As per the report published by Kings Research, the Global Synthetic Biology Market was valued at USD 17.12 billion in 2023 and is projected to reach USD 78.74 billion by 2031, growing at a CAGR of 21.15% from 2024 to 2031.
Synthetic biology is revolutionizing industries worldwide, offering unique opportunities for innovation and advancement. In healthcare, synthetic biology holds promise for personalized medicine, drug discovery, and regenerative therapies. The agriculture sector benefits from genetically modified crops with improved yields, pest resistance, and nutritional content. In the chemicals and materials industry, synthetic biology enables the sustainable production of bio-based materials, fuels, and specialty chemicals. Energy applications include biofuel production and microbial fuel cells for renewable energy generation. Moreover, advancements in genome editing technologies such as CRISPR-Cas9 and gene synthesis methods drive the rapid expansion of synthetic biology applications. With a wide range of potential applications and increasing adoption across industries, the synthetic biology market is witnessing exponential growth, shaping the future of biotechnology and innovation.
Key Insights
- Based on technology, the PCR technology segment is estimated to register a CAGR of 20.37% between 2024 and 2031
- Based on product, the oligonucleotides garnered the highest revenue of USD 5.04 billion in 2023
- On the basis of region, North America led the market in 2023 with a valuation of USD 6.59 billion
Johnson & Johnson to Acquire Ambrx to Propel Next-Generation Antibody Drug Conjugates in Cancer Treatment
March 2024: Johnson & Johnson announced that it had acquired Ambrx in order to enhance the development of next-generation antibody drug conjugates (ADCs), which have the potential to transform cancer treatment. The all-cash merger, valued at about $2.0 billion, is aimed to advance targeted oncology therapies and revolutionize cancer treatment. Johnson & Johnson aspire to utilize synthetic biology to accelerate the development of novel ADCs that could specifically target and eliminate cancer cells, thereby enhancing patient outcomes in oncology therapies.
Synthetic Biology Applications Fuel Market Expansion Across Industries
The market is driven by its various application across different industries such as in enzyme production, sustainable biofuel production, and the development of bio-based specialty products. Synthetic biology facilitates the production and manufacture of enzymes which is essential for a wide range of industrial processes. By leveraging engineered biological systems, synthetic biology enables the efficient and cost-effective synthesis of enzymes tailored to specific applications, enhancing productivity and product quality across industries such as food and beverage, pharmaceuticals, and agriculture. Additionally, synthetic biology plays a crucial role in the sustainable production of biofuels, addressing environmental concerns and reducing reliance on fossil fuels. Through genetic engineering and metabolic engineering, synthetic biology enables the optimization of microbial systems for the conversion of renewable feedstocks into biofuels, contributing to the development of environmentally friendly energy sources and promoting sustainability in the energy sector. Therefore, the market is predicted to propel by various application offered by the utilization of synthetic biology.
Government Initiatives and Funding Driving Growth in Pharmaceutical and Biotechnology Industries
The rising government initiatives and funding for research and development present significant market opportunities in the market. The rising spending and investments in the pharmaceutical and biotechnology industries create a favorable environment for growth and innovation. Pharmaceutical companies, supported by substantial funding, are actively seeking new treatments and therapies to address unmet medical needs and meet the growing demands of the healthcare sector. Moreover, government initiatives aimed at subsidizing biotech and pharmaceutical businesses are driving industry development and enhancing global competitiveness. The increased funding and investment in research and development activities have led to the development of revolutionary drugs and therapies, promising breakthroughs in disease treatment and management. This presents a significant opportunity for pharmaceutical and biotechnology companies to capitalize on emerging market needs and contribute to advancements in healthcare.
Europe is Slated to Be the Fastest-Growing Region, Exhibiting the Highest CAGR of 19.84 % Between 2024 and 2031
Based on regional analysis, the global synthetic biology market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Europe is projected to be the fastest-growing region in the synthetic biology market with a highest CAGR over the projection period. The key factor contributing to the growth of synthetic biology in Europe is the robust ecosystem of academic institutions, research centers, and biotech startups fostering interdisciplinary collaborations. Additionally, Europe's commitment to sustainability and ecofriendly products has spurred interest in synthetic biology applications for bio-based manufacturing, renewable energy production, and green chemistry. Synthetic biology offers innovative solutions to address societal challenges related to climate change and resource depletion, driving investment and adoption across industries. Moreover, the European Union's supportive regulatory environment for biotechnology, coupled with initiatives promoting public-private partnerships and technology transfer, encourages investment and entrepreneurship in synthetic biology. This regulatory framework prioritizes safety, ethical considerations, and public engagement while facilitating the responsible development and deployment of synthetic biology solutions. Therefore, these factors are expected to drive the market demand in the region.
Companies Focus on Launching Cutting-Edge Products to Expand Their Market Reach
The global synthetic biology market reveals a fragmented landscape featuring prominent companies including Thermo Fisher Scientific Inc, Synbio Technologies, Merck KGaA, Agilent Technologies Inc., GenScript, Novozymes, Codexis, Inc., Bota Biosciences Inc., Illumina, Inc., Synthego and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.