Synthetic biology is an interdisciplinary field that combines biology, engineering, and computer science to design and construct new biological parts, devices, and systems, or to redesign existing biological systems for useful purposes.
The synthetic biology market is projected to reach USD 35.7 billion by 2027 from USD 11.4 billion in 2022, at a CAGR of 25.6% during the forecast period. The growth of this market is mainly driven by rise in demand for synthetic genes and synthetic cells, declining cost of DNA sequencing and synthesizing.
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Key aspects and trends in the synthetic biology market included:
Applications: Synthetic biology had a wide range of applications, including healthcare (pharmaceuticals, biotechnology, and gene therapy), agriculture (genetically modified organisms, crop improvement), industrial biotechnology (biofuels, chemicals, and materials), and environmental conservation.
CRISPR-Cas9: The emergence and widespread adoption of CRISPR-Cas9 gene editing technology had a profound impact on synthetic biology. It allowed for precise and efficient genetic manipulation, opening up new possibilities for gene therapies, creating genetically modified organisms, and more.
DNA Synthesis: Advances in DNA synthesis techniques and decreasing costs for synthesizing long DNA sequences enabled researchers to design and build custom DNA constructs more easily and cost-effectively.
Investment: The synthetic biology market attracted significant investments from both public and private sectors. Startups and established biotechnology companies were actively involved in research and development efforts.
Regulation: Regulatory frameworks for synthetic biology products and applications were evolving to address safety, ethical, and environmental concerns. These regulations varied from country to country.
Collaboration: Collaboration between academic institutions, research organizations, and the private sector was common in advancing synthetic biology.
Ethical and Societal Considerations: The field of synthetic biology raised ethical and societal questions about the potential risks and benefits of engineering biological systems.
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Key Market Players
The prominent players operating in the synthetic biology market are Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Novozymes A/S (Denmark), and Ginkgo Bioworks (US).
Thermo Fisher Scientific (US) is one of the leading player in synthetic biology market in 2021. The company’s leading position attributable to its diversified product portfolio, strong geographic presence, and adoption of organic and inorganic growth strategies. The company has adopted different growth strategies, such as new product launches and deals that include agreements, partnerships, acquisitions, and expansions, to maintain its leading position in the synthetic biology market.
Merck KGaA (Germany) is one of the leading players in the life sciences market. The company, through its acquisition of Sigma-Aldrich (US) in November 2015, entered the synthetic biology market. The life sciences division of Sigma offers oligonucleotides, CRISPR genome editing reagents, custom-engineered cell lines, and metabolic assays in the synthetic biology market. The strength of Sigma-Aldrich lies in its global reach.
Asia Pacific is likely to grow at higher double digit during the forecast period.
The Asia Pacific region is estimated to grow at the highest CAGR in the synthetic biology market during the forecast period, this is mainly due to factors such the increasing investment in research & development, emergence of new market players in synthetic biology market.
Synthetic Biology Market Dynamics:
Drivers:
- Diverse applications of synthetic biology
- Increased funding for research in synthetic biology
- Declining cost of DNA sequencing and synthesizing
- Innovations in synthetic biology
Restraints:
- Biosafety, biosecurity, and ethical concerns
Opportunities:
- Increasing demand for fuel alternatives
- Growth in research on synthetic drugs and vaccines
- Use of machine learning in research and development
Challenges:
- Standardization of biological parts
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