The global synthetic biology market is anticipated to grow at a considerable CAGR of 32.0% during the forecast period (2022-2028). The growing involvement and assistance from government bodies in synthetic biology research activities will likely support the market during the forecast year. Governments of various nations are providing research support for synthetic biology due to its extensive applications in chemical environmental, agriculture, medical, energy, nanotechnology and others. For instance, in 2020, The Morrison Government announced that it is investing $8.3 million in a cutting-edge synthetic biology research facility to lead the development of new products, create new jobs and businesses and grow the economy. The Government also announced that it will establish a synthetic biology BioFoundry to speed up research in areas such as biofuels, drought resistant crops, improved nutrition and human therapeutics. Such investments are expected to significantly add in the growth of synthetic biology field.
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With the purpose of progressing pharmaceutically and to increase international competitiveness governments of several nations has taken initiatives to fund various pharma and biotech companies. Research studies and projects running in various countries regarding synthetic biology with various initiatives taken by governments and other organizations has helped to create more effective and efficient therapies. Furthermore, Synthetic biology has helped pharmaceutical companies to develop novel drugs, which can treat chronic conditions. For instance, In 2020, Codexis, Inc., developer of high-performance enzymes, and Molecular Assemblies, Inc., a pioneer in the field of enzymatic DNA synthesis, announced a partnership to engineer enzymes to deliver differentiated and cost-effective solutions for the enzymatic synthesis of DNA.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
o By Product
o By Technology
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Twist Bioscience Corp., Merck KGaA, GenScript Biotech Corp., Thermo Fisher Scientific Inc., Amyris Inc., Codexis Inc, Ginkgo Bioworks, and many others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Synthetic Biology Market Report Segment
By Product
- Enabling Product
- Core Product
- Enabled Product
By Technology
- Gene Synthesis & Sequencing
- Genome Engineering
- Bioinformatics
- Others
By Application
- Medical Application
- Industrial Application
- Food & Agriculture
- Environmental Applications
