Synthetic Biology Market: Academic & Government Research Institutes Segment Is Expected To Show Steady Growth
Synthetic Biology Industry Overview
The global synthetic biology market size is expected to reach USD 55,371.1 million by 2030, registering a CAGR of 19.7% during the forecast period, according to a new report by Grand View Research, Inc. The presence of government and private funding to support research in vaccines and a strong synthetic biologic-based product pipeline in clinical trials are the key driving factors for the market. Synthetic biology processes provide crucial advantages for producing antigen and diagnostic reagents for disease identification, accelerating the speed of vaccine development, and improving overall vaccine performance and yield.
Furthermore, support from government agencies and the presence of several programs are likely to boost the market growth. For instance, in the U.S., COVID-19 vaccine R&D, manufacture, regulation, and purchase have been highly supported by collaboration between federal agencies, including the Biomedical Advanced Research and Development Authority (BARDA), the National Institutes of Health (NIH), DOD, FDA, and others (formerly OWS).
Other factors such as expanding demand in industries such as textiles and nutrition are also contributing to the market growth. Several optimal food production processes have been identified with the help of synthetic biology. In addition, synthetic biology is predicted to aid in the generation of higher agricultural yields and pest control development. It is expected to help in the production of better food yield and pest control management.
The COVID-19 pandemic is anticipated to positively impact market growth. Synthetic biology has been highlighted as a means to accelerate vaccine development by the National Institute of Health in the U.S. Therefore, synthetic biology labs and companies have been actively utilizing this technology to combat the COVID-19 pandemic. As a result, the usage of these technologies is projected to increase during the outbreak.
The growing demand for personalized medicine is expected to majorly drive market growth during the coming years. The use of engineered novel proteins for use as therapeutics has demonstrated synthetic biology in the medical segment. These proteins are designed with some modified protein structure to get the desirable properties required for the treatment. For instance, researchers are developing a therapeutic enzyme candidate that is GI-stable and can be given via oral route to treat Phenylketonuria (PKU).
On the other hand, synthetic biology has raised a few concerns regarding biosecurity and biosafety. Exposure to these products may cause unknown hazards to public health and the environment. To prevent such issues, countries of Europe, the Americas, and Asia have formulated policies to manage the application of synthetic biology techniques in basic & applied research.
Synthetic Biology Market Segmentation
Grand View Research has segmented the global synthetic biology market based on technology, product, application, end-user, and region:
Based on the Technology Insights, the market is segmented into NGS Technology, PCR Technology, Genome Editing Technology, Bioprocessing Technology, and Other Technologies.
- The PCR segment held the highest market share of 27.5% in 2021 and the trend is expected to continue throughout the forecast period. Polymerase Chain Reaction(PCR) has emerged as one of the key technologies for the detection and analysis of specific gene sequences.
- The real-time PCR assays provide high sensitivity and specificity, making it the go-to method for numerous genomic studies based on PCR. This technique is widely used in various areas such as forensic research, DNA cloning, molecular diagnostics, and genomics.
Based on the Product Insights, the market is segmented into Oligonucleotide/Oligo Pools and Synthetic DNA, Enzymes, Cloning Technologies Kits, Xeno-Nucleic Acids, and Chassis Organism.
- Oligonucleotide/Oligo Pools and Synthetic DNA segment generated a revenue of USD 3,635.8 million in 2021. In several molecular and synthetic biology applications, oligonucleotides are considered the primary point. Increasing adoption of targeted NGS, mutagenesis experiments, DNA computing, and CRISPR gene editing are the major segment drivers for the same.
- The enzymes segment is anticipated to expand at a CAGR of 20.0% during the forecasted period. Enzymesare used as catalysts during biochemical reactions. The prospective application of enzymatic synthesis in delivering lengthier genes in a limited turnaround time is anticipated to boost market growth.
Based on the Application Insights, the market is segmented into Healthcare, and Non-healthcare.
- The healthcare segment dominated the market and is expected to expand at a CAGR of 20% throughout the forecast period. Diagnostic based on synthetic biology provides a highly specific, sensitive, real-time, and non-invasive process for detecting infectious agents, cancer cells, and therapeutics.
- The segment is also propelled by an increase in neurological disorders such as multiple sclerosis. For instance, as of July 2022, the experts in synthetic biology from the University of Toronto Engineering are developing custom stem cells from the tissues of patients to treat diseases. Such research efforts are anticipated to supplement the segment growth.
Based on the End-use Insights, the market is segmented into Biotechnology and Pharmaceutical companies, Academic and Government Research Institutes, and Others.
- The biotechnology and pharmaceutical companies segment captured the highest revenue share of 51.5% in 2021. Synthetic biology has aided biotech and pharmaceutical companies in the development of new therapeutics for chronic diseases.
- The academic & government research institutes segment is expected to show steady growth during the forecast period. The R&D sector is considered to be capital-intensive owing to long development periods and approval cycles. R&D expenditure and funding have witnessed a steady increase during the years.
Synthetic Biology Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Key players in this market are implementing various strategies to increase profitability, including partnerships, mergers & acquisitions, geographical expansions, and strategic collaborations. For instance, in July 2021, Codexis, Inc. and Kalsec, Inc. announced the expansion of their research collaboration and enrolled in a special supply agreement for a new enzyme to manufacture Kalsec’s newest natural hop acid. Some prominent players in the global synthetic biology market include:
- Bota Biosciences Inc.
- Codexis, Inc.
- Creative Biogene.
- Creative Enzymes.
- Enbiotix, Inc.
- Illumina, Inc.
- Merck Kgaa (Sigma-Aldrich Co. Llc)
- New England Biolabs
- Euro fins Scientific
- Novozymes
- Pareto Bio, Inc.
- Scarab Genomics, Llc
- Synthego
- Synthetic Genomics Inc.
- Thermo Fisher Scientific, Inc.
Order a free sample PDF of the Synthetic Biology Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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