The global synthetic biology market is poised for substantial growth, with an estimated valuation of USD 3.75 billion in 2024. According to industry projections, the market is expected to experience exponential expansion, growing at a lucrative compound annual growth rate (CAGR) of 23.8% over the forecast period, and reaching an anticipated value of USD 31.73 billion by 2034.
Synthetic biology represents a cutting-edge field that involves the design and engineering of biological systems for various applications, including pharmaceuticals, agriculture, energy, and environmental remediation. The market’s growth is driven by the increasing need to enhance practical capabilities, redesign naturally occurring systems, and develop new biological components, tools, and systems to address complex challenges.
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Key Takeaways:
- The synthetic biology market is projected to surge from US$3.75 billion in 2024 to US$31.73 billion by 2034, reflecting a remarkable CAGR of 23.8%.
- Rising demand for enhanced functionalities, redesigned natural systems, and novel biological tools are fueling market growth.
- Synthetic biology holds immense potential in addressing critical challenges related to bio-based chemicals, renewable fuels, and affordable medications.
- The need for genetically modified crops to ensure global food security is further propelling advancements in the field.
- The convergence of technological breakthroughs and growing market needs positions synthetic biology as a key solution provider for social and environmental concerns, fostering further innovation in the coming years.
Demand for sustainable solutions: Businesses and consumers alike are looking for more environmentally friendly options. The field of synthetic biology has promise for the development of bio-based compounds, renewable fuels, and more reasonably priced pharmaceuticals and vaccinations. Synthetic biology solutions are becoming increasingly in demand as a result of this move towards sustainable practices.
Concerns about food security: To maintain food security in the face of an increasing global population, creative solutions are required. Developments in synthetic biology are essential to the creation of genetically engineered crops with increased resistance and yields. The potential for this technology to alleviate the world’s food shortages is enormous.
Recent Developments in the Synthetic Biology Industry
- In January 2024, Rice University established the Rice Synthetic Biology Institute (RSBI) in Texas to promote collaborative research in synthetic biology and convert it into beneficial technologies. The institute aims to attract global attention to Rice’s esteemed synthetic biology program and retain top talent.
- In January 2024, Kerstin Göpfrich founded a research group at the Max Planck Institute for Medical Research in Heidelberg, Germany. The group focuses on engineering life and exploring new cell abilities to create new life forms.
- In November 2023, the United Kingdom-based team led by Ben Blount at the University of Nottingham developed a yeast strain with over 50% synthetic DNA, a significant achievement in the Saccharomyces cerevisiae (Sc) 2.0 project, a global effort to produce synthetic versions of the yeast genome.
- In July 2023, WPI researchers Eric Young and Kevin Keating developed a method to express genes across bacterial species by designing a generalized collection of DNA parts that can be used with multiple species to assemble DNA sequences.
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Key Companies in the Synthetic Biology Market:
- Thermo Fisher Scientific, Inc.
- Merck KGaA
- Novozymes
- Agilent Technologies, Inc.
- Codexis, Inc.
- Bota Biosciences Inc.
- Creative Biogene.
- Creative Enzymes.
- Enbiotix, Inc.
- Illumina, Inc.
- Eurofins Scientific
- New England Biolabs
- Pareto Bio, Inc.
- Scarab Genomics, Llc
- Synthego
- Twist Bioscience
- Synthetic Genomics Inc.
- BioBricks Foundation
- DIYbio
- Amyris
- Cyrus Biotechnology
- TeselaGen
Key Segments:
By Product:
- Oligonucleotides
- Enzymes
- Synthetic Cells
- Cloning Technologies Kits
- Xeno-Nucleic Acids
- Chassis Organism
By Application:
- Healthcare
- Non-Healthcare
By End User:
- Biopharmaceutical manufacturers
- Academic and Government Research Institutes
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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