Press release
Synthetic Biology Market worth $31.52 billion in 2029
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
The global synthetic biology market [https://www.marketsandmarkets.com/Market-Reports/synthetic-biology-market-889.html], valued at US$11.97 billion in 2023, stood at US$12.33 billion in 2024 and is projected to advance at a resilient CAGR of 20.6% from 2024 to 2029, culminating in a forecasted valuation of US$31.52 billion by the end of the period. Rising demand for bio-based products, growing demand for personalized therapies, especially in gene and cell therapies, and advancements in DNA sequencing and synthesis technologies are some of the factors accelerating the market growth. Additionally, synthetic biology is driving innovations in biopharmaceutical production and increased use of synthetic biology in agriculture is further fueling the growth of the synthetic market.
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The tool segment is segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, chassis organisms, xeno nucleic acids and synthetic cells. The oligonucleotides & synthetic DNA segment dominated tool segment in terms of market share and CAGR. The large share of this segment is attributed to the rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.
Based on technology, the global synthetic biology market is segmented into measurement and modeling, genome engineering, gene synthesis, cloning, site-directed mutagenesis, microfluidics, sequencing, nanotechnology and bioinformatics. The gene synthesis segment held the highest share in the synthetic biology market in 2023, and the genome engineering segment is predicted to grow at the highest CAGR during the forecast period. The increase in the demand for synthetic genes and rising competitiveness among market players with a reduction in the gene synthesis services price, coupled with technological advancements are expected to spur the adoption of gene synthesis.
Based on application, the global synthetic biology market is segmented into medical applications (pharmaceuticals, drug discovery & therapeutics [cancer detection & diagnostics, other drug discovery & therapeutic applications], artificial tissue and tissue regeneration [biosynthesis, stem cell regulation, other artificial tissue and tissue regeneration]), industrial applications (biofuel & renewable energy, industry enzymes [textile industry, paper industry, consumer care industry {skin care & cosmetics, other consumer care products}, other industries], biomaterials & green chemicals), food, animal health & agricultural applications (flavours & fragrances and other food, animal health & agricultural applications), environmental applications (bioremediation and biosensing). Medical applications segment dominated the market owing to increased adoption of synthetic biology in drug discovery and development, cancer detection across the globe.
The market is segmented by region into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America dominated the synthetic biology market in 2023, and the Asia Pacific region is likely to grow at a significant CAGR during the forecast period. The growth of the Asia Pacific region is attributable to the growth in life sciences research in the region. Furthermore, the markets for biologics such as antibodies and protein-based drugs are also on the rise in the Asia Pacific region, driving growth.
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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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