by The global synthetic biology market encompasses the engineering of biologically based components, systems as well as organisms for novel and useful applications. Synthetic biology products include synthesized genes, oligonucleotides, DNA synthesis supplies, bioinformatics software tools & others. These products find applications in several industries such as healthcare, energy, agriculture and environment owing to their advantages like customization, precision, effectiveness, and sustainability.
The Global synthetic biology market is estimated to be valued at US$ 36511.02 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the synthetic biology market are DiaSorin S.p.A., Abbott Laboratories, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers, Beckman Coulter Inc., F. Hoffmann-La Roche AG, Inova Diagnostics, Inc., Maccura Biotechnology Co., Ltd., Tosoh Corporation, and Ortho Clinical Diagnostic. Growing demand for synthetic gene design and production for personalized medicines, genetic sequencing, and biofuel production is fueling the growth of the market. Synthetic biology companies are expanding globally with North America, Europe and Asia Pacific being the major markets.
Market key trends
CRISPR gene editing is gaining traction in Synthetic Biology Market Size as it allows easy editing of DNA. Use of CRISPR for customizing immune cells and engineering crops is a key trend. Synthetic biologists are also working on minimal bacterial genomes and synthetic life which can have implications in healthcare, agriculture and environment. Digital transformation through the use of AI, cloud and Big Data in synthetic biology is enabling faster designing of genes/organisms, better data analysis and improved decision making. Advancements in DNA synthesis like increased capacity and reduction in costs is making genome engineering more affordable and approachable for industries and researchers.
Porter’s Analysis
Threat of new entrants: Low capital requirement is reducing barriers to entry in synthetic biology market. However, presence of established players make it difficult for new players to gain foothold.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes. They can switch to substitute products if prices are not competitive.
Bargaining power of suppliers: Suppliers have moderate bargaining power as they depend on few large suppliers for raw materials and technologies.
Threat of new substitutes: Threat of substitution is moderate as substitute products take time to replace existing technologies. However, new applications can emerge as substitutes over time.
Competitive rivalry: High as market consolidate and players compete on basis of technology, applications and pricing.
Geographical regions: North America accounted for largest share due to presence of major players and flexible regulatory environment supporting R&D. The United States contributed significantly to regional market growth.
Fastest growing region: Asia Pacific synthetic biology market is expected to witness highest CAGR during forecast period. Rising biotech industry, increasing healthcare expenditure, and technological innovations will drive regional market expansion.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
