According to the lastest report published by MarketsandMarkets, "Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), Technology (Genome Engineering, Bioinformatics), Applications (Tissue Regeneration, Biofuel, Food, Agriculture, Consumer Care, Environmental)- Global Forecast to 2027, the global synthetic biology market size is projected to reach USD 35.7 billion by 2027 from 11.4 billion in 2022, at a CAGR of 25.6% during the forecast period. Synthetic biology is a rapidly growing field that has the potential to revolutionize many aspects of our lives. From medicine to agriculture, synthetic biology is being used to create new and improved products.
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Synthetic biology is the application of engineering principles to the design and construction of biological systems and living organisms. It is a relatively new field that combines the disciplines of biology, engineering, and computer science to create novel biological systems. The goal of synthetic biology is to create novel biological systems that can be used for various applications, such as drug production, energy production, and even the production of materials.
The growth of the synthetic biology market is largely driven by the increasing demand for new and better products, such as drugs and medical treatments, as well as the increasing demand for renewable energy sources. In addition, the increasing demand for personalized medicine and the growing use of synthetic biology in the manufacturing of materials are also contributing to the growth of the market.
The increasing demand for renewable energy sources and personalized medicine, as well as the growing use of synthetic biology in the manufacturing of materials, are driving the growth of the market. The major players in the market are also investing heavily in research and development to create new and improved products, and are also focusing on expanding their market presence.
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Key Market Players
The prominent players operating in the synthetic biology market are Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Novozymes A/S (Denmark), and Ginkgo Bioworks (US).
Thermo Fisher Scientific (US) is one of the leading player in synthetic biology market in 2021. The company’s leading position attributable to its diversified product portfolio, strong geographic presence, and adoption of organic and inorganic growth strategies. The company has adopted different growth strategies, such as new product launches and deals that include agreements, partnerships, acquisitions, and expansions, to maintain its leading position in the synthetic biology market. Thermo Fisher Scientific caters to the life sciences industry needs by introducing new products and related services in the market.
Merck KGaA (Germany) is one of the leading players in the life sciences market. The company, through its acquisition of Sigma-Aldrich (US) in November 2015, entered the synthetic biology market. The life sciences division of Sigma offers oligonucleotides, CRISPR genome editing reagents, custom-engineered cell lines, and metabolic assays in the synthetic biology market. The strength of Sigma-Aldrich lies in its global reach. The company has its footprint in 37 countries and manages to reach its customers through its eCommerce platform. The company has adopted growth strategies such as expansions and product launches. It is focusing on the emerging markets to expand its presence in the synthetic biology market.
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.
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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