The synthetic biology market is projected to reach USD 35.7 billion by 2027 from USD 11.4 billion in 2022, at a CAGR of 25.6% during the forecast period. The growth of this market is mainly driven by rise in demand for synthetic genes and synthetic cells, declining cost of DNA sequencing and synthesizing. Furthermore, increased R&D funding coupled with high investment by market players in synthetic biology is likely to upsurge market growth in coming years.
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).
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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. For example, in April 2022, the company launched Gibco CTS TrueCut Cas9 Protein.
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. For instance, February 2021, Merck and Pfizer-BioNTech entered in a partnership, under which Merck would supply lipids to produce Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
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
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