Synthetic Biology Market worth $30.7 billion by 2026 – Increase in Demand for Protein Therapeutics and Personalized Medicines

PUNE, India, 2021-Aug-10 — /EPR Network/ —

The Key Growth Elements in Detailed?

The Factors such as a wide range of applications of synthetic biology, the 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 would hamper the growth of this market.

Worldwide Growth Opportunities in Terms of Revenue:

The Global Synthetic Biology Market size 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.

GROWTH OPPORTUNITY: Rise in the need for fuel alternatives;

With the increasing fuel consumption and growing concerns over energy security, sustainability, and climate change, biofuels are gaining significant importance. Around 150 billion tons of biomass is generated annually across the globe. Currently, edible commodities such as maize, sugarcane, and vegetable oil are being used to produce biofuels. This practice has initiated a debate on ‘food versus fuel.’ However, these issues are being addressed due to the emergence of second-generation biofuels that are produced from renewable, cheap, and sustainable feedstocks such as citrus peel, corn stover, sawdust, bagasse, straw, and rice peel. This is subsequently paving the way for the application of synthetic biology techniques in the development of renewable energy.

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Regional Growth, Development and Demand Analysis:

The synthetic biology market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2020, North America accounted for the largest share of the synthetic biology market, followed by Europe and the Asia Pacific. The large share of the North American market is attributed to factors such as the increase in the number of well-established synthetic biology companies and research institutes in the US and Canada, a large number of ongoing research studies and growth of the overall healthcare sector on a global scale are among the few factors expected to contribute to the growth of this market. Substantial R&D spending is one of the key factors contributing to the increasing demand for synthetic biology tools and technologies among academic & research institutes and healthcare companies in North America.

Major Key Players Mentioned in the research report are:

Some of the prominent players in the synthetic biology market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc (US), Novozymes A/S (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 Eurofins Scientific (Luxembourg).

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.

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