CHICAGO, Dec. 19, 2022 /PRNewswire/ -- Synthetic Biology Market is projected to reach USD 30.7 billion by 2026, at a CAGR of 26.5% according to a new report by MarketsandMarkets™. The growth of this market is mainly driven by the increasing demand for synthetic genes and synthetic cells, a wide range of applications of synthetic biology, declining cost of DNA sequencing and synthesizing, increasing R&D funding and initiatives in synthetic biology, and increasing investments in the market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=889
Browse in-depth TOC on "Synthetic Biology Market"
452 - Tables
39 - Figures
377 – Pages
Synthetic Biology Market Scope:
Report Coverage |
Details |
Market Size |
USD 30.7 billion by 2026 |
Growth Rate |
26.5% of CAGR |
Largest Market |
North America |
Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
Forecast Period |
2021-2026 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Tools, Technology, Application, And Region |
Geographies Covered |
North America, Europe, APAC, MEA, and Latin America |
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
Demand for fuel alternatives |
Key Market Drivers |
Increased research and development funding for synthetic biology research |
The oligonucleotides and synthetic DNA segment accounted for the largest share of the tool segment in the synthetic biology market.
On the basis of tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2020, oligonucleotides & synthetic DNA accounted for the largest share of the synthetic biology market for tools. This segments large share can be attributed to factors such as rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.
The medical applications segment accounted for the largest share of the application segment in the synthetic biology market.
Based on application, the synthetic biology market is categorized into three segments—medical applications, industrial applications, food & agriculture, and environmental applications. In 2020, medical applications segment accounted for the largest share of synthetic biology market. Factors such as the extensive research on new and better treatments, coupled with the availability of huge private and public funding for the discovery of novel therapies, is the primary driver for the medical segment's growth.
The Asia Pacific region is the fastest-growing region of the synthetic biology market.
The Asia Pacific region is estimated to grow at the highest CAGR in the synthetic biology market during the forecast period, this is mainly due to factors such the growing collaborations in the field of synthetic biology, growing partnerships in the Chinese market, and investments in Asia Pacific countries for research.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=889
Synthetic Biology Market Dynamics:
Drivers:
1. Wide range of applications of synthetic biology
2. Rising R&D funding and growing initiatives in synthetic biology
3. Declining cost of DNA sequencing and synthesizing
4. Increasing investments in the market
Restraints:
1. Biosafety, biosecurity, and ethical concerns
Opportunities:
1. Rise in the need for fuel alternatives
2. Increase in the demand for protein therapeutics and personalized medicines
3. Growth in research on synthetic drugs and vaccines
Challenges:
1. Standardization of biological parts
Key Market Players:
Some of the prominent players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc (US), Novozymes A/S (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and Eurofins Scientific (Luxembourg).
Recent Developments:
- In January 2021, Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
- In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
- In January 2021, Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=889
Browse Adjacent Market: Biotechnology Market Research Reports & Consulting
Related Reports:
Synthetic Stem Cells Market - Global Forecasts to 2028
Oligonucleotide Synthesis Market - Global Forecasts to 2027
Molecular Diagnostics Market - Global Forecasts to 2027
Next Generation Sequencing Market - Global Forecasts to 2026
Molecular Biology Enzymes Market - Global Forecasts to 2026
About MarketsandMarkets™:
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/synthetic-biology-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/synthetic-biology.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO69055&Transmission_Id=202212191315PR_NEWS_USPR_____IO69055&DateId=20221219)
Share this article