Synthetic Biology Market worth $31.52 billion by 2029
The report "Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), Technology (Sequencing, Bioinformatics), Applications (Drug Discovery, Tissue Regeneration, Biofuel, Food, Agriculture, Consumer Care, Environmental) - Global Forecast to 2029", is estimated to expand to a value of USD 31.52 billion by 2029 from USD 12.33 billion in 2024, with a significant CAGR of 20.6%. Some of the prominent factors driving the growth of the market are the rising demand for bio-based products and rising funding in R&D and collaborations. Furthermore, Advancements in synthetic biology and the diverse applications of synthetic biology are expected to provide lucrative market growth. The demand for synthetic DNA and oligonucleotides is growing, driven by diversified applications in research, diagnostics, and therapeutic development. This factor is likely to contribute to the growth of synthetic biology, particularly in the healthcare and biotechnology field.
Browse 722 market data Tables and 46 Figures spread through 536 Pages and in-depth TOC on "Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), Technology (Sequencing, Bioinformatics), Applications (Drug Discovery, Tissue Regeneration, Biofuel, Food, Agriculture, Consumer Care, Environmental) - Global Forecast to 2029"
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The oligonucleotides & synthetic DNA segment accounted for the dominant share in 2023.
Based on tools, the market is segmented into chassis organisms, enzymes, oligonucleotides & synthetic DNA, cloning technology kits, xeno nucleic acids, and synthetic cells. The oligonucleotides & synthetic DNA segment dominated the market in 2023. The large share of this segment is due to the increased adoption of synthetic DNA, synthetic RNA, and synthetic genes for various applications. The rising demand for oligonucleotides has stimulated the R&D of error-free and more efficient chains. For instance, in July 2022, IntegrateRNA, a branch of Creative Biogene, launched the GalNAc-Oligonucleotide conjugation service to support oligonucleotide therapeutic research.
Genome engineering is likely to grow at significant CAGR during the forecast period for 2024-2029.
Based on the technology, the market is divided into microfluidics, site-directed mutagenesis, nanotechnology, genome engineering, cloning, gene synthesis, sequencing, measurement & modeling, and bioinformatics. The gene synthesis segment dominated the market in 2023 owing to rising demand for synthetic genes and increasing competitiveness among market players with subsequent reduction in the price of gene synthesis services, coupled with technological advancements. The genome engineering segment is expected to grow at the highest CAGR during the forecast period due to ease and efficiency in genome editing and genome targeting. The advances in CRISPR toolbox and DNA synthesis technologies; the need for rapid, cheap, and multiplex modification of genomes; and ongoing research activities are also expected to increase the use of genome engineering technology in the field of synthetic biology.
North America region dominated the synthetic biology market.
Based on region, the synthetic biology market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America dominated the market owing to universities and research institutions fostering groundbreaking research in genetics, bioengineering, and related fields. This collaboration between academia and industry leads to the rapid translation of research into viable products and technologies. Additionally, the presence of several prominent synthetic biology startups and established players like Ginkgo Bioworks, Amyris, and Twist Bioscience is likely to contribute towards the dominance in the synthetic biology market.
Prominent players operating in the synthetic biology market include Eurofins Scientific (Luxembourg), Amyris, Inc. (US), Novozymes A/S (Denmark), Agilent Technologies Inc. (US), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (US), Codexis, Inc. (US), Genscript (US), Twist Bioscience (US), Ginkgo Bioworks (US), Precigen (US), Creative Enzymes (US), Synthego (US), Viridos (US), and Cyrus Biotechnology (US), among others.
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