Synthetic Biology Market Share and Scope 2031
The synthetic biology market size is projected to reach US$ 66.4 billion by 2031 from US$ 15.1 billion in 2023. The market is expected to register a CAGR of 20.3% during 2023–2031. Advanced synthetic biology is likely to remain a key trend in the market.
Synthetic Biology Market Analysis
Key factors driving market growth are increasing investments in synthetic biology and the rising number of start-ups. Synthetic biology offers companies a broad scope of opportunities to collaborate inter-disciplinary globally between synthetic biologists, policymakers, researchers, and industry. For instance, in August 2021, Codex DNA announced a Synthetic Biology Collaboration with the U.S. Department of Agriculture to identify scalable therapeutic measures against citrus greening disease.
Synthetic Biology Market Overview
Synthetic biology is an emerging concept with numerous applications in the chemicals, agriculture, pharmaceuticals, and energy industries. Various start-ups offer solutions for complex microbial systems. For example, US-based startup Asimov offers a genetic design platform for mammalian synthetic biology. They integrate synthetic biology, multi-omics measurement, computational modeling, and machine learning in a single platform to advance therapeutic applications. Additionally, Benchling provides CAD tools, GenScript offers gene synthesis, Ginkgo Bioworks assists in organism engineering, Transcriptis (a bioinformatics company) offers solutions facilitating cloud labs/automation, and Glowee offers consumer products.
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Synthetic Biology Market: Strategic Insights
Market Size Value in US$ 10,544.16 Million in 2021 Market Size Value by US$ 37,850.85 Million by 2028 Growth rate CAGR of 20.0% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Synthetic Biology Market: Strategic Insights
| Market Size Value in | US$ 10,544.16 Million in 2021 |
| Market Size Value by | US$ 37,850.85 Million by 2028 |
| Growth rate | CAGR of 20.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Synthetic Biology Market Drivers and Opportunities
Rising Number of Start-Ups
Biotechnology entrepreneurs can quickly raise funds and procure equipment and space from governments in their countries. For instance, For instance, the Indian government financed IITM Bioincubator, a division of the Indian Institute of Technology Madras, to establish a bioinformatics infrastructure facility and a cutting-edge cancer biology research center. Organizations include the Department of Science and Technology (DST), the Department of Biotechnology (DBT), and the Council of Scientific and Industrial Research (CSIR) contributed the funding. In China, Chinaccelerator is a financer that provides mentorship programs to help start-ups. It is also associated with SOSV Investments LLC, which helps in the establishment of start-ups by providing funds through programs such as RebelBio and Indie Bio. The easy availability of funds for ideas motivates entrepreneurs worldwide to establish synthetic biology businesses.
Collaboration Between Companies
Synthetic biology is the branch of biotechnology that would provide opportunities for nearly every aspect of the healthcare sector, including drug delivery, protein therapeutics, biofuels, and food and agricultural product development. It provides opportunities for biotechnology entrepreneurs to accelerate discovery, reduce clinical failures, and be more cost-efficient. Synthetic biology offers companies a broad scope of opportunities to collaborate inter-disciplinary globally between synthetic biologists, policymakers, researchers, and industry. For instance, in August 2021, Riffyn Inc. and Imperial College’s Centre collaborated for Synthetic Biology (IC-CSynB), and SynbiCITE’s London Biofoundry sets for synthetic biology research and education in scientific reproducibility. These are the primary factors that make companies grow in the synthetic biology market and are likely to impact market growth in the forecast period.
Synthetic Biology Market Report Segmentation Analysis
Key segments that contributed to the derivation of the synthetic biology market analysis are product, technology, and application.
- Based on product, the synthetic biology market is segmented into enzymes, chassis organisms, oligonucleotides, and xeno-nucleic acids. The oligonucleotides segment held a larger market share in 2023.
- By technology, the market is segmented into measurement & modeling, cloning & sequencing, genome engineering, gene synthesis, nanotechnology, and others. The gene synthesis segment held the largest share of the market in 2023.
- By application, the market is segmented into medical applications, industrial applications, food and agriculture, environmental applications, and others. The medical applications segment held the largest share of the market in 2023.
Synthetic Biology Market Share Analysis by Geography
The geographic scope of the synthetic biology market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Synthetic biology is a significant tool for biological advances, which provides potential for developing biological weapons, possible unforeseen negative impacts on human health, and any potential environmental impact. Security issues can be avoided by regulating industry biotechnology use through policy legislation.
The various government initiatives and funding offered are excellent support for the synthetic biology market's growth in the US. For instance, according to a National Center for Biotechnology Information (NCBI) report, the US government offers approximately US$220 million yearly for synthetic biology research and development. This fund includes investments from the Department of Energy, the National Science Foundation (NSF), the Department of Defense (DoD) (including DARPA), the National Institutes of Health (NIH), and the US Department of Agriculture (USDA).
Synthetic Biology Market Report Scope
Synthetic Biology Market News and Recent Developments
The Synthetic Biology Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the synthetic biology market are listed below:
- bit.bio and Ginkgo Bioworks announced bit.bio as an inaugural partner of the Ginkgo Technology Network. The Network, launched, is a groundbreaking ecosystem of cutting-edge technology partners committed to collaborating with Ginkgo to provide new, integrated capabilities to drive success in customer R&D programs. (Source: bit.bio, Company Website, February 2024)
- Sumitomo Chemical Co., Ltd and Ginkgo Bioworks announced a new program to develop functional chemicals with synthetic biology and expand upon the companies’ existing biomanufacturing partnership. (Source: Sumitomo Chemical Co., Ltd, Company Website, July 2023)
Synthetic Biology Market Report Coverage and Deliverables
The “Synthetic Biology Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Synthetic biology market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Synthetic biology market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Synthetic biology market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the synthetic biology market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Products, Technology, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the synthetic biology market in 2023.
Key factors that are driving growth of the market are increasing investments in synthetic biology and rising number of start-ups in the market. However, the biosafety and biosecurity concerns in synthetic biology hamper the market growth.
Advanced synthetic biology is likely to remain a key trend in the market.
THERMO FISHER SCIENTIFIC INC, Agilent Technologies, Inc., MERCK KGaA, New England Biolabs, Integrated DNA Technologies, Twist Bioscience, GenScript Biotech Corporation, Novozymes A/S, Codexis.
The market is expected to register a CAGR of 20.3% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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