Synthetic Biology Market Types and Applications, Drivers, Ongoing Trends, Future Demand, Challenges, Top Companies & Forecast 2028

The global Synthetic Biology Market is expected to grow from US$ 10,544.16 million in 2021 to US$ 37,850.85 million by 2028; it is estimated to grow at a CAGR of 20.0% from 2021 to 2028.

The report highlights trends prevailing in the synthetic biology market and factors driving its growth. The increasing investments in synthetic biology and the rising number of start-ups are driving the market growth. However, the renewed regulations for biotechnology hamper the market growth.

Synthetic biology involves the creation, modification, and construction of simple organisms for specific therapeutic or industrial purposes, resulting in genetically modified organisms (GMOs). The market is expected to experience growth due to the increasing number of start-ups during the forecast period.

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List of Companies:
1. Thermo Fisher Scientific
2. Agilent technologies
3. Merck KGaA
4. New England Biolabs
5. Integrated DNA Technologies
6. Twists Bioscience
7. Genscript Biotech corporation
8. Novozymes A/S
9. Codexis
10. Amyris

The report segments the synthetic biology market as follows:

segmented based on products, technology, and application. Based on products, the synthetic biology market is segmented into enzymes, chassis organisms, oligonucleotides, and xeno-nucleic acids. Based on technology, the synthetic biology market is segregated into measurement & modeling, cloning & sequencing, genome engineering, gene synthesis, nanotechnology, and others. Based on application, the synthetic biology market is segmented into medical applications, industrial applications, food and agriculture, environmental applications, and others.

by geographical regions into North America (including the US, Canada, and Mexico), Europe (including France, Germany, the UK, Spain, Italy, and Rest of Europe), Asia Pacific (including China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (including Saudi Arabia, the UAE, South Africa, and Rest of MEA), and South & Central America (including Brazil, Argentina, and Rest of South & Central America).

Thus, start-ups are contributing significantly to the synthetic biology market expansion.
Based on product, the synthetic biology market is segmented into oligonucleotides, chassis organisms, enzymes, and xeno-nucleic acid. The oligonucleotides segment is likely to hold the largest share of the market in 2021. Moreover, the same segment is anticipated to register the highest CAGR in the market during the forecast period of 2021 to 2028. Based on technology, the synthetic biology market is segmented into, gene synthesis, genome engineering, measurement & modeling, cloning & sequencing, nanotechnology, and others. In 2021, the gene synthesis segment is likely to hold the largest share of the market. However, the genome engineering segment is expected to register highest CAGR during 2021 to 2028. The growth of genome engineering segment is owing to the rising applications of genetic engineering and gene therapy. Further, based on application, the synthetic biology market is segmented into medical applications, industrial applications, enviornmental applications, food and agriculture, and others. The medical applications segment is further segmented as, drug discovery & therapeutics and pharmaceuticals. In 2021, the medical applications segment held the largest market share, and it is expected to register the highest CAGR during 2021-2028.

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Governments of different countries provide funding, equipment, and space to biotechnology entrepreneurs, which is a major factor in driving this growth. Synthetic biology accelerators, such as Indie Bio in California, USA, and EU in Ireland, have emerged, and governments in the Asia-Pacific region, such as India and China, are providing funds for domestic synthetic biology development. For example, the Government of India funded the IITM Bioincubator, a research facility for cancer biology and Bioinformatics Infrastructure Facility, at the Indian Institute of Technology Madras with funds from agencies like the Council of Scientific and Industrial Research (CSIR), the Department of Biotechnology (DBT), and the Department of Science and Technology (DST). In China, Chinaccelerator and SOSV are venture capital and investment management firms that provide funding and mentorship programs to establish start-ups like RebelBio and Indie Bio. The availability of funds for synthetic biology businesses is motivating entrepreneurs worldwide to pursue their ideas.

Siolta Therapeutics is a US-based firm that produces microbial consortia for preventing and treating inflammatory illnesses. Siolta Therapeutics develops mixed-species therapies for oral supplementation and evaluates clinical data. Unlike traditional medications for allergies, Siolta's microbiome-based approach targets immune dysfunction before it starts. Siolta's flagship therapeutic candidate, STMC-103H, is being studied for the treatment of allergic asthma, as well as other chronic inflammatory illnesses, including atopic dermatitis and allergic rhinitis.

Kinnva Ltd., a synthetic biology start-up founded in 2017, focuses on biotech, cleantech, and Agri-tech segments. By using a unique fermentation technology and sophisticated processing methods, Kinnva produces high-value biochemicals suitable for various industries, including food, feed, nutraceuticals, and cosmetics.

Genecis, a Canadian firm established in 2016, employs synthetic biology techniques to convert waste into high-value commodities. Genecis uses bacterial culture to treat food waste from landfills and turn it into compostable polyhydroxyalkanoate (PHA) bioplastics. These bioplastics are suitable for industries such as food, agriculture, and textiles that seek to replace plastics with more sustainable alternatives. Unlike ordinary plastics, PHA polymers decompose within a year.

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To expand their businesses and contribute to overall market growth, companies in the synthetic biology market have adopted both organic and inorganic growth strategies. Product launches and approvals are among the primary organic strategies, while collaborations, partnerships, and acquisitions are inorganic growth strategies. These approaches have enabled synthetic biology market players to enhance their geographic presence, broaden their customer base, and diversify their product portfolios. Moreover, partnerships and acquisitions have facilitated the development of new products and technologies, ultimately propelling market growth.

A few of the significant developments by key players in the synthetic biology market are listed below: -
In February 2022, Thermo Fisher Scientific announced the launch of GeneMapper Software, a flexible genotyping software package that provides DNA sizing and quality allele calls for all Thermo Fisher Scientific electrophoresis-based genotyping.
In January 2022, Thermo Fisher Scientific announced the launch of Oncomine BRCA Assay GX. It is a targeted next-generation sequencing (NGS) assay designed to provide comprehensive amplification of all coding regions of the human BRCA1 and BRCA2 genes, enabling accurate and sensitive detection of various mutation classes.

In April 2022, Merck KGaA Acquisition of MAST Platform from Lonza, a Leading Automated Bioreactor Sampling System. The acquisition of the MAST platform is another milestone to accelerate innovation in Merck's Process Solutions business unit.

In February 2022, Merck announced the transaction closing to acquire Exelead, following regulatory clearances and the fulfillment of other customary closing conditions, for approximately USD 780 million in cash.

TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 By Product
1.3.2 By Technology
1.3.3 By Application
1.3.4 By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.2.2 Europe PEST Analysis
4.2.3 Asia Pacific PEST Analysis
4.2.4 Middle East & Africa PEST Analysis
4.2.5 South & Central America PEST Analysis
4.3 Experts Opinion
5. Key Market Dynamics
Conrinued…

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