TechDogs-"Government Funding Propels Global Synthetic Biology Market, Valued At $11.24 Billion In 2022"

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Government Funding Propels Global Synthetic Biology Market, Valued At $11.24 Billion In 2022

By GlobeNewswire

GlobeNewswire
Overall Rating

Dublin, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The "Synthetic Biology Market by Product, Application, Technology, End User, and by Region - Global Forecast to 2023-2033" report has been added to ResearchAndMarkets.com's offering.

The global synthetic biology market, which was valued at USD 11.24 billion in 2022, is poised for remarkable growth with an anticipated Compound Annual Growth Rate (CAGR) of 24.17% during the forecast period of 2023-2033. The market's expansion is driven by several factors, including increased funding from government and private sectors and technological advancements meeting high demand. However, ethical concerns, biosafety and biosecurity issues, and product development may pose challenges to market growth.

Rising Funding and Government Support

One of the key drivers for the growth of the synthetic biology market is the escalating funding from both government and private sectors. The world is facing challenges such as dwindling antibiotic options, a rise in chronic diseases like cancer and HIV, and a pressing need for effective treatments across various diseases. Synthetic biomedicine research has gained significant traction, aided by rising government funding.

For example, in July 2022, SynBioVen committed USD 5.7 million (£5.5 million) in financing to SynbiCITE, the UK's National Centre for the Industrial Translation of Synthetic Biology. This funding, along with investments in companies like Arbor Biotechnologies and DNA Script, demonstrates the growth potential of the synthetic biology market.

Technological Advancements Meeting Demand

Market players are introducing cutting-edge technologies to meet the growing demand in the synthetic biology market. For example, in November 2021, Creative Biogene developed shRNA products to expedite RNAi research. These advancements are crucial in accelerating research efforts and innovation in the field of synthetic biology, further driving market growth.

Segmentation Overview

The synthetic biology market is segmented into several categories:

By Product:

  • Oligonucleotide/Oligo Pools
  • Synthetic DNA
  • Enzymes
  • Cloning Technologies Kits
  • Xeno-nucleic Acids
  • Chassis Organisms

In 2022, the Oligonucleotide/Oligo Pools segment held the highest revenue share due to its vital role in various molecular and synthetic biology applications, including targeted NGS, mutagenesis research, DNA computing, and CRISPR gene editing. Meanwhile, the Enzymes segment is expected to witness the fastest growth, particularly in enzymatic synthesis for the efficient production of longer genes.

By Application:

  • Healthcare
  • Non-Healthcare

The healthcare segment accounted for the largest revenue share in 2022, driven by synthetic biology-based diagnostics for infection detection, cancer diagnosis, and therapies. Non-healthcare applications are expected to experience the fastest growth, encompassing industrial, agricultural, energy, and environmental uses of synthetic biology.

By Technology:

  • NGS Technology
  • PCR Technology
  • Bioprocessing Technology
  • Genome Editing Technology
  • Other Technologies

The PCR Technology segment dominated the market in 2022, playing a pivotal role in gene sequence identification and study. Genome Editing Technology is projected to be the fastest-growing segment, enabling precise DNA manipulation in synthetic biology.

By End User:

  • Biotechnology and Pharmaceutical Companies
  • Academic and Government Research Institutes
  • Others

Biotechnology and pharmaceutical companies accounted for the largest revenue share in 2022, driven by the development of novel therapies. Academic and government research institutes are expected to witness the fastest growth as they explore fundamental biological processes and conduct research in various synthetic biology applications.

Regional Insights

North America held the highest revenue in the synthetic biology market in 2022 and is expected to maintain its dominance, driven by private sector investments, favorable regulations, and government support, particularly in the United States. The Asia Pacific region is poised to experience the fastest growth, attributed to rising investments, expanding partnerships, and collaborations in countries like China, and the establishment of research institutions and academia-industry initiatives.

Competitor Landscape

Key players in the synthetic biology market include Thermo Fisher Scientific, Inc., Bota Biosciences Inc., Creative Biogene, Creative Enzymes, New England Biolabs, Enbiotix, Inc., Illumina, Inc., Merck KGaA (Sigma-Aldrich Co. LLC), Eurofins Scientific, Novozymes, Pareto Bio, Inc., Scarab Genomics, LLC, Synthego, Synthetic Genomics Inc., Codexis, Inc., among others. Companies in the market employ strategic partnerships, alliances, and agreements to drive innovation and growth.

For more information about this report visit https://www.researchandmarkets.com/r/e8iuxc

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First published on Fri, Oct 20, 2023

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Research And Markets Synthetic Biology SynBioVen Arbor Biotechnologies

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