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. Factors such as diversified applications of synthetic biology, rising R&D funding and growing initiatives in synthetic biology, declining cost of DNA sequencing and synthesizing, and increasing investments in the market are propelling the growth of this market. However, biosafety, biosecurity, and ethical concerns related to synthetic biology are the major factors restraining the growth of this market.
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The oligonucleotides and synthetic DNA segment accounted for the largest share of the tool segment in the synthetic biology market in 2021.
Based on tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2021, oligonucleotides & synthetic DNA accounted for the largest share of the synthetic biology market for tools. This segment's large share can be attributed to factors such as rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.
The medical applications segment accounted for the largest share of the application segment in the synthetic biology market in 2021.
Based on application, the synthetic biology market is categorized into three segments—medical applications, industrial applications, food & agriculture, and environmental applications. In 2021, medical applications segment accounted for the largest share of synthetic biology market. Factors such as the adoption of synthetic biology techniques and tools in regenerative medicine, use of synthetic biology tools in drug discovery and development are projecting the segmental growth.
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.
Some of the prominent players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies (US), Novozymes (Denmark), Ginkgo Bioworks (US), Amyris (US), Precigen, Inc. (US), GenScript (China), Twist Bioscience (US), Synthetic Genomics (US), Codexis (US), Synthego (US), Creative Enzymes (US), and among others.
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