DUBLIN--(BUSINESS WIRE)--The "Synthetic Biology Market Size, Share & Trends Analysis Report by Product (Enzymes, Cloning Technologies Kits), by Technology (PCR, NGS), by Application (Non-healthcare, Healthcare), by End-use, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global synthetic biology market size is expected to reach USD 55,371.1 million by 2030, registering a CAGR of 19.7% during the forecast period, according to this report. The presence of government and private funding to support research in vaccines and a strong synthetic biologic-based product pipeline in clinical trials are the key driving factors for the market. Synthetic biology processes provide crucial advantages for producing antigen and diagnostic reagents for disease identification, accelerating the speed of vaccine development, and improving overall vaccine performance and yield.
Furthermore, support from government agencies and the presence of several programs are likely to boost the market growth. For instance, in the U.S., COVID-19 vaccine R&D, manufacture, regulation, and purchase have been highly supported by collaboration between federal agencies, including the Biomedical Advanced Research and Development Authority (BARDA), the National Institutes of Health (NIH), DOD, FDA, and others (formerly OWS).
Other factors such as expanding demand in industries such as textiles and nutrition are also contributing to the market growth. Several optimal food production processes have been identified with the help of synthetic biology. In addition, synthetic biology is predicted to aid in the generation of higher agricultural yields and pest control development. It is expected to help in the production of better food yield and pest control management.
The growing demand for personalized medicine is expected to majorly drive market growth during the coming years. The use of engineered novel proteins for use as therapeutics has demonstrated synthetic biology in the medical segment. These proteins are designed with some modified protein structure to get the desirable properties required for the treatment. For instance, researchers are developing a therapeutic enzyme candidate that is GI-stable and can be given via oral route to treat Phenylketonuria (PKU).
On the other hand, synthetic biology has raised a few concerns regarding biosecurity and biosafety. Exposure to these products may cause unknown hazards to public health and the environment. To prevent such issues, countries of Europe, the Americas, and Asia have formulated policies to manage the application of synthetic biology techniques in basic & applied research.
Synthetic Biology Market Report Highlights
- By technology, the PCR segment held the largest share of the market. This is attributed to the accelerated development in modern life science, with PCR technology being widely employed in numerous fields of medical research, virus detection, and the food & beverage industry
- The genome-editing segment is expected to grow steadily during the forecast period. It enables researchers to modify the DNA of various organisms, including plants, bacteria, and animals, and their demand is expected to skyrocket in the coming years
- By product, Oligonucleotide and Synthetic DNA is anticipated to have the larger market share in 2030. The falling price of synthesis and increasing requirement for synthetic DNA, RNA, and genes that are employed in numerous applications contribute to the segment growth
- By application, the healthcare segment held a larger global market share. This is attributed to an increase in drug screening and discovery. Moreover, the use of synthetic biology can reduce the cost of drug discovery and propel market growth
- By end-user, the biotechnology and pharmaceutical companies segment held a larger share in 2021, owing to the growing availability of modern research facilities, favorable legislation, and government assistance and funding
- North America was positioned as the dominant market in 2021 due to the presence of high R&D investment, the availability of technologically advanced healthcare research frameworks, and the development of the synthetic biology market in the region
- The Asia Pacific is expected to witness considerable growth in the future owing to the rising development of personalized treatment and the presence of key players
Market Dynamics
Market Drivers
- Extensive Applications Of Synthetic Biology
- Funding And Assistance From Government And Private Organization
- Growing Research And Development Activities In Synthetic Biology
Market Restraint Analysis
- Biosafety, Biosecurity Issue
- Ethical Issues And Unintended Consequences
Market Opportunities
- Development Of Vaccines And Personalized Medicines
- Demand For Biofuel
- Market Challenge Analysis
- Lack Of Standard Regulation For Synthetic Biology Products
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
Chapter 4 Products Business Analysis
Chapter 5 Technology Business Analysis
Chapter 6 Application Business Analysis
Chapter 7 End-Use Business Analysis
Chapter 8 Regional Business Analysis
Chapter 9 Company Profile
Companies Mentioned
- Bota Biosciences Inc.
- Codexis, Inc.
- Creative Biogene.
- Creative Enzymes.
- Enbiotix, Inc.
- Eurofins Scientific
- Illumina, Inc.
- Merck Kgaa.
- New England Biolabs.
- Novozymes
- Pareto Bio, Inc.
- Scarab Genomics, Llc
- Synthego
- Synthetic Genomics Inc.
- Thermo Fisher Scientific, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/31d0b3
