Synthetic Biology Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 79.39 Billion |
| Market Size (2029) | USD 145.49 Billion |
| CAGR (2024 - 2029) | 12.88 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Synthetic Biology Market Analysis
The Synthetic Biology Market size is estimated at USD 79.39 billion in 2024, and is expected to reach USD 145.49 billion by 2029, growing at a CAGR of 12.88% during the forecast period (2024-2029).
The market is expected to grow with the increasing support from the government and private institutions, increasing R&D investments in drug discovery, and the development and declining cost of DNA sequencing and synthesizing. The growing involvement of government bodies, research institutes, and large organizations in synthetic biology research activities will likely support the market in the next few years. Governments of various nations have been providing research support for synthetic biology because of its extensive applications. For instance, in September 2022, the Government of New South Wales announced an investment of over USD 6.0 million into a new synthetic biology and biomanufacturing development program, which would improve access to manufacturing and production facilities and equipment across the State of Wales, Australia.
Similarly, many research studies and projects concerning synthetic biology have been running in various countries that have tried to tap multiple complexities in the genomes of organisms, which has helped create more effective and efficient therapies to treat them. For instance, in the United States, SynBio research funding increased from USD 161.0 million in 2022, with public funding totaling USD 820.0 million over the last five years for synthetic biology research. Similarly, the White House of the United States issued an executive order in September 2022, launching a national biotechnology and biomanufacturing initiative that placed synthetic biology as a centerpiece of the strategies for sustainability, competitiveness, and economic growth across all levels of government. The order’s impact could be far-reaching, including significant investments in developing medicines and commodities, reducing waste, and advancing sustainable farming while mitigating climate change impacts.
Synthetic biology technologies and products are also significantly used in various application areas. Since the organisms engineered with synthetic biology techniques are relatively reasonable, owing to their use in various industrial applications, which also translates into a reduction in the cost of research, the demand for these techniques is growing worldwide. Therefore, owing to the aforementioned factors, such as increasing investment in research related to synthetic biology, the market is anticipated to witness growth during the forecast period.
However, factors such as biosafety and biosecurity, ethical issues, and reimbursement cuts, which cause pricing pressure, will likely impede market growth.
Synthetic Biology Market Trends
The Healthcare Segment is Expected to Witness Significant Growth During the Forecast Period
The rapid development of synthetic biology has driven the healthcare industry to consider the varied therapeutic approaches using live bacteria, artificial cells, and engineered phages. For instance, it has enabled life technologies to design and manufacture antigens and variants with rapid results, high expression, and capacity. Synthetic biology has several applications, including drug and vaccine development to applications manufacturing and diagnostic tests. For instance, a study published in the Journal BMJ in March 2023 stated that the United States invested over USD 31.9 billion in developing, producing, and purchasing the mRNA COVID-19 vaccines, including significant investments through March 2022.
Various initiatives from governments and other organizations are expected to influence the market in this segment positively. For instance, in July 2022, SynbiCITE, the National Centre for the Industrial Translation of Synthetic Biology in the United Kingdom, received a grant of USD 6.6 million (GBP 5.5 million) from SynBioVen. The funding would enable the Imperial-hosted Center to continue to support synthetic biology startups and small and medium enterprises, strengthen the emerging economy of the United Kingdom, and unlock the societal benefits of synthetic biology. In June 2023, scientists at the International Society for Stem Cell Research’s annual meeting showcased the creation of synthetic human embryos using stem cells in a groundbreaking advance that sidesteps the need for eggs or sperm. Scientists mentioned that these model embryos, which resemble those in the earliest stages of human development, could provide a crucial window into the impact of genetic disorders and the biological causes of recurrent miscarriage. Thus, such developments in healthcare related to synthetic biology are expected to boost the segment growth.
Therefore, the healthcare segment is expected to witness significant growth during the forecast period due to the abovementioned factors, including the active research and developments in synthetic biology for healthcare areas.
