VANCOUVER, BC, Feb. 6, 2023 /PRNewswire/ -- The synthetic biology market size reached USD 10.35 Billion in 2021 and is expected to register a CAGR of 26.7% during the forecast period, according to latest analysis by Emergen Research. Rising research and development activities in this field of synthetic biology, growing application of synthetic biology including living biotherapeutics, multiplexed diagnostics, and third-generation biorefineries as well rising investments towards synthetic biology start-ups developing tools and services are some key factors driving synthetic biology market revenue growth.
The area of synthetic biology is growing rapidly and uses engineering and scientific principles in the design and management of living systems, enabling technological advancements that may have a large impact on the global economy. This technology is being used by producers to more efficiently create high-performance and ecologically friendly products, which is boosting market revenue growth. The development of sophisticated genome editing techniques like CRISPR/Cas9, as well as advancements in informatics, computational tools, and facilities to facilitate and scale analysis and design, have all helped to significantly lower the price of DNA synthesis and sequencing.
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Synthetic biology techniques have already been utilized to alter human cells to treat diseases and alter microbes to manufacture important substances for the industry. Startups in synthetic biology are developing more environmentally friendly products that utilize less water and land and don't rely on fossil fuels or their byproducts. Additionally, these products are generally healthier for people and more long-lasting, producing less trash after use, which is contributing significantly to the growth of this industry.
Drivers:
Demand for synthetic biology devices has significantly increased over the years due to rising investments in synthetic biology start-ups developing tools and services. Over the past ten years, more than 12 billion dollars have been invested in the synthetic biology industry. This includes around USD 4 billion in 2019, with a major amount of funding coming from renowned biotechnology firms like Bayer and Novartis, strong investment organizations like SoftBank, DCVC, and a16z, and startup accelerators Y Combinator and IndieBio. Major startups and corporations are developing a wide range of products leveraging the synthetic biology technique, which is driving the market's growth. For instance, on July 29, 2022, German corporation Insempra, which uses biology to empower businesses to generate superior goods by collaborating with nature, announced a strategic investment in synthetic biology company Solena Materials. The Solena firm develops high-performance textile fibers for clothing. Furthermore, significant companies that offer synthetic biology as a service are only now beginning to emerge on the market. Three of them, Ginkgo Bioworks, Zymergen, and Twist Bioscience, offered outsourcing services for the creation of genetically modified organisms and nucleic acids for different applications. Some companies, including Synthace and Teselagen Biotechnology, have created AI-powered tools to efficiently construct DNA/RNA sequences.
Restraints:
There are some issues and difficulties facing the synthetic biology industry. One of the significant challenges hindering the growth of this industry is the significant biosafety risk in synthetic biology is the intentional or unintentional release of synthetic organisms into the environment during experiments and other activities. Synthetic microbes and bacteria have the potential to evolve and interact with other organisms, contaminating the environment. They may also breed with local species, upset ecosystems, or lead to the formation of superbugs resistant to antibiotics. In addition, engineers working in synthetic biology face ethical issues that go beyond those encountered in other technical fields, which is hindering the growth of synthetic biology market.
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Growth Projections:
The synthetic biology market is expected to register a CAGR of 26.7% over the forecast period and revenue is projected to increase from USD 10.35 Billion in 2021 to USD 87 Billion in 2030. Increasing spending in emerging markets is expected to support revenue growth of the market.
Current Trends and Innovations:
The industry is undergoing gradual change as a result of rapid technological advancements as well as growing demand for engineered living biotherapeutics. Synthetic biology technologies are evolving, with the potential to make practically anything competitively and sustainably. This industry is growing at a significant rate because companies are adopting synthetic biology methods to develop innovative products and processes, enhance existing operations, and cut costs in order to stay competitive in the future. New advancements in bacterial and mammalian cell construction include the creation of cells that operate in biological materials or within the body as minimally invasive theranostics for the real-time regulation of complicated pathological states. A major upgrade in the field of theranostic cell engineering was FDA approval of tisagenlecleucel (Kymriah), the first gene therapy to be authorized in the United States. In this type of gene therapy, CAR-T cells are created by separating patient T cells, genetically altering them to express a chimeric antigen receptor (CAR), and then bringing back them into the patient, where they can survive for years or decades. As a result, Synthetic Biology is more in demand in the medical sector, which is boosting the growth of this market.
Strategic Initiatives:
Major companies included in the market report are Amyris, Inc., Ginkgo Bioworks, Novozymes AG, Synbio Technologies, Evonetix Ltd., Calyxt, Inc., Codex DNA, Inc., GenScript Corporation., Twist Biosciences, and Eurofins Scientific, Inc.
- On 12 August 2021, Antheia, a synthetic biology business that enables the development of future plant-inspired drugs, and Ginkgo Bioworks, which is constructing the top horizontal platform for cell programming, announced a collaboration to quicken the discovery and manufacturing of critical drugs. Ginkgo assists clients from a variety of industries looking to create new and improved products. It recently announced a business merger with Soaring Eagle Acquisition Corp. Antheia intends to increase the number of essential active pharmaceutical ingredients (APIs) and important starting materials in its pipeline by utilizing Ginkgo's high throughput enzyme design and screening capabilities (KSMs).
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Scope of Research
Report Details | Outcome |
Market size in 2021 | USD 10.35 Billion |
CAGR (2022-2030) | 26.7 % |
Revenue forecast to 2030 | USD 87 Billion |
Base year for estimation | 2021 |
Historical data | 2019-2020 |
Forecast period | 2022-2030 |
Quantitative units | Revenue in USD Million and CAGR in % from 2022 to 2030 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Product Type, Technology, Application, End-Use, and region |
Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
Key companies profiled | Amyris, Inc., Ginkgo Bioworks, Novozymes AG, Synbio Technologies, Evonetix Ltd., Calyxt, Inc., Codex DNA, Inc., GenScript Corporation., Twist Biosciences, and Eurofins Scientific, Inc. |
Customization scope | 10 hours of free customization and expert consultation |
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Emergen Research has segmented synthetic biology market on the basis of product, technology, application, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2030)
- Synthetic DNA and Oligonucleotides
- Enzymes
- Synthetic Cells
- Chassis Organisms
- Xeno-nucleic acids
- Others
- Technology Outlook (Revenue, USD Billion; 2019-2030)
- Gene Synthesis
- Site-directed Mutagenesis
- Cloning
- Bioinformatics
- Nucleotide Sequencing
- Microfluidics
- Others
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Medical & Healthcare
- Drug delivery & therapeutics
- Diagnostics
- Pharmaceuticals
- Tissue Regeneration
- Environment & Agriculture
- Bioprocess Technology
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Pharmaceutical & Biotechnology Companies
- Clinical & Diagnostic Laboratories
- Academic Research Institutions
- Regional Outlook (Revenue, USD Billion, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
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