Pune, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Synthetic Biology Market Analysis:
“According to SNS Insider Research, The Synthetic Biology Market Size was valued at US$ 14.19 Billion in 2023 and is expected to reach US$ 65.61 Billion by 2032 and grow at a CAGR of 19.61% over the forecast period 2024-2032.”
Increase in support from government and private institutions, increase R&D investment for drug discovery by major pharmaceutical companies’ high development opportunities due to the decreasing cost of DNA Sequencing and Synthesizing. Increasing participation of government bodies, research institutes, and large organizations in research activities to explore synthetic biology capabilities is expected to continue driving market growth over the next few years. Because of its numerous applications governments in many countries have commenced funding synthetic biology research. For example, in September 2022, the Government of New South Wales (Australia) committed over USD 6.0 Million towards a new synthetic biology and biomanufacturing program aimed at providing greater access to manufacturing and production spaces/facilities/equipment throughout the State: Of Wales, Australia.
Numerous research studies and projects in synthetic biology have been conducted within various countries that tried to harness the many complexities among the genomes of organisms, leading to new therapies that are far more effective at treating them. In the US, spending on SynBio research grew from USD 161.0 million in 2022 to hundreds of millions of dollars over five years with public funding amounting to USD 820.0 for synthetic biology research (National Center for Science and Engineering Research; UK Research Information Network). Likewise, the International White House signed an Executive Order in September 2022 creating a national biotechnology and biomanufacturing initiative with synthetic biology as its center tool for improved sustainability, competitiveness, and economic development at all levels of government. The order would likely have far-reaching repercussions, aligning vast resources to drive the development of drugs and other products for conservation agriculture in ways that advanced sustainable farming while also addressing agricultural climate change impacts.
Get a Sample Report of Synthetic Biology Market@ https://www.snsinsider.com/sample-request/3955
Major Players Analysis Listed in this Report are:
- Synthetic Genomics Inc.
- Euro fins Scientific
- Thermo Fisher Scientific, Inc.
- Illumina, Inc.
- Creative Biogene
- Merck Kgaa (Sigma-Aldrich Co. Llc)
- Novozymes
- Synthetic Genomics Inc.
- Codexis, Inc.
- Enbiotix, Inc.
- Other Players
As far as the what, synthetic biology technologies and products are prevalent in several application areas. The cost of research on these organisms is also decreasing in parallel as some engineered with SB techniques are already used for industrial purposes (they tend to be easily modified forms than wild-type strains). Thus, due to the mentioned drivers such as growing investments in synthetic biology research and development, this is anticipated that the market will grow during 2024-2032.
Synthetic Biology Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 14.19 Billion |
| Market Size by 2032 | US$ 65.61 Billion |
| CAGR | CAGR of 19.61% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | •Advances In Gene Editing Technologies Such As CRISPR/Cas9 and Synthetic Genomics Have Revolutionized the Field, Making It Possible to Design and Construct New Biological Parts and Systems with Greater Precision. •There is Growing Interest in Synthetic Biology for Developing New Therapies, Vaccines, And Diagnostic Tools, Particularly in Personalized Medicine and Regenerative Medicine. |
Do you have any specific queries or need any customization research on Synthetic Biology Market, Make an Enquiry Now@ https://www.snsinsider.com/enquiry/3955
Segmentation Dynamics
Biotechnology and pharmaceutical companies earned the largest revenue share of 52% in 2023. Advances in synthetic biology have allowed biotech and pharmaceutical companies to create new therapeutics for chronic diseases. For example, Merck employed synthetic biology to produce Januvia (sitagliptin) for diabetes. Kymriah (Tisagenlecleucel) for B-cell acute lymphoblastic leukemia was also launched by Novartis.
In addition, the academic & government research institutes segment is anticipated to remain an ongoing task in the coming years. Long development periods and approval cycles make the R&D sector capital-intensive.
Synthetic Biology Market Report Scope:
By Technology
- NGS Technology
- PCR Technology
- Genome Editing Technology
- Bioprocessing Technology
- Others
By Product
- Oligonucleotide/Oligo Pools and Synthetic DNA
- Enzymes
- Cloning Technologies Kits
- Xeno-Nucleic Acids
- Chassis Organism
By Application
- Healthcare
- Clinical
- Non-Clinical
- Non-healthcare
- Biotech Crops
- Specialty Chemicals
- Bio-fuels
- Others
By End-Use
- Biotechnology and Pharmaceutical companies
- Academic and Government Research Institutes
- Others
Regional Insights
North America is projected to experience growth in the synthetic biology market on the back of increasing demand for bio-based products, growing investments in companies working on synthetic biology, and escalating R&D funding related to research and development activities of synthesis. As a result, the United States dominates in research for drug discovery, and genomics & proteomics structure prediction is one of the other factors to drive the synthetic biology market.
Funding was awarded to numerous universities as well as research institutes by both governmental such as the National Institute of Health - NIH and private organizations in a range of bioinformatic for DNA sequencing, biological components generation & integrated systems devices that are universal enough to use across disciplines ranging from human healthcare-related applications, etc. Last month, the Government of Canada committed more than USD 4.13 million (CAD 5.6) to early-stage genomics companies to help get new products on market shelves in October 2022 This would accelerate genetic engineering or synthetic biology based on molecular biosciences with computing, automation artificial intelligence (AI) and miniaturization.
A month earlier, the US Department of Energy (DOE) had invested USD 178 million for bioenergy research to "push cutting edge technology breakthroughs across sustainable aviation fuel; agriculture and food supplies that are clean enough for safe consumption from farm-to-plate" among others while paddling climate change effects towards more resilient supply chains. This investment would go to R&D and cutting-edge biotechnology in bioenergy crops, industrial microorganisms, and microbiomes. In addition, there are some other factors projected to fuel the growth of the pharmaceutical drug discovery services market around 2028. government and private institutions expand for more support and R&D investments in drug discovery & development which drives the overall positive outlook forecasted between 2024 - 2032.
Buy a Single-User PDF of Synthetic Biology Market Analysis & Outlook 2024-2032@ https://www.snsinsider.com/checkout/3955
Recent Developments
- In January 2024, Rice University created the institute to support collaborative synthetic biology research and develop technologies.
- In May 2023 at the SynBioBeta Conference, the strategic partner Allozymes presented revolutionary new synthetic biology tools and techniques generated by GenScript Biotech Corporation.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Synthetic Biology Market Segmentation, By Product
8. Synthetic Biology Market Segmentation, By Technology
9. Synthetic Biology Market Segmentation, By Application
10. Synthetic Biology Market Segmentation, By End-Use
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
Access Complete Report Details of Synthetic Biology Market Analysis 2024-2032@ https://www.snsinsider.com/reports/synthetic-biology-market-3955
[For more information or need any customization research mail us at info@snsinsider.com]
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