North America is Expected to Witness Significant Growth During the Forecast Period
North America is estimated to witness significant growth in the synthetic biology market due to the increasing demand for bio-based products, increased investments in synthetic biology companies, and rising R&D funding for synthetic biology. The United States contributes majorly to the research in drug discovery, genomics, and proteomics structure prediction, and soon in the region, thereby boosting the growth of the synthetic biology market.
Various universities and research institutes received funding from governmental organizations, such as the National Institute of Health (NIH), and private organizations, like the Gates and Melinda Foundation, for developing various bioinformatics, DNA sequencing and biological components, and integrated systems devices, which can be widely used for various healthcare and other applications. In October 2022, the Government of Canada invested over USD 4.13 million (CAD 5.6 million) to support the early-stage genomics companies in bringing new products to market. This would boost genetic engineering or synthetic biology involving molecular biosciences with computing, automation artificial intelligence (AI), and miniaturization.
In September 2022, the United States Department of Energy (DOE) invested USD 178 million in bioenergy research to advance sustainable technology breakthroughs, improve food and agricultural production and public health, address climate change, and create more resilient supply chains. This investment would support cutting-edge biotechnology R&D of bioenergy crops, industrial microorganisms, and microbiomes. Also, increasing government and private institutions' support and R&D investments in drug discovery and development are major growth factors expected to drive the market during the forecast period.
Therefore, owing to the aforementioned factors, such as the increasing focus on synthetic biology research, the market is anticipated to grow in North America.
Synthetic Biology Industry Segmentation
The synthetic biology market is moderately consolidated due to a few companies operating globally and regionally. The competitive landscape includes an analysis of some international and local companies that hold market shares and are well known, including Genscript, Thermo Fisher Scientific Inc., Amyris Inc., Danaher Corporation (Integrated DNA Technologies Inc.), and Illumina Inc., Precigen Inc. (Intrexon Corporation), New England Biolabs Inc., Novozymes AS, Koninklijke DSM NV, and Viridos, Inc. (Synthetic Genomics Inc.).
Synthetic Biology Market Leaders
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Genscript
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Thermo Fisher Scientific Inc
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Amyris Inc
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Integrated DNA Technologies Inc. (Danaher Corporation)
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Illumina, Inc.
*Disclaimer: Major Players sorted in no particular order
Synthetic Biology Market News
- January 2024: Rice University of the United States launched the Rice Synthetic Biology Institute, which aims to catalyze collaborative research in synthetic biology and its translation into technologies that benefit society.
- May 2023: GenScript Biotech Corporation, the sponsor of the SynBioBeta Conference in Oakland, California, showcased the latest synthetic biology tools and techniques with strategic partner Allozymes and a diverse line-up of key opinion leaders (KOLs).
Synthetic Biology Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Support from Government and Private Institutions
- 4.2.2 Increasing R&D Investments in Drug Discovery and Development
- 4.2.3 Declining Cost of DNA Sequencing and Synthesizing
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4.3 Market Restraints
- 4.3.1 Bio-safety and Bio-security
- 4.3.2 Ethical Issues Related to Synthetic Biology
- 4.3.3 Reimbursement Cuts Causing Pricing Pressure
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Product
- 5.1.1 Core Products
- 5.1.2 Enabling Products
- 5.1.3 Enabled Products
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5.2 By Applications
- 5.2.1 Healthcare
- 5.2.2 Chemicals (Including Biofuels)
- 5.2.3 Food and Agriculture
- 5.2.4 Other Applications (Biosecurity, Energy, and Environment)
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South Korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 GenScript
- 6.1.2 Thermo Fisher Scientific Inc.
- 6.1.3 Amyris Inc.
- 6.1.4 Danaher Corporation (Integrated DNA Technologies Inc.)
- 6.1.5 Illumina Inc.
- 6.1.6 Precigen Inc. (Intrexon Corporation)
- 6.1.7 New England Biolabs Inc.
