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Synthetic Biology Market worth $31.52 billion in 2029

 



(PharmaNewsWire.Com, November 12, 2024 ) The global Synthetic Biology Market is projected to reach USD 31.52 billion in 2029 from USD 12.33 billion in 2024, with a significant CAGR of 20.6%. Rising demand for bio-based products, growing demand for personalized therapies, especially in gene and cell therapies, and advancements in DNA sequencing and synthesis technologies are some of the factors accelerating the market growth. Additionally, synthetic biology is driving innovations in biopharmaceutical production and increased use of synthetic biology in agriculture is further fueling the growth of the synthetic market.

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Global Synthetic Biology Market Dynamics
DRIVER: Diverse applications of synthetic biology
Synthetic biology comprises biological systems engineering for practical purposes using tools from biology, engineering, and computer science. This interdisciplinary approach has encouraged innovation across various sectors in pharmaceuticals and medicine (semi-synthetic drugs, vaccines, and disease mechanisms).

RESTRAINT: Production scalability
The intricacy of engineering biological systems is a primary barrier to scalability in synthetic biology. Designing and optimizing genetic pathways, metabolic processes, and microbial hosts for large scale production mostly requires vast trial and error, as biological systems may behave unpredictably in various environmental conditions. For example, while a microbial strain may perform well in a controlled laboratory setting, it may encounter challenges when scaled up in bioreactors due to challenges like nutrient availability, oxygen transfer, and product toxicity.

OPPORTUNITY: Growing use of artificial intelligence and machine learning
In recent years, AI/ML has emerged as a plausible alternative to systems biology for the elucidation of biological phenomena and in attaining specified design objectives in synthetic biology. The current development of AI and 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 in 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 to machine learning use in synthetic biology. This is likely to create lucrative growth opportunities in the coming years.

CHALLENGES: Cost constraints
Synthetic biology encounters obstacles in achieving cost competitiveness compared to established petrochemical and agricultural processes. During the initial production stage, the cost of growth media takes up a large part of the total costs, with downstream processing costs occasionally surpassing half of the total expenses. An important aspect leading to the expense of growth media is the carbon source, which is usually obtained from crops such as corn or sugar cane, causing worries about the sustainability of costs and potential effects on food supply security.

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North America was the largest regional market for synthetic biology in 2023.
Based on region, the synthetic biology market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the global synthetic biology market and is expected to maintain a leading market share during the forecast period.

The Asia Pacific synthetic biology market is anticipated to grow at a significant CAGR during the forecast period. The growth in research activities and biologic therapeutics manufacturing is likely to surge the market growth in the region. Furthermore, high-growth regions such as China, Japan, Australia, and Singapore are expected to be major contributors to the Asia Pacific synthetic biology market. The markets for biologics such as antibodies and protein-based drugs are also on the rise in the Asia Pacific region. Biotechnology-based drugs are anticipated to be one of the key drivers for the research industry due to increased research and government funds provided for these drugs.

Prominent players operating in the synthetic biology market include Eurofins Scientific (Luxembourg), Amyris, Inc. (US), Novozymes A/S (Denmark), Agilent Technologies Inc. (US), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (US), Codexis, Inc. (US), Genscript (US), Twist Bioscience (US), Ginkgo Bioworks (US), Precigen (US), Creative Enzymes (US), Synthego (US), Viridos (US), and Cyrus Biotechnology (US), among others.

Recent Developments of Synthetic Biology Market
-In May 2024, Merck signed a Memorandum of Understanding (MOU) with the Korea Advanced Institute of Science and Technology (KAIST) aimed at advancing the research and development ecosystem in South Korea for industrial applications.
-In May 2024, Integrated DNA Technologies (IDT) expanded synthetic biology operations with the opening of a new site. The new site is dedicated to manufacturing IDT’s synthetic biology products.
-In May 2024, Merck signed a Memorandum of Understanding (MOU) with the Korea Advanced Institute of Science and Technology (KAIST) aimed at advancing the research and development ecosystem in South Korea for industrial applications.
-In February 2023, Agilent Technologies Inc. launched an on-deck thermal cycler (ODTC) that combined with the Agilent Bravo NGS automated liquid handling platform for next-generation sequencing (NGS), end-point PCR, and cell-based applications.

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Mr. Rohan Salgarkar

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Source: EmailWire.Com

Source: EmailWire.com


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