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Synthetic Biology Market Trajectory & Analytics Report, Major Technology Giants, Industry Experts, Growing Popularity and Business Opportunities

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Synthetic Biology Market Trajectory & Analytics Report, Major Technology Giants, Industry Experts, Growing Popularity and Business Opportunities

April 20
03:06 2023
Synthetic Biology Market Trajectory & Analytics Report, Major Technology Giants, Industry Experts, Growing Popularity and Business Opportunities
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)
Synthetic Biology Market in terms of revenue was estimated to be worth $11.4 billion in 2022 and is poised to reach $35.7 billion by 2027, growing at a CAGR of 25.6% from 2022 to 2027 according to a new report by MarketsandMarkets™.

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.

Browse in-depth TOC on “Synthetic Biology Market”

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Key Market Players

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.

Synthetic Biology Market Dynamics

Drivers: Increased Funding is likely to upsurge the market growth

Synthetic biomedicine research has gained momentum, owing to the depleting antibiotic pipeline, rising incidence of chronic and debilitating disorders such as cancer and HIV; and growing need to develop effective and promising cures for several diseases that adversely affect the quality of life across the globe. The continuous rise in the funding for synthetic biology by government agencies is further supporting the growth of this market. For instance, in July 2022, SynbiCITE, UK’s National Centre for the Industrial Translation of Synthetic Biology received USD 5.7 million (£5.5m) funding commitment from SynBioVen. Founded 2022, SynBioVen is a venture capital investment firm based in United Kingdom. The firm focuses to invest across the healthcare and biotechnology sectors. The funding will enable the Imperial-hosted centre to continue to support synthetic biology startups and SMEs, strengthen the emerging UK bioeconomy and help unlock the societal benefits of synthetic biology.

Restraints: Biosafety, biosecurity, and ethical concerns

One important biosafety concern in synthetic biology is the intentional or unintentional release of synthetic organisms into the environment during research and other applications. Synthetic microbes, when released into the environment, can mutate or interact with other organisms, resulting in crossbreeding with natural organisms and creating bio errors. This can threaten the ecosystem of natural organisms. The formation of antibiotic-resistant superbugs is another major biosafety concern. In recent years, the European Union (EU) has funded several research efforts on the environmental impact of deliberately released genetically engineered microbes for plant growth or bioremediation.

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Opportunities: Use of Machine Learning in research and development

In recent years, artificial intelligence (AI)/machine learning has emerged as a plausible alternative to systems biology for the elucidation of biological phenomena and in attaining specified design objective in synthetic biology. The current development of artificial intelligence (AI) and machine learning (ML) techniques and tools in the biological and biotechnological domains can be viewed similarly for bringing about smarter and more automated analysis and decision-making to these fields. AI/ML remains an alternative for investigating system behaviors and improving the output of interest in synthetic biology applications. Currently various market players shifted the focus on machine learning use in synthetic biology. Additionally, immensive government support This is likely to create lucrative growth opportunities in coming years. For instance, as of November 2022, BigHat Biosciences, Inc., a biotechnology company with a machine learning-guided antibody discovery and development platform entered in collaboration with Merck to develop AI-enabled platform to expedite protein engineering to design and develop novel therapeutic candidates. Under the collaboration, BigHat and Merck will collaborate to optimize up to three proteins by leveraging BigHat’s platform to synthesize, express, purify, and characterize molecules.

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.

Recent Developments:

  • In January 2021, Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
  • In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
  • In January 2021, Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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