Synthetic Biology Market To Reach USD 57.1 Billion By 2032, Report By DataHorizzon Research
The synthetic biology market size was valued at USD 14.2 Billion in 2023 and is expected to reach a market size of USD 57.1 Billion by 2032 at a CAGR of 16.7%.
Fort Collins, Colorado, May 07, 2024 (GLOBE NEWSWIRE) -- *
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*Genomic advances such as DNA sequencing and gene synthesis drive the growth of the synthetic biology market.*
Advancements in genomic technologies, such as DNA sequencing and gene synthesis, are driving forces behind the growth of the *synthetic biology market.* The National Human Genome Research Institute (NHGRI) reports a remarkable reduction in the cost of sequencing a human genome, plummeting from approximately USD 100 million in 2001 to less than USD 1,000 in 2021. This substantial cost decrease has democratized access to genomic technologies, empowering researchers to design and manipulate biological systems with heightened precision and efficiency. Furthermore, the emergence of high-throughput sequencing technologies and automated DNA synthesis platforms has further propelled the expansion of the synthetic biology market.
In addition to technological advancements, global demand for sustainable and eco-friendly products is another pivotal driver for the synthetic biology market. Synthetic biology offers a promising avenue for developing bio-based alternatives to traditional chemical processes, diminishing the environmental footprint across various industries. A report by the U.S. Department of Energy underscores the role of synthetic biology in generating renewable biofuels, bioplastics, and other bio-based chemicals, which hold the potential for mitigating climate change and reducing reliance on fossil fuels. Moreover, the increasing consumer preference for sustainable and natural products in sectors like cosmetics, food, and textiles is fueling the adoption of synthetic biology solutions.
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*Segmentation Overview:*
*The synthetic biology market has been segmented into product type, technology, end-user, and region.*
*Oligonucleotides leads the product segment in the forecast period.*
· Based on the market segmentation by product type, the oligonucleotides and synthetic DNA segment held the largest market share in 2023. This segment includes products such as synthetic genes, primers, probes, and other DNA fragments essential for various synthetic biology applications.
*Gene synthesis accounted for a significant share in 2023.*
· Based on the market segmentation by technology, the gene synthesis segment held the largest market share in 2023. Gene synthesis involves the production of artificial genes or DNA sequences using chemical or enzymatic methods. The growing demand for synthetic genes in various applications, such as metabolic engineering, vaccine development, and protein expression, has significantly contributed to this segment's dominance.
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*Synthetic Biology Market Report Highlights:*
· The synthetic biology market growth is anticipated at a *CAGR of 16.7% by 2032.*
· Advances in genomic technologies and falling costs drive the industry growth.
· North America dominates the global synthetic biology market, particularly the United States. The region's dominance can be attributed to several factors, including leading synthetic biology companies, robust research infrastructure, strong intellectual property protection, and supportive government initiatives.
· Some prominent players in the synthetic biology market report include Thermo Fisher Scientific, Merck KGaA (MilliporeSigma), Agilent Technologies, Novozymes, Intrexon (Precigen), Amyris, Genscript, Twist Bioscience, Synthetic Genomics, Codexis, Zymergen, and Ginkgo Bioworks.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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