by Synthetic biology is the synthetic biology market is expected to be flourished by rising applications in various end use industries. Synthetic biology is an interdisciplinary branch of biology and engineering. Synthetic biology involves the application of engineering principles to biology and involves redesigning organisms to perform novel tasks or manufacture novel materials. Synthetic biologists are using genetic engineering techniques to develop synthetic organisms to solve problems related to healthcare, food production, and environmental protection. Synthetic biology is widely used for applications such as renewable chemicals production, developing personalized and regenerative medicines, biomaterials and biofuels production, and food and feed additives production.
The global synthetic biology market is estimated to be valued at US$ 31693.59 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the key drivers for the growth of the synthetic biology market is the rising applications in various end use industries such as healthcare, chemicals, agriculture, and biofuels. Synthetic biology offers various benefits for applications in healthcare such as developing new treatments, diagnostic tools, personalized medicine, disease modeling, and regenerative medicine. This is expected to significantly drive the demand for synthetic biology solutions. Further, synthetic biology also helps to develop renewable and sustainable chemicals, thereby driving its adoption in the chemicals industry. Advancements in genome editing and DNA synthesis and assembly technologies are helping overcome technical barriers and further driving market growth over the forecast period.
Segment Analysis
The Synthetic Biology Market Size is dominated by the healthcare and bioenergy sub segments. The healthcare sub segment accounts for over 40% of the total market share currently owing to rising investments in novel drug discovery using synthetic DNA. Within healthcare, vaccines and therapeutics development holds the largest share due to ongoing research efforts focusing on precision and personalized medicine.
PEST Analysis
Political: The market is subject to stringent regulations especially within the biotechnology space. However, rising investments by governments worldwide to promote synthetic biology for advanced healthcare applications is positively impacting the industry.
Economic: The market has witnessed steady growth over the past decade supported by strong GDP figures globally. Rising healthcare spends coupled with the need for sustainable alternatives in the energy sector is expected to drive further investments.
Social: Growing acceptance of synthetic biology driven inventions like genetically modified crops and drugs synthesized using live organisms is expanding the social license to operate for market players.
Technological: Advancements in DNA sequencing, gene synthesis and genome engineering tools have enabled more complex engineering of cells and molecules. This is supporting development of novel drug targets and pathways. Rapid pace of innovation is also bringing down costs.
Key Takeaways
The global synthetic biology market is expected to witness high growth over the forecast period supported by rising R&D in the healthcare sector. The global synthetic biology market is estimated to be valued at US$ 31693.59 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030.
Regional analysis
North America accounts for over 35% market share currently led by the US. Rising investments by governments and private organizations to promote precision medicine initiatives using synthetic DNA is fueling growth. Asia Pacific is poised to be the fastest growing region over the next decade with China and India emerging as hubs of synthetic biology research and manufacturing.
Key players
Key players operating in the synthetic biology market 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. Companies are focusing on partnerships and acquisitions for novel technologies to consolidate their position in the lucrative market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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