The advancements in genome synthesis and other fields with the best utilization of technology such as AI integration is anticipated to be an opportunity for the global synthetic biology market
Synthetic biology is a research area that enables researchers to create new biological parts, devices, and systems with the help of elements existing in nature. Synthetic biology providing solutions in healthcare, agriculture, manufacturing, and environment is the key factor driving the global synthetic biology market. As a result, the global synthetic market size is projected to account a value worth USD 32.77 billion by 2028 at a CAGR of 28.5%.
Despite the huge applications and benefits, certain high value chemicals and drugs are failing to deliver on their promises which is likely to hamper the global synthetic biology market growth significantly. Furthermore, along with addressing current challenges, researchers are creating cells and organisms for introducing novel molecules and materials for multiple applications. This is attracting investors, markets, and consumers to take advantage of the same which are furthering growth opportunities in global synthetic biology market.
The future of global synthetic biology market is attractive as well market players may face fierce competition in future. The leading firms including the well-established and the new-comers are providing advanced yet cost-effective solutions in the market. Global synthetic biology market players are committed to bring innovation in the field and meet the ever increasing global demand. Using AI for drug discovery, RNA based drugs, and many such areas signal the kind of innovation and competition the market is going through.
Adroit Market Research report on the global synthetic market gives an exhaustive outlook of the market highlighting the key factors market fluctuations dominant drivers, threats, challenges, and underlying opportunities that comprehensively determine futuristic growth outlook. The report covers the market from 2018-2028 with base year 2020, and forecast years 2021-2028. Porters Five Forces analysis is the important assessment model used for studying the aforementioned forces. This improves understanding of the market entities about the market at one place. 2020 Rankings of public and private companies are disclosed based on their revenue, collaborations, R&D activity, and market capitalization. Each company listed in the study also contains short explanation of their recent activities.
Leading firms and researchers are working on inventing various applications of synthetic biology. With technology and solutions incorporated obtained from research study are helping the R&D experts and firms address challenges in the field. Moreover, ethics and security risks in the market are also analyzed by these firms. This is helping them stay ahead of the competition thereby boost the global synthetic biology market.
Based on the tools segment, the market is bifurcated into three key categories namely oligonucleotides, enzymes, and synthetic cells. The oligonucleotides segment gained maximum market share. The key influencer behind this growth is its ability to be highly beneficial in laboratory practices as it provides fast and cost-effective access to customized oligonucleotides of the desired sequence. The segments such as enzymes and synthetic cells are also expected to gather considerable revenue in the market.
In terms of the technology segment, the market is diversified into two key categories namely gene synthesis and genome engineering. The gene synthesis is gaining traction and is expected to dominate the market in forecasted years. The greatest benefit offered by this segment which is the key influencing factor is that in gene synthesis the genetic code that is to be studied does not need to be physically obtained fir amplification. It is enabling modification and creation of genetic sequences at an advanced level.
On the basis of the applications segment, global synthetic biology market is classified into several broad categories such as biofuel, consumer care, tissue regeneration, food & agriculture, and environmental. The tissue regeneration segment is experiencing more demand in the market and is expected to see good growth in future as it offers bone regeneration, helps preserve natural teeth, improves natural aesthetics, etc.
The largest public and private companies led the synthetic biology financing rush during the historic years are Eurofins Scientific, Creative Enzymes, Synthego, Synthetic Genomics, Codexis, Twist Bioscience, GenScript, Precigen, Amyris, Ginkgo Bioworks, Novozymes, Agilent, Merck KGaA, and Thermo Fisher. These companies are ranked higher in the market because the companies have introduced new approaches for biological systems. This has helped them make valuable contributions in the field and overall global synthetic biology market. These market players are advancing in drug discovery and development attracting the biopharma giants among their collaboration partners maintaining a dominant position in the market.
Key Segments of the Global Synthetic Biology Market
Tools Overview, 2018-2028 (USD Billion)
- Synthetic Cells
Technology Overview, 2018-2028 (USD Billion)
- Gene Synthesis
- Genome Engineering
Application Overview, 2018-2028 (USD Billion)
- Tissue Regeneration
- Consumer Care
- Food & Agriculture
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa