Synthetic Biology Market worth $35.7 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 6, 2023 /PRNewswire/ -- Synthetic Biology Market in terms of revenue was estimated to be worth $11.4 billion in 2022 and is poised to reach $35.7 billion by 2027, growing at a CAGR of 25.6% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as diversified applications of synthetic biology, rising R&D funding and growing initiatives in synthetic biology, declining cost of DNA sequencing and synthesizing, and increasing investments in the market are propelling the growth of this market. However, biosafety, biosecurity, and ethical concerns related to synthetic biology are the major factors restraining the growth of this market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=889

Browse in-depth TOC on "Synthetic Biology Market"

505 - Tables
37 - Figures
436 - Pages

Synthetic Biology Market Scope:

The oligonucleotides and synthetic DNA segment accounted for the largest share of the tool segment in the synthetic biology market in 2021.

Based on tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2021, oligonucleotides & synthetic DNA accounted for the largest share of the synthetic biology market for tools. This segment's large share can be attributed to factors such as rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.

The medical applications segment accounted for the largest share of the application segment in the synthetic biology market in 2021.

Based on application, the synthetic biology market is categorized into three segments—medical applications, industrial applications, food & agriculture, and environmental applications. In 2021, medical applications segment accounted for the largest share of synthetic biology market. Factors such as the adoption of synthetic biology techniques and tools in regenerative medicine, use of synthetic biology tools in drug discovery and development are projecting the segmental growth.

Asia Pacific is likely to grow at higher double digit during the forecast period.

The Asia Pacific region is estimated to grow at the highest CAGR in the synthetic biology market during the forecast period, this is mainly due to factors such the increasing investment in research & development, emergence of new market players in synthetic biology market.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=889

Synthetic Biology Market Dynamics:

Drivers:

1. Diverse applications of synthetic biology
2. Increased funding for research in synthetic biology
3. Declining cost of DNA sequencing and synthesizing
4. Innovations in synthetic biology

Restraints:

1. Biosafety, biosecurity, and ethical concerns

Opportunities:

1. Increasing demand for fuel alternatives
2. Growth in research on synthetic drugs and vaccines
3. Use of machine learning in research and development

Challenges:

1. Standardization of biological parts

Key Market Players:

Some of the prominent players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies (US), Novozymes (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and among others.

Recent Developments:

• In January 2021, Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
• In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
• In January 2021, Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=889

Browse Adjacent Market: Biotechnology Market Research Reports & Consulting

Related Reports:

Synthetic Stem Cells Market - Global Forecasts to 2028

Next Generation Sequencing Market - Global Forecasts to 2027

Oligonucleotide Synthesis Market - Global Forecasts to 2027

Molecular Biology Enzymes Market - Global Forecasts to 2026

Bioinformatics Services Market - Global Forecasts to 2026

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/synthetic-biology-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/synthetic-biology.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets