Synthetic Biology combines engineering and science to create unique biological systems with practical applications. Synthetic biology is the process of creating new biological units such as cells, enzymes, and genetic circuits and modifying existing biological systems. Synthetic biology's primary goal is to create new biological components that do not exist in nature, such as advanced biofuels, renewable chemicals, and bio goods. Synthetic biology discovers standardised genomic units that can be utilised to quickly synthesize and assemble small genomic parts into integrated large systems to tackle specific biological difficulties for the development of biological systems.
Data Bridge Market Research analyses that the synthetic biology market which was USD 9.5 billion in 2021, would rocket up to USD 48.81 billion by 2029, and is expected to undergo a CAGR of 22.70% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Synthetic Biology Market Dynamics
Drivers
· Increase in synthetic drugs and vaccines
The market is predicted to expand as demand for protein therapies and personalised medicine grows and research into synthetic pharmaceuticals and vaccines. Other factors such as increased synthetic biology application, increased synthetic biology investment, lower DNA sequencing and synthesising costs, and increased R&D expenditure and activities are likely to accelerate synthetic biology market expansion during the forecast period of 2022 to 2029.
· Increased research and development funding
R&D spending in the life sciences industry climbed by 22% from 2018 to 2019, according to a Business Wire report published in September 2020. Pharmaceutical companies have received more funds for research and development in order to discover new therapies. The government has made steps to fund various pharmaceutical and biotech enterprises in order to advance pharmaceutically and boost international competitiveness. As a result, R&D spending and funding have steadily rised throughout the years. Pharmaceutical and biotechnology businesses devote significant resources to research in order to create game-changing compounds that will meet the expanding demands of the healthcare industry and tackle emerging ailments. Pharmaceutical research and development accounts for more than 80% of all R&D spending in the life sciences industry.
· Improving diagnosis and better treatment
Synthetic biology is used in the healthcare industry because it can help improve diagnostics and offer better treatment options for a variety of diseases by targeting only the disease site and creating no side effects. In addition, the use of genetically designed viruses to fix damaged genes in patients with inherited disorders such as epidermolysis bullosa or severe combined immune deficiency (SCID) has increased significantly. Aside from that, technologies for executing synthetic biology are becoming more accessible, and internet usage has facilitated free interchange of ideas and information, encouraging market expansion. Furthermore, the market is being influenced positively by significant expansion in the healthcare sector and an increase in the number of synthetic biology research units around the world.
Opportunities
· Demand for fuel alternatives
Biofuels are becoming increasingly important as fuel use rises and concerns about energy security develop. Annually, nearly 150 billion tonnes of biomass are produced worldwide. Biofuels are currently made from edible commodities such as maize, sugarcane, and vegetable oil. As a result, synthetic biology techniques are becoming more widely used in renewable energy development.
Global Synthetic Biology Market Scope
The synthetic biology market is segmented on the basis of tool, technology and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Tool
· Oligonucleotides and Synthetic DNA
· Enzymes
· Cloning Technologies Kits
· Synthetic Cells
· Chassis Organisms
· Xeno-nucleic Acids
Technology
· Gene Synthesis
· Genome Engineering
· Sequencing
· Bioinformatics
· Site-directed Mutagenesis
· Cloning
· Measurement and Modeling
· Microfluidics
· Nanotechnology
Application
· Medical Application
· Pharmaceuticals
· Drug Discovery and Therapeutics
· Cancer Detection and Diagnostics
· Other Drug Discovery and Therapeutic Applications
· Artificial Tissue and Tissue Regeneration
· Bio-synthesis
· Stem Cell Regulation
· Other Tissue and Tissue Regeneration Applications
· Industrial Applications
· Biofuel and Renewable Energy
· Biomaterials and Green Chemicals
· Industrial Enzymes, by Application
· Textile Industry
· Paper Industry
Consumer Care Industry
· Skin Care and Cosmetics
· Other Consumer Care Products
· Other Industries
· Food and Agriculture
· Environmental Applications
· Bioremediation
· Biosensing
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Synthetic biology Market Regional Analysis/Insights
The synthetic biology market is analysed and market size insights and trends are provided by country, tool, technology and application as referenced above.
The countries covered in the synthetic biology market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominating the synthetic biology market, due to various factors such as the increase in the number of well-established synthetic biology companies and research institutes in the US and Canada.
Asia-Pacific is expected to grow the synthetic biology market in the forecast period of 2022 to 2029 due to the growing number of pharmaceutical and biopharmaceutical companies and increasing healthcare and life science facilities which is expected to improve the synthetic biology market in forecast period.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Synthetic Biology Market Share Analysis
The synthetic biology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to synthetic biology market.
Some of the major players operating in the synthetic biology market are:
· Thermo Fisher Scientific Inc. (U.S)
· Merck KGaA (Germany)
· Agilent Technologies, Inc. (U.S)
· Novozymes (Denmark)
· Ginkgo Bioworks (U.S)
· Amyris (U.S)
· Precigen Inc. (U.S)
· GenScript (China)
· Twist Bioscience (U.S)
· Synthetic Genomics (U.S)
· Codexis Inc. (U.S)
· Synthego (U.S)
· Creative Enzymes (U.S)
· Eurofins Scientific (Luxembourg)
· Cyrus Biotechnology Inc. (U.S)
· ATUM (U.S)
· TeselaGen (U.S)
· Arzeda (U.S)
· Integrated DNA Technologies Inc. (U.S)
· New England Biolabs (U.S)
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