)

Synthetic Biology Market Report Coverage and Deliverables

The “Synthetic Biology Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Synthetic biology market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Synthetic biology market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Synthetic biology market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the synthetic biology market
• Detailed company profiles