Synthetic Biology Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Synthetic Biology Market Analysis

The Synthetic Biology Market size is estimated at USD 79.39 billion in 2024, and is expected to reach USD 145.49 billion by 2029, growing at a CAGR of 12.88% during the forecast period (2024-2029).

During the COVID-19 pandemic, the synthetic biology market had a slight decline in growth initially, due to decreasing production, followed by lockdown and lack of labor situation. However, the market eventually experienced a recovery in the growth owing to the rise in the demand for innovation and development of vaccines, therapeutics, and diagnostics for the management of COVID-19. The research related to the COVID vaccine and drugs development, bolstered the research activities in the synthetic biology. As per a data published by the World Economic Forum in September 2021, the advancements in the synthetic biology have a vast potential to manage the pandemic for the development of mRNA vaccine against virus. Due to the wide application of synthetic biology in the vaccine and drug development against COVID-19, the studied market is expected to grow during the pandemic. Although, in the post-pandemic, the decrease in the numbers of COVID-19 patients, and the resumption of the research and treatment of non-COVID diseases, the focus of the medical and research bodies, and private players have been slightly shifted from COVID-19 to other medical areas as it was in pre-pandemic. Thus, the COVID-19 outbreak had an impact on the market's growth in its preliminary phase. Moreover, the market is expected to grow further at a stable pace with the increasing demand for synthetic biology for the drug development for various medical areas.

Further, the market is expected to grow further with the increasing support from the government and private institutions, increasing R&D investments in drug discovery, and the development and declining cost of DNA sequencing and synthesizing. The growing involvement of government bodies, research institutes, and large organizations in synthetic biology research activities are likely to support the market in the next few years. Governments of various nations have been providing research support for synthetic biology because of its extensive applications. For instance, in September 2022, the Government of New South Wales announced to invest over USD 6 million into a new synthetic biology and biomanufacturing development program which would improve the access to the manufacturing and production facilities and equipment across the State of Wales, Australia. There have been many research studies and projects running in various countries concerning synthetic biology that has tried to tap multiple complexities in the genomes of organisms, which has helped create more effective and efficient therapies to treat them. For instance, in April 2021, a Synthetic Biology (SynBio) Coalition was launched to support the American synthetic biology domain and investment in the same area. US federal government would work in collaboration with the SynBio Coalition for the development and advanced biomanufacturing industry in the United States. Synthetic biology technologies and products are also finding significant usage in various application areas. Since the organisms engineered with synthetic biology techniques are relatively reasonable, owing to their use in various industrial applications, which also translates into a reduction in the cost of research, the demand for these techniques is growing worldwide.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, biosafety and bio-security, ethical issues, and reimbursement cuts causing pricing pressure, are likely to impede market growth.

Synthetic Biology Market Trends

The Healthcare Segment is Expected to Witness Significant Growth Over the Forecast Period

Synthetic Biology Industry Segmentation

As per the scope of the report, synthetic biology is a new interdisciplinary area that involves the application of engineering principles to biology. It aims at the re-designing and fabrication of biological components and systems. Therefore, it combines the knowledge of genomics and the chemical synthesis of DNA for the rapid production of cataloged DNA sequences. The synthetic biology market is segmented by Product (Core Products, Enabling Products, and Enabled Products), Application (Healthcare, Chemicals (Including Biofuels), Food and Agriculture, Other Applications (Biosecurity, Energy, and Environment)), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.