Synthetic Biology Market Trends and Overview
The size of the Synthetic Biology Market was estimated to be USD 13.1 billion in 2022, with a projected growth to reach USD 52.6 billion by 2030, reflecting a compound annual growth rate (CAGR) of 19.0% during the forecast period from 2023 to 2030.
Synthetic biology, a rapidly expanding field, is poised to revolutionize various industries through its innovative applications. With the market expected to experience significant growth over the next decade, it presents lucrative opportunities for investors and stakeholders.
The estimated market size of USD 13.1 billion in 2022 highlights the existing demand and adoption of synthetic biology solutions across diverse sectors. As the field continues to evolve and gain traction, the market is projected to witness substantial expansion, reaching a staggering USD 52.6 billion by 2030.
This impressive growth can be attributed to several factors. Firstly, the increasing need for sustainable and eco-friendly solutions in industries such as healthcare, agriculture, and energy has propelled the demand for synthetic biology. By harnessing the power of genetic engineering and biotechnology, synthetic biology offers innovative approaches to address complex challenges, ranging from developing novel therapeutics to enhancing crop yields and creating renewable energy sources.
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Furthermore, the rising investments in research and development activities, coupled with advancements in technology, are driving the growth of the synthetic biology market. Governments, private organizations, and academic institutions are actively investing in this field, recognizing its potential to revolutionize various sectors and contribute to economic growth.
The forecasted compound annual growth rate (CAGR) of 19.0% from 2023 to 2030 underscores the robust expansion expected in the synthetic biology market. This growth rate signifies the increasing adoption of synthetic biology solutions and the emergence of new applications and products in the coming years.
KEY MARKET SEGMENTATION:
By Technology
- NGS Technology
- PCR Technology
- Genome Editing Technology
- Bioprocessing Technology
- Other Technologies
By Product
- Oligonucleotide/Oligo Pools and Synthetic DNA
- Enzymes
- Cloning Technologies Kits
- Xeno-Nucleic Acids
- Chassis Organism
By Application
- Healthcare
- Clinical
- Non-Clinical
- Non-healthcare
- Biotech Crops
- Specialty Chemicals
- Bio-fuels
- Others
By End User
- Biotechnology and Pharmaceutical Companies
- Academic and Government Research Institutes
- Others
KEY PLAYERS:
The major key players are Bota Biosciences Inc., Codexis, Inc., Creative Biogene., Creative Enzymes., Enbiotix, Inc., Illumina, Inc., Merck Kgaa (Sigma-Aldrich Co. Llc), New England Biolabs, Euro fins Scientific, Novozymes, Pareto Bio, Inc., Synthetic Genomics Inc., Thermo Fisher Scientific, Inc., and Others.
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