NEW YORK, Dec. 12, 2023 /PRNewswire/ — The global synthetic biology market size is estimated to grow by USD 28.25 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 25.6% during the forecast period. The evolving regulatory framework around synthetic biology is a key trend in the market. Governments of various countries are working on developing standard guidelines, clear policies, and stringent regulations to tackle the risks associated with synthetic biology. For instance, in the US, the Toxic Substances Control Act (TSCA) deals with the potential impact of synthetic biology in human health and the environment. Europe also has numerous policies at international, community, member state, and local levels. Therefore, the evolving regulatory framework for synthetic biology is expected to promote investments, foster innovation, and ensure the safety and efficacy of synthetic biology products, which, in turn, will support market growth during the forecast period. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Synthetic biology market – Segmentation assessment
Segment overview
Technavio has segmented the market based on application (healthcare, industrial, food and agriculture, and others) and product (oligonucleotides, enzymes, cloning technology kits, xeno-nucleic acids, and chassis organism).
- The healthcare segment will account for a significant share of the market growth during the forecast period. Synthetic biology is used to create engineered systems of genes and other molecular components. Clinical applications of synthetic biology are expected to expand further in the next few years. For instance, professors at the Massachusetts Institute of Technology (MIT) have developed a paper that has embedded modified genetic machinery from a cell. These factors will drive the growth of this segment during the forecast period.
- Based on geography, the global synthetic biology market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global synthetic biology market. North America is estimated to account for 42% of the growth of the global market during the forecast period. The US and Canada are the key countries in the regional market. The demand for synthetic biology is expected to increase owing to factors such as rising investments in synthetic biology companies, increasing demand for bio-based products, and growing R&D funding. In addition, governments in the region are focusing on the development of personalized therapeutics. Thus, increasing support from government and private institutions is expected to drive the growth of the synthetic biology market in the region during the forecast period.
Market dynamics
The growing applications of synthetic biology are driving the market growth. Synthetic biology helps improve the efficiency of products such as biochemicals, therapeutics, medicine, biofuels, and other bio-based substitutes. It can also be used in industries such as agriculture and F&B. For example, synthetic technology can be used to increase yield by enhancing properties such as efficient use of water and nutrients, nitrogen fixation and better resistance to pests, and photosynthetic performance.
However, technical challenges may impede the synthetic biology market growth. There are various issues related to the deployment of synthetic biology. Currently, there is insufficient knowledge and understanding of synthetic technology. For example, biological functions are determined by genetic circuits that are made of interacting proteins and genes. However, it is difficult to study the core design of the genes. These challenges will hinder the growth of the global synthetic biology market during the forecast period.
Insights on the market contribution of various segments, including country- and region-wise historic data (2017 to 2021) and forecast market size (2023 to 2027) – Download a sample report
Insights on market trends, historic period (2017 to 2021), and forecast period (2023 to 2027) – Request a sample report!
What are the key data covered in this synthetic biology market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the synthetic biology market between 2023 and 2027
- Precise estimation of the size of the synthetic biology market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the synthetic biology market across North America, Europe, Asia, and Rest of World (ROW)
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of synthetic biology market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Application
- market Segmentation by Product
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
