DUBLIN–(BUSINESS WIRE)–The “Global Synthetic Biology Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Products, Technology, and Application” report has been added to ResearchAndMarkets.com’s offering.
The global synthetic biology market is expected to grow from US$ 10,544.16 million in 2021 to US$ 37,850.85 million by 2028; it is estimated to grow at a CAGR of 20.0% from 2021 to 2028.
The report highlights trends prevailing in the synthetic biology market and factors driving its growth. The increasing investments in synthetic biology and the rising number of start-ups are driving the market growth. However, the renewed regulations for biotechnology hamper the market growth.
Synthetic biology is the science of designing, altering, and building simple organisms to perform specific therapeutic or industrial utilities. The organisms created are genetically modified organisms (GMOs), which do not require a definition that distinguishes them from genetic modifications.
The rising number of start-ups is expected to support market growth during the forecast period. Biotechnology entrepreneurs easily raise funds and procure equipment and space from governments of the respective countries. Indie Bio (California, US) and EU (Ireland) are among the first synthetic biology accelerators. The start-ups are emerging in Asia Pacific, as governments in this region are providing funds for the domestic development of synthetic biology.
For instance, the Government of India funded IITM Bioincubator, a department of the Indian Institute of Technology Madras, to start a state-of-the-art research facility for cancer biology and a Bioinformatics Infrastructure Facility. The funds were provided by agencies such as the Council of Scientific and Industrial Research (CSIR), the Department of Biotechnology (DBT), and the Department of Science and Technology (DST).
The Indian Institute of Technology Madras raised US$ 7.86 million (550 million rupees) in the fiscal year 2016-2017. In China, Chinaccelerator is a financer that provides mentorship programs for helping start-ups. It is also associated with SOSV, a venture capital and investment management firm, which helps establish start-ups by providing funds under programs such as RebelBio and Indie Bio. The easy availability of funds for ideas is motivating entrepreneurs in the world to establish synthetic biology businesses.
Based on product, the synthetic biology market is segmented into oligonucleotides, chassis organisms, enzymes, and xeno-nucleic acid. The oligonucleotides segment is likely to hold the largest share of the market in 2021. Moreover, the same segment is anticipated to register the highest CAGR in the market during the forecast period of 2021 to 2028. Based on technology, the synthetic biology market is segmented into, gene synthesis, genome engineering, measurement & modeling, cloning & sequencing, nanotechnology, and others. In 2021, the gene synthesis segment is likely to hold the largest share of the market. However, the genome engineering segment is expected to register highest CAGR during 2021 to 2028. The growth of genome engineering segment is owing to the rising applications of genetic engineering and gene therapy.
Further, based on application, the synthetic biology market is segmented into medical applications, industrial applications, environmental applications, food and agriculture, and others. The medical applications segment is further segmented as, drug discovery & therapeutics and pharmaceuticals. In 2021, the medical applications segment held the largest market share, and it is expected to register the highest CAGR during 2021-2028.
Various organic and inorganic strategies are adopted by companies operating in the synthetic biology market. The organic strategies mainly include product launches and product approvals. Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships. These growth strategies have allowed the synthetic biology market players in expanding their business and enhancing their geographic presence, along with contributing to the overall market growth. Additionally, growth strategies such as acquisitions and partnerships helped them strengthen their customer base and extend their product portfolios.
Market Dynamics
Drivers
- Increasing Investments in Synthetic Biology
- Rising Number of Start-Ups
Restraints
- Renewed Regulations for Biotechnology
Opportunities
- Collaboration Between Companies
Future Trends
- Advanced Synthetic Biology
Companies Mentioned
- Thermo Fisher Scientific
- Agilent technologies
- Merck KGaA
- New England Biolabs
- Integrated DNA Technologies
- Twist Bioscience
- Genscript Biotech corporation
- Novozymes A/S
- Codexis
- Amyris
For more information about this report visit https://www.researchandmarkets.com/r/n805i8
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