July 25, 2024
Synthetic Biology Market

Synthetic Biology Market is Estimated to Witness High Growth Owing to Advancements in Gene Editing Technologies

Synthetic biology involves the design and engineering of biologically based parts, novel devices and systems as well as redesign of existing natural biological systems. Synthetic biology aims to expand biological functions and introduce new functions that do not exist in nature. Some of the key aspects of synthetic biology include DNA synthesis and genetic engineering tools to introduce new DNA into organisms or to delete/modify existing genetic sequences. Advancements in gene editing technologies such as CRISPR-Cas9 have enabled easier and more precise modifications in DNA which has benefitted the field of synthetic biology.

The Global Synthetic Biology Market is estimated to be valued at US$ 36511.02 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Synthetic Biology 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. Advancements in gene editing technologies such as CRISPR-Cas9 have enabled synthetic biology applications by facilitating targeted genome editing. The synthetic biology market is expected to witness increased opportunities in the areas of healthcare, food and agriculture, energy and environment due to the ability to program biological organisms for useful purposes.

Market drivers

Increasing R&D investments by pharmaceutical and biotechnology companies: Growing investments in R&D by pharmaceutical and biotechnology companies to develop new drugs, therapies and diagnostics using synthetic biology approaches is expected to drive the market growth. Synthetic biology tools enable designing cells with new functionalities for various applications.

Challenges in synthetic biology market

The Synthetic Biology Market Size faces various challenges related to regulation, safety, funding and public acceptance. Regulatory policies are still evolving for synthetic biology and there are no clear guidelines regarding the commercialization and release of genetically modified organisms. This regulatory uncertainty increases compliance costs for companies. There are also concerns regarding biosafety and biosecurity as synthetic organisms could potentially harm the environment and public health if not properly controlled. Accidental or intentional misuse of synthetic biology for bioterrorism activities poses another risk. Lack of funding from private investors for high-risk early stage research is limiting innovation. Public acceptance of synthetic biology and genetically engineered products is still low due to ethical and environmental concerns which could hamper market growth.

SWOT Analysis

Strength: Rapid technological advancement is enabling the design and engineering of novel biological systems and organisms.

Weakness: Regulatory framework is still evolving leading to uncertainty. High R&D costs involved in developing new products.

Opportunity: Huge scope for applications in healthcare, energy and materials sectors. Growing government funding for synthetic biology research.

Threats: Risk of products harming the environment if accidentally released. Potential for misuse of the technology for bioterrorism activities.

Geographically, North America held the largest share of the synthetic biology market in 2024 due to extensive government funding and presence of major companies in the region. Asia Pacific is projected to grow at the fastest pace during the forecast period driven by rising investments in synthetic biology research from China, India and other Asian countries.

The United States currently accounts for the largest market share for synthetic biology in terms of value. However, China is emerging as an attractive market owing to increasing government support for synthetic biology. China’s government funding for synthetic biology research surpassed that of the US in recent years which is expected to fuel Chinese market growth over the coming decade.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.