The synthetic biology market 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. The growth of this market is mainly driven by increasing demand for synthetic genes and synthetic cells, widespread application of synthetic biology, decreasing cost of DNA sequencing and synthesis, and increasing R&D funding and initiatives for the synthetic biology market.

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Key Market Players

 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).

Growth Strategies Adopted:

These players undertake several strategic initiatives such as mergers, acquisitions, new product launches, and geographical expansions that helps them in sustaining market competition.

Thermo Fisher Scientific (US) held the leading position in the synthetic biology market in 2020. The company offers synthetic biology products, which include DNA fragments, software, engineering kits, DNA oligos, and clones. Its large share in this market can be attributed to its broad product portfolio, years of experience, and vast distribution channel.

Merck KGaA (Germany) provides a wide range of products as well as services in the market. Geographically, the company has its footprint in 65 countries across the globe and is further expanding its network.

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The medical applications segment accounted for the largest share of the application segment in the synthetic biology market

Based on application, the synthetic biology 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.

The Asia Pacific region is the fastest-growing region of the synthetic biology market.

The Asia Pacific region is estimated to grow at the highest CAGR in the synthetic biology 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.

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