The synthetic biology market is projected to reach USD 30.7 billion by 2026 from USD 9.5 billion in 2021, at a CAGR of 26.5% during the forecast period. The growth of this market is mainly driven by the increasing demand for synthetic genes and synthetic cells, a wide range of applications of synthetic biology, declining cost of DNA sequencing and synthesizing, increasing R&D funding and initiatives in synthetic biology, and increasing investments in the market.
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) held the leading position in the synthetic biology market in 2020. The company offers synthetic biology products, which include DNA fragments, software, engineering kits, DNA oligos, and clones. Its large share in this market can be attributed to its broad product portfolio, years of experience, and vast distribution channel. The company’s distribution network comprises broad sales force and a global network of resellers and distributors. It is equipped with an international network of warehouses, specialized product vaults, and warehouse management systems, which maintain inventory and coordinate product deliveries. Throughout the product delivery process, the company provides its customers with convenient access to comprehensive electronic systems, allowing for automated catalog search, product orders, and invoicing & payment capabilities.
Merck KGaA (Germany) provides a wide range of products as well as services in the market. Geographically, the company has its footprint in 65 countries across the globe and is further expanding its network. For instance, in 2020, the company opened its largest M Lab Collaboration Center in Shanghai (China) to provide its drug development services to the growing pharmaceutical industry in Asia. It also benefits from its strong R&D capabilities. In 2020, it invested USD 2.61 billion in R&D, which was 13% of its revenue. The company’s CRISPR Epigenetic Activator earned a position on the ‘The Scientist’s Top 10 Innovations’ list in 2018. This has enhanced Merc KGaA’s brand value in the synthetic biology market. The company’s strong geographic presence, distribution network, and innovative products would help it to maintain its position in the synthetic biology market in the coming years.
Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), Technology (Gene Synthesis, Genome Engineering), Application(Tissue Regeneration, Biofuel, Consumer Care, Food & Agriculture, Environmental) and Region - Global Forecast to 2026
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