Synthetic Biology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Synthetic Biology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

According to Fairfield Market Research's latest report, the global synthetic biology market is poised to experience exponential growth. By 2024, the market is expected to reach USD 21 billion, and by the end of 2031, it is projected to attain a valuation of USD 150 billion, growing at a compound annual growth rate (CAGR) of 32%.

Driving Factors

The growth of the synthetic biology market is being driven by several key factors:

1.Advancements in Genome Editing: Technologies such as CRISPR have revolutionized synthetic biology, enabling more precise and efficient editing of genetic material. This has facilitated the development of new biopharmaceuticals and agricultural products.

2.Increasing Investments: There has been a significant rise in R&D funding and investment in synthetic biology from both public and private sectors. Government agencies, research institutions, and large corporations are heavily investing in this field, further propelling market growth.

3.Reduced DNA Sequencing Costs: The cost of DNA sequencing and synthesis has decreased significantly, making it more accessible and encouraging broader adoption across various industries.

Key Market Segments

Healthcare Sector Dominance

The healthcare sector remains the largest revenue-generating segment within the synthetic biology market. It is expected to grow at a CAGR of 30% during the forecast period. This growth is attributed to the increasing application of synthetic biology in the development of biopharmaceuticals, gene therapies, and other medical innovations.

Agriculture and Food Yield Improvement

Synthetic biology is playing a crucial role in agriculture, especially in the development of high-yield crops and advanced pest management techniques. The technology aids in addressing the challenges posed by a growing global population and changing dietary habits, contributing to improved nutrition and food security.

Regional Insights

North America Leading the Market

North America is the largest market for synthetic biology, accounting for over 35% of the global market share. The region's market is expected to grow significantly over the forecast period. Factors driving this growth include the presence of well-established synthetic biology companies, extensive academic research, and substantial R&D investments.

U.S. Market Analysis

In the U.S., the synthetic biology market is a major contributor to the global market's expansion. The U.S. accounted for over 28% of the market share and is expected to grow significantly over the forecast period. The country's market growth is supported by favorable regulatory frameworks, government support, and significant private sector investments.

Japan's Rapid Growth

The synthetic biology market in Japan is anticipated to grow at a remarkable rate . The market is expected to provide significant opportunities, reaching a substantial valuation. This growth is driven by advancements in healthcare infrastructure, an aging population, and increasing investments in medical research and development.

Competitive Analysis

The synthetic biology market is highly competitive, with major players adopting strategies such as collaborations, joint ventures, and new product launches to strengthen their market position. Some of the key companies profiled in the report include:
• Bota Biosciences
• Codexis, Inc.
• Creative Biogene
• Creative Enzymes
• EnBiotix, Inc.
• Eurofins Scientific
• Illumina
• Merck
• New England Biolabs
• Novozymes
• Pareto Biotechnologies, Inc.
• Scarab Genomics
• Synthego
• Synthetic Genomics
• Thermo Fisher

Recent Developments

1.Ribbon Biolabs' Funding: In January 2022, Ribbon Biolabs raised 18 million Euros in Series A funding to build commercial-scale manufacturing plants and expand its DNA synthesis techniques across the United States.

2.Bota Bioscience's Investment: In August 2021, Bota Bioscience secured USD 100 million in Series B funding to advance its sustainable biomanufacturing program.

Global Synthetic Biology Market Segmentation:

By Application
• Healthcare
Clinical
Non-Clinical Research
• Non-Healthcare
Biotech Crops
Speciality Chemicals
Bio-Fuels

By Product Type
• Oligonucleotide/Oligo pools and Synthetic DNA
• Enzymes
• Cloning Technologies Kits
• Xeno-nucleic Acids
• Chassis Organism

By Technology
• NGS
• PCR
• Genome Editing
• Bioprocessing Technology
• Other Technologies

By End-use
• Biotechnology & Pharmaceutical Companies
• Academic & Government Research Institutes
• Other End-uses

By Region type
• North America
• Latin America
• Europe
• APAC
• MEA

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