Synthetic biology involves the design and manufacture of biologically produced cell components and systems not found in nature. It can enable advancement in several fields like health, food, energy and environment. Products enabled by synthetic biology include therapies for cancer, biomaterials, biofuels and carbon capture systems.
The global synthetic biology market is estimated to be valued at US$ 17.88 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the synthetic biology market are DiaSorin S.p.A., Abbott Laboratories, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers, Beckman Coulter Inc., F. Hoffmann-La Roche AG, Inova Diagnostics, Inc., Maccura Biotechnology Co., Ltd., Tosoh Corporation, and Ortho Clinical Diagnostic. Key players are focusing on expanding their synthetic biology product portfolio through mergers and acquisitions as well as collaborations.

Key opportunities in the Synthetic Biology Market Demand include development of advanced biomaterials, new medical therapies and biofuels. For instance, synthetic biology tools are being used to develop next generation biomaterials that are strong, sustainable and can be tailored as per requirement. There is also potential to develop new microbial strains that can convert agricultural waste into biofuels.

The global synthetic biology market is expected to witness substantial growth due to increasing R&D across various regions. North America currently dominates the market owing to presence of major players and allocation of large funds for synthetic biology R&D. However, Asia Pacific is expected to offer lucrative growth opportunities during the forecast period due to rising investments by governments and companies in the region.

Market drivers

Rising investments and funds for synthetic biology R&D is a key driver boosting the market growth. Both private players as well as governments are increasingly funding synthetic biology projects for development of complex biological systems and products. For instance, the amount of venture capital investment in synthetic biology increased from $238 million in 2008 to over $1 billion in 2018. This has encouraged establishment of new start-ups and helped existing players expand their portfolios.
PEST Analysis
Political: Regulations regarding genetic engineering and synthetic biology vary greatly around the world. Some nations have strict laws while others are more lenient. This impacts research and commercialization opportunities for companies.
Economic: Global growth in the healthcare sector is driving demand for new diagnostics, medicines and more affordable production of existing therapies using synthetic biology. The economic outlook is favorable as research promises new applications.
Social: Synthetic biology raises safety and ethical concerns related to altering nature and creating new lifeforms. Public acceptance varies by application area and there is ongoing debate around governance.
Technological: Advancements in gene editing, DNA synthesis and genomics are enabling new pathways to engineer bacteria and yeast for diverse uses. Automation and digital tools help accelerate the design-build-test cycle.

The largest market for synthetic biology presently in terms of value is North America. The region has a strongly established base of synthetic biology companies and research organizations. Government funding for healthcare R&D through agencies such as NIH is high.
Asia Pacific is expected to be the fastest growing regional market for synthetic biology during the forecast period. There is significant government support for synthetic biology across nations like China, India, South Korea and Singapore that is helping build local industry and research capacity. Expanding biotech industries in Asia rely on synthetic biology tools for various purposes. The large population in the region also represents substantial market potential.

The synthetic biology market size is growing significantly. Regions with conducive environments for R&D and commercialization are capturing more value currently and momentum is building in Asia. While debates around responsible innovation continue, technological progress is driving broader adoption of synthetic biology approaches across industries. Future outlook remains positive with new opportunities unfolding as enabling technologies progress.
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