Northbrook, IL 60062 -- (SBWIRE) -- 05/23/2023 -- Synthetic Biology Market in terms of revenue was estimated to be worth $11.4 billion in 2022 and is poised to reach $35.7 billion by 2027, growing at a CAGR of 25.6% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as diversified applications of synthetic biology, rising R&D funding and growing initiatives in synthetic biology, declining cost of DNA sequencing and synthesizing, and increasing investments in the market are propelling the growth of this market. However, biosafety, biosecurity, and ethical concerns related to synthetic biology are the major factors restraining the growth of this market.

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Driver: Increased Funding is likely to upsurge the market growth

Synthetic biomedicine research has gained momentum, owing to the depleting antibiotic pipeline, rising incidence of chronic and debilitating disorders such as cancer and HIV; and growing need to develop effective and promising cures for several diseases that adversely affect the quality of life across the globe. The continuous rise in the funding for synthetic biology by government agencies is further supporting the growth of this market. For instance, in July 2022, SynbiCITE, UK's National Centre for the Industrial Translation of Synthetic Biology received USD 5.7 million (£5.5m) funding commitment from SynBioVen. Founded 2022, SynBioVen is a venture capital investment firm based in United Kingdom. The firm focuses to invest across the healthcare and biotechnology sectors. The funding will enable the Imperial-hosted centre to continue to support synthetic biology startups and SMEs, strengthen the emerging UK bioeconomy and help unlock the societal benefits of synthetic biology.

Restraint: Biosafety, biosecurity, and ethical concerns

One important biosafety concern in synthetic biology is the intentional or unintentional release of synthetic organisms into the environment during research and other applications. Synthetic microbes, when released into the environment, can mutate or interact with other organisms, resulting in crossbreeding with natural organisms and creating bio errors. This can threaten the ecosystem of natural organisms. The formation of antibiotic-resistant superbugs is another major biosafety concern. In recent years, the European Union (EU) has funded several research efforts on the environmental impact of deliberately released genetically engineered microbes for plant growth or bioremediation.

The oligonucleotides and synthetic DNA segment accounted for the largest share of the tool segment in the synthetic biology market in 2021.

Based on tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2021, oligonucleotides & synthetic DNA accounted for the largest share of the synthetic biology market for tools. This segment's large share can be attributed to factors such as rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.

The medical applications segment accounted for the largest share of the application segment in the synthetic biology market in 2021.

Based on application, the synthetic biology market is categorized into three segments—medical applications, industrial applications, food & agriculture, and environmental applications. In 2021, medical applications segment accounted for the largest share of synthetic biology market. Factors such as the adoption of synthetic biology techniques and tools in regenerative medicine, use of synthetic biology tools in drug discovery and development are projecting the segmental growth.

Asia Pacific is likely to grow at higher double digit during the forecast period.

The Asia Pacific region is estimated to grow at the highest CAGR in the synthetic biology market during the forecast period, this is mainly due to factors such the increasing investment in research & development, emergence of new market players in synthetic biology market.

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Synthetic Biology Market Dynamics:

Drivers:

1. Diverse applications of synthetic biology
2. Increased funding for research in synthetic biology
3. Declining cost of DNA sequencing and synthesizing
4. Innovations in synthetic biology

Restraints:

1. Biosafety, biosecurity, and ethical concerns

Opportunities:

1. Increasing demand for fuel alternatives
2. Growth in research on synthetic drugs and vaccines
3. Use of machine learning in research and development

Challenges:

1. Standardization of biological parts

Key Market Players:

Some of the prominent players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies (US), Novozymes (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and among others.

Recent Developments:

- In January 2021, Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.

- In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).

- In January 2021, Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.

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