- 6.1.8 Novozymes AS
- 6.1.9 Koninklijke DSM NV
- 6.1.10 Viridos Inc. (Synthetic Genomics Inc.)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablitySynthetic Biology Industry Segmentation
As per the scope of the report, synthetic biology is a new interdisciplinary area that involves the application of engineering principles to biology. It aims to re-design and fabricate biological components and systems. Therefore, it combines the knowledge of genomics and the chemical synthesis of DNA to produce cataloged DNA sequences rapidly. The synthetic biology market is segmented by product, application, and geography. By product, the market is segmented into core, enabling, and enabled products. By application, the market is segmented into healthcare, chemicals (including biofuels), food and agriculture, and other applications (biosecurity, energy, and environment). By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.
| By Product | Core Products | |
| Enabling Products | ||
| Enabled Products | ||
| By Applications | Healthcare | |
| Chemicals (Including Biofuels) | ||
| Food and Agriculture | ||
| Other Applications (Biosecurity, Energy, and Environment) | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Synthetic Biology Market Research FAQs
How big is the Synthetic Biology Market?
The Synthetic Biology Market size is expected to reach USD 79.39 billion in 2024 and grow at a CAGR of 12.88% to reach USD 145.49 billion by 2029.
What is the current Synthetic Biology Market size?
In 2024, the Synthetic Biology Market size is expected to reach USD 79.39 billion.
Who are the key players in Synthetic Biology Market?
Genscript, Thermo Fisher Scientific Inc, Amyris Inc, Integrated DNA Technologies Inc. (Danaher Corporation) and Illumina, Inc. are the major companies operating in the Synthetic Biology Market.
Which is the fastest growing region in Synthetic Biology Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Synthetic Biology Market?
In 2024, the North America accounts for the largest market share in Synthetic Biology Market.
What years does this Synthetic Biology Market cover, and what was the market size in 2023?
In 2023, the Synthetic Biology Market size was estimated at USD 69.16 billion. The report covers the Synthetic Biology Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Synthetic Biology Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the top applications of Synthetic Biology beyond the pharmaceutical industry?
Biofuels, biomaterials, sustainable agriculture, and environmental remediation are the top applications of Synthetic Biology beyond the pharmaceutical industry.
Synthetic Biology Industry Report
The Global Synthetic Biology Market Report is segmented by product, application, and geography. The global synthetic biology market is on an upward trajectory, powered by breakthroughs in technology, enhanced government funding, and the rising call for eco-friendly practices. The integration of AI and machine learning is pushing forward research and development, significantly benefiting sectors like healthcare, which sees a vital need for novel treatments. North America leads the market due to major investments and a focus on leveraging synthetic biology across various industries.
The market report highlights the industry trends and market growth driven by the increasing adoption of synthetic biology applications. Although faced with ethical and biosafety concerns, opportunities abound as AI/ML technologies promise to revolutionize biological research and decision-making. This evolution positions synthetic biology as a pivotal element in modern biotechnology, offering a lucrative landscape for synthetic biology companies.
Insights from Mordor Intelligence™ reveal a promising future, underscoring the market's potential expansion and the innovation contributions of key players. The market forecast indicates sustained growth, driven by the industry's commitment to advancing technology and addressing global challenges. The industry analysis shows a positive outlook for the synthetic biology market, with key trends shaping its trajectory.
The market overview provides a comprehensive understanding of the market segmentation and the driving forces behind the market value. The report example from Mordor Intelligence™ serves as an essential guide for stakeholders, providing detailed industry reports and market data. The industry research emphasizes the importance of continuous innovation and the role of market leaders in driving forward the market predictions and market review.
In conclusion, the synthetic biology market is poised for significant growth, with industry statistics indicating robust market sales and industry size. The market outlook remains optimistic, supported by the industry's dedication to research companies and the development of sustainable solutions. Get a sample of this industry analysis as a free report PDF download to stay informed about the latest market trends and industry information.
