Synthetic Biology Market To Generate Revenue Worth $61,220.9 Million by 2030

The global synthetic biology market is projected to generate $61,220.9 million revenue by 2030, advancing at a CAGR of 23.1% during 2021–2030. This will be on account of the increase in the use of synthetic biology for multiplexed diagnostics and therapeutic genome editing. In addition, the spur in R&D investments, the rise in the number of strategic partnerships and collaborations amongst key players, and the high adoption of synthetic biology in the agriculture field are other factors propelling the market growth.

The use of synthetic biology tools has increased rapidly in recent years, due to the advances in genetic engineering and a better understanding of genome and data science. Moreover, the rising advancements in genome sequencing coupled with its declining costs have led to the processing of a large number of samples for the diagnosis as well as treatment of various diseases.

For instance, as per the NIH, the cost of genome sequencing reduced from $2,697 in 2015 to $662 in 2021, owing to the emergence of advanced high-throughput sequencing technologies. Further, products produced using synthetic biology are used across numerous applications like energy, bioplastics, environment, and pharmaceutical & diagnostics.

Oligonucleotides & Synthetic DNA Category Leads Market

The oligonucleotides & synthetic DNA accounted for the largest revenue share in 2021. This is attributed to the promulgating use of synthesized oligos in therapeutic applications, the rise in the number of outpatient and inpatient visits in hospitals, and the prerequisite of oligonucleotide drugs to cater to the mounting need of patients having neurological disorders, rare diseases, and infectious diseases.

However, the enzymes category is set to register the highest CAGR, of around 25%, in the forecast period. This can be on account of the rising industrial use of microbial enzymes, as they have great potential for waste management and are environment-friendly in nature. Enzymes are also utilized in many industries for high-quality production with accelerated reaction rates at low costs. Thus, these factors will upsurge the demand for synthetic enzymes during the forecast period.

Pharmaceutical Applications To Witness Highest CAGR

Pharmaceutical applications are expected to experience the highest CAGR, of around 30%, in the synthetic biology market during 2021–2030. This can be because these companies are using AI for improving the decision-making and efficiency of research and clinical trials, along with optimizing innovation and creating new tools for the study of genomics.

Whereas, medical applications held significant revenue share, of around 40%, in 2021. This is due to the intense emphasis of these institutes on R&D for the development of new technologies, an upsurge in research grants, and an increase in financial support for the improvement and augmentation of NGS products and services.

APAC Market To Record Highest CAGR

The APAC market is expected to witness the highest CAGR, of over 25%, in the forecast period, on account of the economic development, continuously expanding healthcare infrastructure, and rise in government investments. Additionally, the surge in various chronic diseases, such as cancer, diabetes, and coronary heart disease; an increase in medical research activities; and the presence of prominent service providers in the region are also accelerating the market. In APAC, China holds the major market share, due to the high investments in the synthetic biology sector from government organizations in the country.

Major players operating in the synthetic biology market are Thermo Fisher Scientific Inc., Merck KGaA, Agilent Technologies Inc., Novozymes A/S, GenScript Biotech Corporation, Codexis Inc., Eurofins Scientific, Integrated DNA Technologies, New England Biolabs, Royal DSM N.V., and Illumina.