Synthetic Biology Market

The global synthetic biology market is anticipated to reach USD 31.52 billion in 2029 from USD 12.33 billion in 2024, with a significant CAGR of 20.6%. The growing demand for bio-based products and the multiple applications of synthetic biology are some of the factors driving the market growth. Furthermore, the future innovations and the increasing funding in R&D, in addition to increasing collaborations is expected to drive market growth in coming years.

The market for synthetic biology market is competitive, with key players strategizing to capture the majority market share. Prominent players in the synthetic biology market are Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Novozymes A/S (Denmark), Eurofins Scientific (Luxembourg), Agilent Technologies Inc. (US), Amyris, Inc. (US), Codexis, Inc. (US), Twist Bioscience (US), Genscript (US), Precigen (US), Ginkgo Bioworks (US), Viridos (US), Synthego (US), Creative Enzymes (US) and Cyrus Biotechnology (US) among others. The market players have adopted various strategies such as development of advanced products, partnerships, contracts, expansions, and acquisitions to strengthen their position in the synthetic biology market.

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Thermo Fisher Scientific Inc. is one of the prominent players in synthetic biology with an extensive product and services portfolio, including Cas9 nucleases and gene editing mRNA pairs. Thermo Fischer’s major strengths include a diverse geographical presence and strong quality standards. Thermo Fisher utilizes multiple organic and inorganic growth approaches. For example, in July 2024, Thermo Fisher & National Cancer Institute (NCI) partnered to help expedite research in novel treatments for Acute Myeloid Leukemia and Myelodysplastic Syndrome on the myelQMATCH precision medicine umbrella trial.

Merck is among the leading players in the global synthetic biology market. The company provides an extensive range of products for the synthetic biology industry, such as CRISPR & Gene editing tools. To meet the growing demand for biopharmaceuticals and biotechnological resources, Merck undertakes investments in biomanufacturing technologies that boost the capacity and productivity of biological production processes. Additionally, Merck engages in inorganic growth via the acquisition of new synthetic biology firms, thus broadening its product range and market penetration. In May 2024, Merck purchased Mirus Bio, a company mainly producing products like TransIT-VirusGEN to aid in the manufacture of viral vectors for cell and gene therapies.

Related Reports:

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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