Synthetic Biology Market to Reach $38.73 Billion by 2027.

The increase in R&D investments in drug discovery and reduced cost of DNA sequencing and synthesizing are major factors that drive the growth of the synthetic biology market growth. Synthetic biology offers modern approaches to engineer new biological systems or redesign existing ones for practical purposes. It can deliver unique solutions to global healthcare. However, despite success in producing some high-value chemicals and drugs, synthetic biology still in trend worldwide. Synthetic biology is a part of the solution to many present and future needs in medicine. According to the latest research report, the synthetic biology market is expected to grow at a CAGR of 25% during 2022-2027. 

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Synthetic biology offers modern approaches to engineer new biological systems or redesign existing ones for practical purposes. It can deliver unique solutions to global healthcare. However, despite success in producing some high-value chemicals and drugs, synthetic biology still trends globally. Synthetic biology is a part of the solution to many present and future needs in medicine. Synthetic biology attracts various top academic institutions, which will provide a considerable market growth potential in the future. There is a huge inflow of investments for synthetic biology start-ups as they provide innovative solutions to various industries. In the current scenario, the number of opportunities is more in synthetic biology than challenges. Still, there are some ethical issues that need to be addressed.

The global synthetic biology market is segmented into enabling technology and enabled technology. The enabling technology segment accounted for the largest share, 52.53%, of the global synthetic biology market in 2021, followed by enabled technology with 47.47%.

The healthcare applications segment accounted for the largest share, 42.78%, of the global synthetic biology market in 2021, followed by industrial applications, food & agriculture applications, and environmental applications with 28.08%, 19.28%, and 9.86% shares, respectively.

There are numerous vendors in the market. As the market is still in its early stages, only a few key vendors compete in it. However, mergers and acquisitions among biotechnology and pharmaceutical companies are common to acquire larger market shares. Many businesses have multiple product lines in the works. Furthermore, there are numerous start-ups with upcoming product releases that have the potential to revolutionise the market. As a result, competitive rivalry in the market is moderate.

The global synthetic biology market is segmented into academic/research institutes & laboratories, pharma & biotech companies, and others. The academic/research institutes & laboratories segment dominated the global synthetic biology market with a share of 41.37% in 2021, followed by pharma & biotech companies with 23.34% and others with 35.39%.

A wide range of synthetic biology applications, an increase in R&D funding, growth in synthetic biology initiatives, and the decrease in the cost of DNA sequencing and synthesis drive the market's growth. Many established players in the market offer synthetic biology products to healthcare and other industries. Industrial, food & agriculture, and other sectors use synthetic biology tools and technologies. North America is home to more than 530 regenerative medicine companies, including cell and gene therapy and stem cell-based medicine manufacturers in this region. These companies are primarily involved in R&D and manufacturing using synthetic biology products.

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This release was published on openPR.