The growth of this market is mainly driven by increasing demand for synthetic genes and synthetic cells, broad application of synthetic biology, decreasing cost of DNA sequencing and synthesis, and increasing R&D funding and initiatives for synthetic biology market.
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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.
The oligonucleotides and synthetic DNA segment accounted for the largest share of the tool segment in the synthetic biology market.
On the basis of tool, the synthetic biology market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. oligonucleotides & synthetic DNA accounted for the largest share of the synthetic biology market for tools.
The medical applications segment accounted for the largest share of the application segment in the synthetic biology market.
Based on application, the synthetic biology market is categorized into three segments—medical applications, industrial applications, food & agriculture, and environmental applications. medical applications segment accounted for the largest share of synthetic biology market.
The Asia Pacific region is the fastest-growing region of the synthetic biology market.
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 growing collaborations in the field of synthetic biology, growing partnerships in the Chinese market, and investments in Asia Pacific countries for research.
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).
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