Synthetic Biology Market Will Generate $61,220.9 Million Revenue by 2030, Says P&S Intelligence

NEW YORK, Oct. 10, 2022 /PRNewswire/ -- In 2021, the synthetic biology market was worth $9,421.2 million, and it is set to hit $61,220.9 million by 2030, progressing at a 23.1% CAGR from 2021 to 2030. This is owing to the decreasing costs of DNA sequencing and the increasing accessibility of accurate and efficient next-generation sequencing systems at lower prices.

One of the key industry trends is the adoption of the nanopore sequencing technology for creating NGS platforms. These technologies offer scientists and researchers high speed, low cost, and high throughput.

Enzyme Demand To Rise to Transport Longer Genes

The demand for enzymes is predicted to grow at a CAGR of around 25% in the future. This is due to the strong ability of enzymes to transport longer genes in a relatively short period.

Moreover, the category of oligonucleotides and synthetic DNA had the highest revenue in the past. This is mostly attributed to the rising demand for artificial genes, RNA, and DNA for various uses in genetic testing and forensic sciences.

Get the sample pages of this report at: https://www.psmarketresearch.com/market-analysis/synthetic-biology-market/report-sample

Most-Common Use of Synthetic Biology Is in Medical Centers

In 2021, the medical category dominated the application segment with around 40% share. This was a result of synthetic biology's growing usage in the sensitive and non-invasive detection of cancer cells and a wide range of infectious agents.

The usage of systematic and logical biological designs to create diagnostic techniques has recently contributed to a revolution in medicine. For diagnosing and monitoring tumor cells, infectious pathogens, metabolic parameters, and toxin exposure, synthetic-biology-based technologies prove to be dynamic and extremely precise.

Pharmaceutical Application of Synthetic Biology Will Boom

Pharmaceutical applications are predicted to experience the highest CAGR from 2021 to 2030, of almost 30%. This will be mostly because pharmaceutical and biotechnology companies have been actively involved in creating innovative therapeutics using synthetic biology for various chronic illnesses, including diabetes, cirrhosis, and cancer.

Browse detailed report on Global Synthetic Biology Market Size, Share and Demand Forecast Report, 2030

North America Makes Highest Use of Synthetic Biology

North America was the industry leader, with a market size exceeding $4 billion, in 2021. This is mainly because of the growing count of government initiatives for developing unique biological compounds, advancements in healthcare systems, improvements in genome sequencing, and a significant count of synthetic biology patents.

Similarly, non-profit organizations, which have united their financial resources to support the development of RNA-based therapeutics, in response to the growing need for RNA treatments, have made Europe the second-largest market globally.

Moreover, the APAC synthetic biology market is predicted to witness the highest CAGR—over 25%— due to the growing count of alliances between research institutions, pharma and biotech firms, and healthcare providers; and increasing funding by major players.

Global Synthetic Biology Market Report Coverage

By Tool

• Oligonucleotides and Synthetic DNA
• Enzymes
• Cloning Kits
• Synthetic Cells
• Chassis Organisms
• Xeno-Nucleic Acids

By Technology

• Gene Synthesis
• Genome Engineering
• Sequencing
• Bioinformatics
• Site-Directed Mutagenesis
• Cloning
• Measurement and Modeling
• Microfluidics
• Nanotechnology

By Application

• Medical
• Pharmaceuticals
• Industrial
• Biofuels and renewable energy
• Biomaterials and green chemicals
• Industrial enzymes, by application
• Textile industry
• Paper industry
• Consumer care industry
• Skin care & cosmetics
• Other consumer care products
• Food & Agriculture
• Environmental
• Bioremediation
• Biosensing

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence