Thermo Fisher Scientific (US) and Novozymes A/S (Denmark) are the Leading Player in the Synthetic Biology Market
The synthetic biology market is projected to reach USD 19.8 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 23.9%. The growth of this market is primarily attributed to factors, such as the increasing demand for synthetic genes & synthetic cells, wide range of applications of synthetic biology, declining cost of DNA sequencing & synthesizing, increasing R&D funding & initiatives in synthetic biology, and increasing investments in the market.
Thermo Fisher Scientific (US) was the leading player in the synthetic biology market in 2019. The company offers synthetic biology products, which include DNA fragments, software, engineering kits, DNA oligos, and clones. The company‘s 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 a broad sales force and a global network of resellers and distributors. Thermo is equipped with an international network of warehouses, specialized product vaults, and warehouse management systems that maintain the 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.
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Novozymes A/S (Denmark) offers bioenergy and crop protection products. The company primarily focuses on innovation and sustainability to set itself apart in the market and build long-term customer relationships. In 2018, the company invested approximately 13% of its revenue on R&D. The company focuses on organic strategies, such as expansions to enhance its position in the market. For instance, in 2019, Novozymes opened an Innovation Campus in Lyngby, Denmark, for research in biological solutions to further focus on its R&D activities.
Other prominent players in the synthetic biology market are Merck KGaA (Germany), Agilent Technologies, Inc. (US), Ginkgo Bioworks (US), Amyris, Inc. (US), Intrexon Corporation (US), GenScript Biotech Corporation (China), Twist Bioscience (US), Synthetic Genomics, Inc. (US), Codexis, Inc. (US), Synthego Corporation (US), Creative Enzymes (US), Eurofins Scientific (Luxembourg), Cyrus Biotechnology Inc. (US), ATUM (US), TeselaGen (US), Arzeda (US), Integrated DNA Technologies, Inc. (US), and New England Biolabs (US).
Related Reports:
Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), by Technology (Gene Synthesis, Bioinformatics), by Application (Tissue Regeneration, Biofuel, Renewable Energy, Food & Agriculture, Bioremediation) - Global Forecast to 2025
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