Synthetic Biology Market : Growth in research on synthetic drugs and vaccines
This study involved four major activities in estimating the current size of the synthetic biology market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
According to the new market research report “Synthetic Biology Market by Tools (Oligonucleotides, Enzymes, Synthetic Cells), Technology (Gene Synthesis, Genome Engineering), Application (Tissue Regeneration, Biofuel, Consumer Care, Food & Agriculture, Environmental) and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the global 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.
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452 – Tables
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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.
COVID-19 impact on the synthetic biology market
Many established pharmaceutical and biopharmaceutical companies, along with players of the synthetic biology market, have stepped forward to contribute to worldwide research efforts by providing synthetic biology for developing test kits, treatments, and vaccines to target the infection caused by the coronavirus. Synthetic biology is highlighted as one of the emerging technologies in a report from the European Parliament. It can fight the COVID-19 pandemic. The National Institute of Health in the US has also identified synthetic biology as one way to speed up vaccine development.Synthetic biology technologies have the potential to transform the development and production of vaccines, therapeutics, and diagnostics by utilizing their engineering approaches built on a variety of information (genomic sequences, sequence annotations, enzyme properties, metabolic models, lab protocols, algorithms, and scientific knowledge).
The oligonucleotides and synthetic DNA segment accounted for the largest share of the tool segment in the synthetic biology market in 2020.
On the basis of tool, the market is broadly segmented into oligonucleotides & synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms, and xeno-nucleic acids. In 2020, oligonucleotides & synthetic DNA accounted for the largest share of the market for tools. These segments large share can be attributed to factors such as rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of applications.
The medical applications segment accounted for the largest share of the application segment in the market in 2020.
Based on application, the market is categorized into three segments—medical applications, industrial applications, food & agriculture, and environmental applications. In 2020, medical applications segment accounted for the largest share of synthetic biology market. Factors such as the extensive research on new and better treatments, coupled with the availability of huge private and public funding for the discovery of novel therapies, is the primary driver for the medical segment’s growth.
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The Asia Pacific region is the fastest-growing region of the synthetic biology market in 2020.
The Asia Pacific region is estimated to grow at the highest CAGR in the 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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- In January 2021, Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
- In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
- In January 2021, Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.