by The Synthetic Biology Market is witnessing high growth owing to demand for personalized medicine and healthcare. Synthetic biology includes various techniques and tools that enable the designing and constructing of new biological parts, devices and systems as well as redesigning of existing natural biological systems.
The Synthetic Biology Market is estimated to be valued at US$ 31,693.59 Mn in 2023 and is expected to exhibit a CAGR of 28% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Synthetic biology involves the design and construction of new biological parts, devices and systems that do not exist in nature as well as redesigning of existing biological systems. The applications of synthetic biology include pharmaceuticals, chemical production, agriculture, environmental protection and renewable energy. Advancements in synthetic biology are driving the development of personalized medicine and cheaper healthcare by enabling rapid manufacturing of biotherapeutics.
Market key trends:
One of the major trends in the Global Synthetic Biology Market is increasing demand for bio-based chemicals and materials. Conventional petrochemical resources are facing issues related to volatility in crude oil prices and environmental concerns. Synthetic biology enables the production of bio-based chemicals and materials from renewable resources through fermentation process reducing reliance on petrochemicals. Companies are investing in developing bio-based alternatives for plastics, solvents, fragrances etc. using synthetic biology which is expected to drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The synthetic biology market requires huge investment in research and development of new technologies. This acts as a barrier for new players to enter the market.
Bargaining power of buyers: The synthetic biology market has presence of large pharmaceutical and biotechnology companies who are major buyers. These large buyers have significant bargaining power.
Bargaining power of suppliers: Due to specialized technical knowledge and skills required in synthetic biology, the number of suppliers are limited. This gives suppliers significant power in negotiating prices.
Threat of new substitutes: There exists no direct substitutes for synthetic biology derived products and services currently.a
Competitive rivalry: The synthetic biology market is dominated by few large international players intensifying competition.
SWOT Analysis
Strength: Synthetic biology offers novel solutions for advancing healthcare, pharmaceuticals, agriculture and other industries. It has potential to revolutionize existing industrial processes.
Weakness: High costs involved and lengthy development cycles makes synthetic biology products expensive initially. Risk of product failure remains a concern.
Opportunity: Growing demand for development of biofuels, nutritional supplements and new materials presents major opportunities. Advancements in gene editing technologies will further boost the market.
Threats: Stringent regulations and ethical issues related to genetic modifications are challenges. Commercialization of products needs to balance environmental and societal impact.
Key Takeaways
The global synthetic biology market is expected to witness high growth, exhibiting CAGR of 28% over the forecast period, due to increasing demand for development of new drugs and bio-based products.
Regional analysis: North America dominates the synthetic biology market currently. However, Asia Pacific is emerging as the fastest growing regional market with countries like China and India ramping up investments.
Key players: Key players operating in the synthetic biology market are Thermo Fisher Scientific, Synbio Technologies, Merck KGaA, Agilent Technologies, Inc., GenScript, Amyris, Eurofins Genomics GmbH, Integrated DNA Technologies, Inc., Codexis, Inc., EnBiotix, Inc., Synthego, New England Biolabs (UK) Ltd., Scarab Genomics, LLC and Genomatica, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
