Rising investments towards synthetic biology start-ups developing tools and services is a major factor driving synthetic biology market revenue growth
Market Size – USD 13.17 Billion in 2022, Market Growth – at a CAGR of 18.9%, Market Trends – Rising research and development activities in this field of synthetic biology
Vancouver, B.C., October 12, 2023 - The global synthetic biology market size reached USD 13.17 Billion in 2022 and is expected to register a revenue CAGR of 18.9% 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 of the key factors driving the revenue growth of the synthetic biology market.
Synthetic biology has the potential to accelerate the biotechnology sector in the next years, much like recombinant DNA technology has been the driving force behind the establishment of a thriving biotechnology industry in recent years. As a result, companies are adopting this technology to create high-performance and eco-friendly products, which is driving market revenue growth. The development of sophisticated genome editing techniques like CRISPR/Cas9, as well as advancements in informatics, computational tools, and infrastructure to facilitate and scale analysis and design, have all helped to significantly lower the price of DNA synthesis and sequencing.
Synthetic biology techniques have already been used to alter human cells to treat diseases and alter microbes to manufacture important substances for the industry. Rising investments in start-ups engaged in the development of tools and services for synthetic biology are one of the main drivers promoting the expansion of this industry. The commercialization of synthetic biology is advancing swiftly, mostly as a result of investments in start-up companies and Small and Medium-sized Enterprises (SMEs) that market tools, services, and products. Recent developments in synthetic biology technologies and procedures are driving the commercialization of a wide range of products for application in human and animal health, agriculture, ecological sustainability, and other fields.
However, one of the significant challenges hindering the growth of this industry is 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.
Some Key Highlights From the Report
- The pharmaceutical & biotechnology companies segment accounted for the largest revenue share in 2021. Synthetic biology applications and commercialization of such items have experienced significant technological advancements, and by 2030, it is expected that they will likely be incorporated into most consumer goods and have a broad range of uses in daily life. Therefore, the growth of this market is being driven by big pharmaceutical and biotechnology businesses investing in and developing start-ups specializing in the field of synthetic biology and its products. Synthetic biology is being used by a large number of businesses and product manufacturers, ranging from small start-ups to major pharmaceutical corporations, to generate novel, innovative products, and production procedures across several industries and sectors. These are the major factors driving the growth of the segment.
- The bioprocess technology segment is expected to grow at a steady revenue CAGR during the forecast period. Synthetic biology uses a fermentative recombinant microbial technique to produce fine chemicals, and it tries to build functional systems and organisms with innovative and beneficial activities that aid in designing approaches to biocatalytic processes. Although the use of bio-based synthetic routes is growing, major improvements are taking place to increase their cost-effectiveness and make them competitive with native biological or synthetic chemical routes in the market. As a result, several biosynthetic pathways have been commercialized for use in industry, mostly because of product yields and feedstocks. Bioethanol made from S. cerevisiae is the most widely produced commercial bioproduct, with 29,000 million gallons produced globally in 2019.
- Europe accounted for a significant revenue share in 2021. This is attributed to increasing activities by key market players, as well as rising Research and Development (R&D) activities, increased funding, and partnerships between major companies and government in the field of synthetic biology, which has resulted in the continued growth of this industry, which is driving revenue growth of the market in this region. Academic competitions like iGEM—the International Genetically Engineered Machine competition—have additionally aided in bringing new researchers into the field of synthetic biology and raising its profile. These factors dramatically improved the growth of the market in this region.
- Some major companies in the global synthetic biology market report include 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, today 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.
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Emergen Research has segmented the global synthetic biology market on the basis of product, Technology, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Synthetic Deoxyribonucleic Acid (DNA) and Oligonucleotides
- Synthetic Cells
- Chassis Organisms
- Xeno-nucleic acids
Technology Outlook (Revenue, USD Billion; 2019-2032)
- DNA Synthesis
- Site-directed Mutagenesis
- Nucleotide Sequencing
Application Outlook (Revenue, USD Billion; 2019-2032)
- Medical & Healthcare
- Drug Delivery & Therapeutics
- Tissue Regeneration
- Environment & Agriculture
- Bioprocess Technology
- Medical & Healthcare
End-use Outlook (Revenue, USD Billion; 2019-2032)
- Pharmaceutical & Biotechnology Companies
- Clinical & Diagnostic Laboratories
- Academic Research Institution
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America