The synthetic biology market is projected to reach USD 19.8 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 23.9%.
The growth of this market is primarily attributed to factors such as the increasing demand for synthetic genes & synthetic cells, wide range of applications of synthetic biology, declining cost of DNA sequencing & synthesizing, increasing R&D funding & initiatives in synthetic biology, and increasing investments in the market.
Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), by Technology (Gene Synthesis, Bioinformatics ), by Application (Tissue Regeneration, Biofuel, Renewable Energy, Food & Agriculture, Bioremediation) – Global Forecast to 2025
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The Synthetic Biology Market is Segmented on:
Based on tools, the market segmented into oligonucleotides and synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms and xeno-nucleic acid. In 2019, the oligonucleotides and synthetic DNA segment accounted for the largest share of the market, followed by enzymes.
Based on technology, the market is segmented into gene synthesis, genome engineering, cloning, sequencing, site-directed mutagenesis, measurement & modeling, microfluidics, nanotechnology, and bioinformatics technologies. In 2019, the gene synthesis segment accounted for the largest share of the market.
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Based on application, the market is segmented into environmental, medical, industrial, and food & agricultural applications. In 2019, the medical applications segment accounted for the largest share of the market, followed by industrial applications.
The APAC market is expected to grow at the highest CAGR during the forecast period
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as growth in the number of pharmaceutical & biopharmaceutical companies, the increasing number of healthcare & life science facilities, and increasing requirements for regulatory compliance in pharmaceutical and biopharmaceutical companies.
The prominent players in the synthetic biology market are Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Novozymes A/S (Denmark), Ginkgo Bioworks (US), Amyris, Inc. (US), Intrexon Corporation (US), GenScript Biotech Corporation (China), Twist Bioscience (US), Synthetic Genomics, Inc. (US), Codexis, Inc. (US), Synthego Corporation (US)