Synthetic Biology Market size to record USD 28.25 billion growth from 2023-2027, Evolving regulatory framework around synthetic biology is one of the key market trends, Technavio

NEW YORK, May 8, 2024 /PRNewswire/ -- The global synthetic biology market size is estimated to grow by USD 28.25 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of over 25.6% during the forecast period.

To understand more about this market - Download a FREE Sample Report in minutes!

Key Trends Fueling Growth

• Evolving regulatory framework around synthetic biology: 
• Companies are increasingly utilizing synthetic biology, prompting governments worldwide to revamp regulations for safety. Biosafety and biosecurity are pivotal, necessitating stringent policies to prevent mishaps. Currently, 196 countries, under UN CBD, are crafting a global framework.
• Developed regions like Europe and North America are making strides. Key US regulations include the Toxic Substances Control Act (TSCA) and statutes on hazardous wastes. Europe relies on a range of policies. In APAC, many countries lack clear regulations, like India without a national strategy.
• This evolving regulatory landscape is crucial for the global synthetic biology market, fostering investment, innovation, and product safety.

For more insights on the market trends with forecast market size and historic data (2017 - 2021) - Download a FREE Sample Report in minutes!

Major Challenges:

• Technical challenges
• Synthetic biology faces challenges due to the intricate nature of biological systems. Unlike straightforward fields like electrical engineering, biological systems are incredibly complex and lack predictable behavior. Researchers find it hard to work at the molecular and cellular levels, where complexity increases significantly when transitioning to system-level engineering.
• Despite the availability of biological parts, scientists often struggle to utilize them effectively due to a lack of comprehensive understanding. Designing organisms rationally remains in its infancy, with much left to discover. Deployment methods are still uncertain, requiring thorough comprehension. Genetic circuits, which govern biological functions, are intricate and embedded within complex systems, making core gene design difficult to study.
• These technical hurdles impede the growth of the synthetic biology market. Despite advancements, the full potential of synthetic biology applications is yet to be unlocked. Continued research and learning are essential for overcoming these challenges and realizing the technology's possibilities.

To know more about the market opportunities impacted by market dynamics, click here to- Download a FREE Sample Report in minutes!

Segmentation Overview

1. Application 
• 1.1 Healthcare
• 1.2 Industrial
• 1.3 Food and agriculture
• 1.4 Others
2. Product 
• 2.1 Oligonucleotides
• 2.2 Enzymes
• 2.3 Cloning technology kits
• 2.4 Xeno-nucleic acids
• 2.5 Chassis organism
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 : Application- The healthcare segment is set for significant growth in the coming years, driven by advancements in synthetic biology. Engineered systems using genes and molecular components offer promising avenues for curing various health issues and enhancing medical treatments. Valued at USD 3,404.40 million in 2017, the healthcare segment has steadily expanded until 2021.

• Synthetic biology's clinical applications are expected to further widen, with notable developments like MIT professors creating a paper embedded with modified genetic machinery. Similarly, UK scientists have devised a two-step process to synthesize DNA for biological products. These innovations underline the healthcare segment's pivotal role in market growth forecasts. As such, it's anticipated that the healthcare sector will significantly contribute to market expansion in the foreseeable future.

Get a glance at the market contribution of rest of the segments - Download a FREE Sample Report in minutes!

Analyst Review

In today's Synthetic Biology Market, buying behavior shapes the landscape as companies delve into DNA sequencing and synthesis. With a focus on biosafety, biosecurity, and ethics, concerns are paramount. Synthetic organisms, including antibiotic-resistant superbugs, prompt careful consideration. Artificial intelligence and machine learning drive advancements in understanding biological phenomena. Design objectives center on crafting precise synthetic DNA segments and cells. Chassis organisms offer versatility for medical and environmental applications.

From novel therapeutics to fuel alternatives, the market expands rapidly. Multiplexed diagnostics and cellular recording enhance precision. Therapeutic genome editing holds promise in healthcare. Energy and chemicals sectors benefit from biotechnological innovations. Pharmaceutical and biotechnology industries are pivotal in biofuel production.

Technologies like DNA Script's genome editing and bio-foundries optimize processes. Collaboration between public and private sectors, along with multilateral cooperation, underpins progress. Essential tools like Polymerase Chain Reaction and real-time PCR assays facilitate DNA analysis and diagnostics, while DNA cloning aids in molecular research.

Market Overview

The Synthetic Biology Market is seeing significant growth, driven by various factors. Gene-editing technologies are advancing rapidly, addressing biosafety concerns and enabling genome engineering for biopharmaceutical companies. Ethical concerns are being addressed through careful RNA development and healthcare verticals focusing on drug discovery.

Medical devices utilizing biomolecules are enhancing healthcare solutions. The market is witnessing a synthesis of buying behavior towards sustainable and ethical products, pushing demand for synthetic biology solutions. As companies prioritize biosecurity concerns, the focus on safe and secure practices remains paramount. With continuous advancements, the synthetic biology market is poised for further expansion across diverse industries.

Start exploring market insights by Download a FREE Sample Report in minutes!

Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• Application 
• Healthcare
• Industrial
• Food And Agriculture
• Others
• Product 
• Oligonucleotides
• Enzymes
• Cloning Technology Kits
• Xeno-nucleic Acids
• Chassis Organism
• Geography 
• North America
• Europe
• Asia
• Rest Of World (ROW)

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED