The
synthetic biology market is projected to reach USD 35.7 billion by 2027 from
USD 11.4 billion in 2022, at a CAGR of 25.6% during the forecast period. The
growth of this market is mainly driven by rise in demand for synthetic genes
and synthetic cells, declining cost of DNA sequencing and synthesizing.
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Synthetic
biology is an interdisciplinary field that combines principles from biology,
engineering, and computer science to design and construct new biological parts,
devices, and systems, as well as to redesign existing biological systems for
useful purposes.
Key
components and segments of the synthetic biology market include:
Tools and
Technologies: Companies
in this segment develop and sell the tools and technologies necessary for
synthetic biology research and applications. This includes DNA synthesis and
sequencing, genome editing technologies like CRISPR/Cas9, and automation
equipment.
Bioinformatics
and Software: The
field relies heavily on computational tools and software for designing and
simulating biological systems. This segment includes companies that provide
bioinformatics solutions for data analysis and modeling.
Applications:
Synthetic
biology has a wide range of applications, including healthcare (such as the
development of engineered microbes for drug production), agriculture (creating
genetically modified crops), and industrial processes (biofuel production,
specialty chemical synthesis).
Startups
and Biotech Companies: Many startups and biotechnology companies are
actively engaged in synthetic biology research and development.
Academic
and Research Institutions: Universities and research institutions play a
significant role in advancing synthetic biology through fundamental research
and education.
Regulatory
Environment: Given
the potential implications of synthetic biology, regulatory bodies like the
U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA)
have been developing guidelines to ensure safety and ethical considerations are
addressed.
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Key
Market Players
The
prominent players operating in the synthetic biology market are Thermo Fisher
Scientific Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US),
Novozymes A/S (Denmark), and Ginkgo Bioworks (US).
Thermo
Fisher Scientific (US) is one of the leading player in synthetic
biology market. The company’s leading position attributable to its diversified
product portfolio, strong geographic presence, and adoption of organic and
inorganic growth strategies. The company has adopted different growth
strategies, such as new product launches and deals that include agreements,
partnerships, acquisitions, and expansions, to maintain its leading position in
the synthetic biology market.
Merck KGaA
(Germany) is
one of the leading players in the life sciences market. The company, through
its acquisition of Sigma-Aldrich (US) in November 2015, entered the synthetic
biology market. The life sciences division of Sigma offers oligonucleotides,
CRISPR genome editing reagents, custom-engineered cell lines, and metabolic
assays in the synthetic biology market. The strength of Sigma-Aldrich lies in
its global reach. The company has its footprint in 37 countries and manages to
reach its customers through its eCommerce platform.
Asia Pacific
is likely to grow at higher double digit during the forecast period.
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 increasing investment in research & development, emergence of new
market players in synthetic biology market.
Synthetic
Biology Market Dynamics:
Drivers:
·
Diverse applications of synthetic biology
·
Increased funding for research in synthetic
biology
·
Declining cost of DNA sequencing and
synthesizing
·
Innovations in synthetic biology
Restraints:
·
Biosafety, biosecurity, and ethical concerns
Opportunities:
·
Increasing demand for fuel alternatives
·
Growth in research on synthetic drugs and
vaccines
·
Use of machine learning in research and
development
Challenges:
·
Standardization of biological parts
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