Global Synthetic Biology Market 2022-2028 Research and Analysis

Global Synthetic Biology Market 2022-2028 Research and Analysis

Global synthetic biology market size was $12.4 billion in 2021 and is anticipated to grow at a significant CAGR of 32.0% during the forecast period. Synthetic biology is an emerging field of science and has a broad range of applications in sectors, such as chemical environmental, agriculture, medical, energy, and nanotechnology and is increasingly being adopted in these fields. The increasing adoption of synthetic biology in various industries is expected to fuel the growth of the global synthetic biology industry. Furthermore, technological advancements in the life science sector have resulted in increased speed and reduced cost of DNA amalgamation. This enables researchers to design and integrate adjusted bacterial chromosomes that can be utilized as a part of the generation of cutting-edge biofuels, bio-items, sustainable chemicals, and others. The advancements in modern engineering have enabled scientists to build new sequences of DNA.

Impact of COVID-19 Pandemic on Global Synthetic Biology Market

COVID-19 pandemic had a positive impact on the synthetic biology market attributed to increased demand for innovation and development of vaccines, therapeutics, and diagnostics. Investments made by the governments and various biotechnology and pharmaceutical companies in the science and technology space for the discovery of drugs and synthetic biological products, especially for the development of successful vaccinations to COVID-19 contributed majorly in the growth of synthetic biology market. For instance, in 2020, GenScript Biotech Corporation entered into an exclusive partnership with IP Biotech to distribute a breakthrough test kit designed to measure the levels of neutralizing antibodies in recovered COVID-19 patients. Furthermore, a report from the European Parliamentary Research Service believes that in the view of Covid-19 pandemic, synthetic biology has been viewed as the next step in the advancement in vaccination development as it is being used as a design tool to make vaccines more effective than ever. Owing to the wide application of synthetic biology in the vaccine and drug development against COVID-19, the synthetic biology market is expected to be a major driver during the pandemic era.

Segmental Outlook

The global synthetic biology market is segmented on the basis of product, technology, and applications. Based on the product, the market is segmented into enabling product, core product, and enabled product. Based on technology, the market is segmented into gene synthesis & sequencing, genome engineering, bioinformatics, and others. Based on application, the market is segmented into medical application, industrial application, food & agriculture, and environmental applications. The above-mentioned segments can be customized as per the requirements. Core product includes synthetic genes, synthetic cells, synthetic DNA, chassis organisms and xeno nucleic acid (XNA), and are expected to hold a significant share in the market owing to extensive use of core products in R&D.

Genome Engineering is anticipated to Hold Prominent Share in the Global Synthetic Biology Market

Genome engineering is one of the most prominent technologies used in the field of synthetic biology. Factors, such as the need for rapid, cheap, multiplex modification of genomes, increasing advancements in CRISPR-toolbox and DNA synthesis technologies, and increasing research activities in synthetic biology industry are expected to drive the segmental growth of the market during the forecast period.

Regional Outlooks

The global Synthetic Biologymarket is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).The market can be analyzed for particular region or country level as per the requirement. Among these, North America is expected to be the dominating region in the global synthetic biology market due to increasing number of government research programs. However, Asia-Pacific is expected to achieve high growth rate during the forecast period. Major economies contributing to the Asia-Pacific market include China, Japan, and India.

The North American Region is Expected to Hold Prominent Share in the Global Synthetic Biology Market

North America is expected to hold a prominent share in the global synthetic biology market. The market growth is attributed to the increasing demand for bio-based products, rising R&D funding for synthetic biology, and increased investments by synthetic biology companies. For instance, in 2021, GenScript expanded its gene synthesis manufacturing capabilities in US. The 50,000 sq. ft. facility is located close to GenScript’s headquarters in Piscataway, NJ, houses with fully automated oligo synthesis and sequencing platforms. For customers in US, this facility provides a improved ability to handle large gene synthesis projects, with an expanded capacity to synthesize 4,000-5,000 genes per month. Further, the growing support from the government, private institutions, and increasing R&D investments in the development of the drugs are other major factors that are expected to drive the market growth during the forecast period.

Market Players Outlook

The major companies serving the global synthetic biology market include Twist Bioscience Corp., Merck KGaA, GenScript Biotech Corp., Thermo Fisher Scientific Inc., Amyris Inc., Codexis Inc, Ginkgo Bioworks, and many others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers andacquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2022, Intellia Therapeutics, Inc., and Kyverna Therapeutics, a cell therapy company engineering a new class of therapies for autoimmune and inflammatory diseases, announced a licensing and collaboration agreement for the development of an allogeneic CD19 chimeric antigen receptor (CAR) T-cell therapy for the treatment of a variety of B cell-mediated autoimmune diseases.