by Synthetic biology is an interdisciplinary branch of biology and engineering. It involves the design and construction of novel artificial biological pathways, organisms or devices or the re-design of existing natural biological systems. Some key applications of synthetic biology include development of biofuels, production of pharmaceuticals, development of new materials and textiles, biomolecular engineering and bioremediation. Techniques such as DNA sequencing, gene synthesis and genetic engineering have given synthetic biology the tools to engineer biology and manufacture products. These characteristics make synthetic biology a very promising field and one that can have transformative impacts.
The Global Synthetic Biology Market is estimated to be valued at US$ 36511.02 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the synthetic biology are DiaSorin S.p.A., Abbott Laboratories, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers, Beckman Coulter Inc., F. Hoffmann-La Roche AG, Inova Diagnostics, Inc., Maccura Biotechnology Co., Ltd., Tosoh Corporation, and Ortho Clinical Diagnostic. The increasing investments in R&D by these players is expected to drive market growth over the forecast period.
The rising demand for biofuels and biochemicals produced using Synthetic Biology Market Size techniques presents a huge opportunity for market expansion. Many startups are developing technologies to produce chemicals, fuels and materials using synthetic biology routes which is economically and environmentally beneficial.
The increasing collaborations between industry players and academic institutes for research is enabling global expansion of synthetic biology applications. Large pharmaceutical and biotech companies are establishing research centers in Asia and Europe for synthetic biology. This degree of globalization will further propel market growth beyond North America and Europe in future.
Market Drivers
Increasing applications of synthetic biology in biopharmaceutical industry is one of the major drivers of this market. The ability to genetically engineer microbes to produce complex therapeutic proteins, antibodies, vaccines, diagnostics and cellular therapies is revolutionizing healthcare. Moreover, synthetic biology techniques are being used to develop cost effective and renewable alternatives to petrochemicals like biofuels and bioplastics which is fueling market growth.
PEST Analysis
Political: Regulations regarding synthetic biology applications are evolving. Recent regulatory changes promote research in gene therapies and gene drive technologies. However, safety and oversight standards for new applications are still being developed.
Economic: Developing personalized treatments may reduce healthcare costs by targeting the underlying causes of diseases. Synthetic biology techniques can make manufacturing processes for pharmaceuticals and industrial chemicals more efficient and sustainable. However, high research costs challenge commercialization of emerging applications.
Social: Public perceptions vary regarding emerging applications like human genome editing and bio-printed organs. Greater transparency from researchers regarding risks and benefits could build broader support. Social media may generate both hype and concerns that influence attitudes toward new synthetic biology markets and products.
Technological: Advances in DNA sequencing, gene editing, and lab automation have greatly expanded what is possible with synthetic biology. Continued cost reductions and convergence of technologies will drive new innovation in healthcare, materials, consumer goods and other sectors. Standardized biological parts and modeling tools help accelerate the design-build-test engineering cycle.
Geographical Regions of Concentration
North America currently leads the synthetic biology market in terms of value, driven by substantial investments in the United States. Significant government funding from agencies like the National Institutes of Health supports academic research as well as public-private partnerships. Major biotech hubs in Boston, San Francisco, and San Diego attract top talent and private funding that advance translational R&D.
Fastest Growing Regional Market
The Asia Pacific region is projected to experience the fastest growth in the synthetic biology market during the forecast period. Countries like China and India are establishing synthetic biology research centers and committing increased resources toward both basic and translational research activities. An expanding biomanufacturing industry and growing biotech sector in the region are expected to drive demand for synthetic biology tools and applications.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
