Press release
Synthetic Biology Market Size to Expand at a CAGR of 25.4 % in the Forecast Period of 2024-2030
Synthetic Biology Market
Synthetic Biology Market Overview:
The global synthetic biology market is on a trajectory of significant expansion, driven by technological advancements, increased research funding, and strategic industry collaborations. Valued at approximately USD 14.62 billion in 2023, the market is projected to grow at a compound annual growth rate (CAGR) of 25.4%, reaching nearly USD 71.30 billion by 2030.
Synthetic biology, an interdisciplinary field combining biology and engineering, focuses on designing and constructing new biological parts, devices, and systems, as well as re-designing existing natural biological systems for specific purposes. This innovative approach has applications across various sectors, including healthcare, agriculture, and environmental science, enabling advancements such as the development of novel therapeutics, sustainable biofuels, and biodegradable materials.
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Synthetic Biology Market Dynamics
The market's growth is propelled by several factors, including increased funding for research and development, advancements in DNA sequencing and synthesis technologies, and the rising demand for bio-based products. Pharmaceutical companies are investing heavily in synthetic biology to discover new medicines, supported by government initiatives promoting biotech research. Additionally, the declining cost of DNA sequencing has made synthetic biology more accessible, fostering innovation and application in various industries.
Synthetic Biology Market Outlook and Future Trends :
The future of the synthetic biology market appears promising, with substantial growth anticipated in regions like Asia-Pacific, driven by increasing awareness, supportive government policies, and collaborations with Western companies. The integration of artificial intelligence and machine learning with synthetic biology is expected to further accelerate research and development, leading to more efficient and cost-effective solutions.
Key Recent Developments
In July 2022, Ginkgo Bioworks, a U.S.-based biotech company, acquired Zymergen for $300 million. This strategic acquisition aims to strengthen Ginkgo's platform, expand its product portfolio, and reduce costs, enhancing its capabilities in the synthetic biology sector.
Synthetic Biology Market Segmentation
by Tool Oligonucleotides and Synthetic
DNA
Enzymes
Cloning Technologies Kits
Synthetic Cells
Chassis Organisms
Xeno-nucleic Acids
by Technology
Gene Synthesis
Genome Engineering
Sequencing
Bioinformatics
Site-directed Mutagenesis
Cloning
Measurement and Modeling
Microfluidics
Nanotechnology
by Application
Pharmaceuticals & Drug Discovery
Artificial Tissue and Tissue Regeneration
Industrial
Food & Agriculture
Environmental
by Product
Core Products
Enabling Products
Enabled Products
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Some of the current players in the Synthetic Biology Market are:
1. Thermo Fisher Scientific (US)
2. Ginkgo Bioworks (US)
3. Amyris (US)
4. Precigen (US)
5. Agilent Technologies, Inc. (US)
6. GenScript Biotech Corporation (US)
7. Twist Bioscience (US)
8. Synthetic Genomics (US)
9. Codexis (US)
10.Synthego (US)
11.Cyrus Biotechnology (US)
12.ATUM US)
13.TeselaGen (US)
14.Arzeda (US)
15.Integrated DNA Technologies (US)
16.New England Biolabs (US)
17.Genomatica (US)
18.Illumina (US)
19.Scarab Genomics (US)
20.Creative Enzymes (US)
21.ElevateBio (US)
22.Gadusol Laboratories (US)
23.Merck KGaA (Germany)
24.Biomax Informatics AG (Germany)
25.Bit Bio Ltd. (UK)
26.Ingenza Ltd (UK)
27.LGC Limited (UK)
28.SybiCITE (UK)
29.Novozymes A/S (Denmark)
30.Eurofins Scientific (Luxembourg)
31.Royal DSM (Netherlands)
32.Novartis Pharma AG (Switzerland)
33.SilicoLife (Portugal)
34. Pty Ltd. (Australia)
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