Boston, Dec. 05, 2024 (GLOBE NEWSWIRE) -- According to the latest BCC Research study Synthetic Biology: Global Markets, demand for synthetic biology is projected to grow from $19.3 billion in 2024 to $61.6 billion by the end of 2029, at a compound annual growth rate (CAGR) of 26.1% from 2024 through 2029.
This study of the synthetic biology market covers core products such as oligonucleotides, synthetic genes, BioBrick parts, delivery plasmids, chassis organisms, synthetic cells, and production systems, alongside enabling technologies like DNA sequencing, DNA synthesis, gene editing, and bioinformatics. It also examines enabled technologies in the healthcare, industrial chemicals, consumer products and agriculture sectors, among others. The market is analyzed by segment, including DNA sequencing, gene editing, and synthetic biology foundries, with a focus on end-user industries. The study provides market forecasts from 2024 to 2029, with regional of the markets in covering North America, Europe, Asia-Pacific, and the Rest of the World.
This report is especially timely and relevant given the rapid advances in synthetic biology foundries, which are now regularly engineering, constructing and testing designer organisms that are transforming industries. In the food industry, these engineered organisms are revolutionizing product development by precisely altering genomes to create the perfect blend of flavor, texture, and nutritional value. In the textile industry, synthetic biology is enabling the creation of materials with optimal weight, strength, flexibility, and targeted surface and structural modifications. These innovations are not only meeting consumer demand for higher quality and sustainability but are also opening new market opportunities.
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The factors driving the global market for synthetic biology products include:
Applications of Synthetic Biology in Many Fields: Synthetic biology is applied in multiple industries, including healthcare (for new therapies and vaccines), agriculture (for pest-resistant crops), and the environment (for biofuels and pollution remediation).
Increasing Funding for R&D: Investments from governments, private companies, and academic institutions are accelerating innovation in synthetic biology. This funding is crucial for developing innovative technologies and applications and fostering cross-sector collaborations.
Declining Cost of DNA Sequencing: The dramatic reduction in DNA sequencing costs over the past decade has made synthetic biology more accessible. This affordability is critical for advancing research and expanding the field’s applications.
Continuous Innovations: Innovations, such as CRISPR-Cas9 gene editing and advancements in computational biology, are continuously improving the efficiency and potential of synthetic biology.
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Report Synopsis
| Report Metric | Details |
| Base year considered | 2023 |
| Forecast period considered | 2024-2029 |
| Base year market size | $15.4 Billion |
| Market size forecast | $61.6 Billion |
| Growth rate | CAGR of 26.1% from 2024 through 2029 |
| Segments covered | By Product Type, End User, and Region |
| Regions covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Countries covered | The U.S., Canada, Mexico, Germany, U.K., France, Spain, Italy, Japan, China, India, and South Korea |
| Market drivers |
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Interesting facts about the global market for synthetic biology
- Amyris-Croda Partnership (2023): Amyris announced a licensing agreement with Croda to exclusively license and produce sustainable squalene, which Croda will market to the pharmaceutical industry.
- Synthetic Biology Collaboration (2024): Sojitz and Ginkgo are collaborating to introduce synthetic biology into Japanese industries, promoting environmentally friendly production methods.
- Japan's Bioeconomy Strategy: Japan aims to achieve an $837 billion bioeconomy by 2050, with a focus on biotechnology applications to meet its net-zero emissions goals.
The report addresses the following questions:
- What is the projected market size?
- The global synthetic biology market was valued at $15.4 billion in 2023 and is expected to reach $61.6 billion by the end of 2029, at a CAGR of 26.1% from 2024 to 2029.
- What factors are driving the growth of the market?
- Applications of synthetic biology in diverse fields, increasing funding for R&D, declining cost of DNA sequencing, and continuous innovations in synthetic biology.
- Which market segments are covered in the report?
- In this report, the global synthetic biology market is segmented based on product type, end user and region.
- Which product type will dominate the market by the end of 2029?
- The enabled products segment will dominate the market in 2029.
- Which region has the largest market share?
- North America holds the highest share of the market.
Leading companies in the market include:
- AGILENT TECHNOLOGIES INC.
- AMYRIS
- CODEXIS INC.
- EUROFINS SCIENTIFIC
- GENSCRIPT
- GINKGO BIOWORKS
- MERCK KGAA
- THERMO FISHER SCIENTIFIC INC.
- TWIST BIOSCIENCE
- VIRIDOS
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