Synthetic Biology Market Key Players and Opportunities by 2028

The synthetic biology market is expected to grow from US$ 10,544.16 million in 2021 to US$ 37,850.85 million by 2028; it is estimated to grow at a CAGR of 20.0%from 2021 to 2028.

The medical synthetic biology is the science of designing, altering, and building simple organisms to perform specific therapeutic or industrial utilities. The organisms created are genetically modified organisms (GMOs), which do not require a definition that distinguishes them from genetic modifications. The growth of the synthetic biology market is attributed to the increasing investments, technological advancement, and rising numbers of start-up companies. In addition, the emerging trends in synthetic biology are likely to impact the market's growth in the coming years positively.

Published Report - Synthetic Biology Market: Strategic Insights

The synthetic biology market is segmented into product, technology, application, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The synthetic biology market report offers insights and in-depth analysis of the market, emphasizing market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players. 

Lucrative Regions for Synthetic Biology Market

Market Insights
Increasing Investment in Synthetic Biology Drives Synthetic Biology Market

Synthetic biology is an emerging concept that has numerous applications in the chemicals, agriculture, pharmaceuticals, and energy industries. Various start-ups offer gene synthesis products/services for biological processes. For example,  Benchling provides CAD tools, GenScript offers gene synthesis, Ginkgo Bioworks assists in organism engineering, Transcripts (a bioinformatics company) offers solutions facilitating cloud labs/automation, and Glowee offers consumer products. Further, 56 synthetic biology businesses raised more than US$ 3 billion in equity financing in the first half of 2020, compared to 65 companies raising US$ 1.9 billion during the same period in 2020. The new generation of biopharma businesses uses synthetic biology to improve cell treatment and gene therapy and support early cancer detection. Some synthetic biology firms with the most funding in the first half of 2020 are listed below:

Synthetic Biology Firms with Most Funding in First Half of 2020

Product Insights

Based on product, the global synthetic biology market is segmented into oligonucleotides, chassis organisms, enzymes, and xeno-nucleic acid. The oligonucleotides segment held the largest share of the market in 2021. Moreover, the same segment is anticipated to register the highest CAGR in the market during the forecast period of 2021 to 2028. This is mainly because of the rising application of oligonucleotides in genetic testing/ assays and forensic sciences.

Synthetic Biology Market, by Product (2021–2028)

Technology Insights

Based on technology, the global synthetic biology market is segmented into gene synthesis, genome engineering, measurement & modeling, cloning & sequencing, nanotechnology, and others. In 2021, the gene synthesis segment is likely to hold the largest share of the market. However, the genome engineering segment is expected to register the highest CAGR from 2021 to 2028. The growth of the genome engineering segment is owing to the rising applications of genetic engineering and gene therapy.

Application Insights

Based on application, the global synthetic biology market is segmented into medical applications, industrial applications, environmental applications, food and agriculture, and others. The medical applications segment is further segmented into drug discovery & therapeutics and pharmaceuticals. In 2021, the medical applications segment held the largest market share and is expected to register the highest CAGR during 2021–2028.

Product launches and collaborations are highly adopted strategies by the global synthetic biology market players. A few of the recent key market developments are listed below:

• In February 2022, Thermo Fisher Scientific announced the launch of GeneMapper Software, a flexible genotyping software package that provides DNA sizing and quality allele calls for all Thermo Fisher Scientific electrophoresis-based genotyping.
• In January 2022, Thermo Fisher Scientific announced the launch of Oncomine BRCA Assay GX. It is a targeted next-generation sequencing (NGS) assay designed to provide comprehensive amplification of all coding regions of the human BRCA1 and BRCA2 genes, enabling accurate and sensitive detection of various mutation classes.
• In April 2022, Merck KGaA Acquisition of MAST Platform from Lonza, a Leading Automated Bioreactor Sampling System. The acquisition of the MAST platform is another milestone to accelerate innovation in Merck’s Process Solutions business unit.
• In February 2022, Merck announced the transaction closing to acquire Exalead, following regulatory clearances and the fulfillment of other customary closing conditions, for approximately US$ 780 million in cash.

The COVID-19 pandemic forced many companies in the global synthetic biology market to pause business operations for a short term to follow new government regulations to control the spread of the disease. This halt in operations directly impacted the revenue flow of the global synthetic biology market. In addition, the manufacturing of industrial products ceased, owing to the lack of raw materials and workforce during the lockdown period. Furthermore, no new consignments were received by companies that operate in this sector. Hence, several months' halt in industrial activities and lockdown affected the global synthetic biology industry. The COVID-19 outbreak affected the synthetic biology industry's growth due to the lockdown measures in the countries and the delay in manufacturing and production of raw materials, process materials, and intermediate products used in pharmaceutical and biotechnological companies. The market is anticipated to witness a slow recovery during the forecast period.

Synthetic Biology – Market Segmentation

The global synthetic biology market is segmented based on product, technology application, and geography. Based on product, the market is segmented into oligonucleotides, chassis organisms, enzymes, and xeno-nucleic acid. Based on technology, the synthetic biology market is segmented into gene synthesis, genome engineering, measurement & modeling, cloning & sequencing, nanotechnology, and others. Based on application, the synthetic biology market is segmented into medical applications, industrial applications, enviornmental applications, food and agriculture, and others. By geography, the synthetic biology market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.  

Company Profiles

• THERMO FISHER SCIENTIFIC INC.
• Agilent Technologies, Inc.
• MERCK KGaA
• New England Biolabs
• Integrated DNA Technologies
• Twist Bioscience
• GenScript Biotech Corporation
• Novozymes A/S
• Codexis
• Amyris Inc

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

The Published Report - 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.