SYNTHETIC BIOLOGY MARKET ANALYSIS

Synthetic Biology Market Size and Trends

The synthetic biology market is estimated to be valued at USD 17.88 Bn in 2024 and is expected to reach USD 73.08 Bn by 2031, growing at a compound annual growth rate (CAGR) of 22.3% from 2024 to 2031.

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The synthetic biology market is expected to witness significant growth over the forecast period. Advancements in DNA sequencing and gene-editing technologies are expanding the applications of synthetic biology in various healthcare verticals. Continuous research activities in synthetic DNA/RNA development for drug discovery and genome engineering is positively impacting the market growth. Adoption of synthetic approaches to design advanced biomaterials, medical devices, and biomolecules is gaining traction. Furthermore, rising R&D investments by biopharmaceutical companies and academic research institutions in the synthetic biology domain will propel the synthetic biology market during the projected timeframe.

Strategic investment by key players

Changes in public awareness of synthetic biology lead to an increase in the demand for synthetic biology products. Thus, key players in the market are engaged in investing in strategic development such as acquisition, collaboration, etc. in order to expand their business and address the demand. For instance, in November 2020, Codexis, Inc., a leading synthetic biology company in collaboration with a leading life science investor, Casdin Capital, announced the launch of SynBio Innovation Accelerator. Sumitomo Chemical is one of the leading players in Japan, and it launched SynBio Hub, a new organization in the U.S. to accelerate next-generation business utilizing synthetic biology.

With the advent of new breakthrough technologies like Clustered regularly interspaced short palindromic repeats (CRISPR), synthetic biology is poised to revolutionize how healthcare issues are addressed. Techniques like CRISPR allow researchers to easily edit genes and regulate the expression of genetic material with unprecedented precision. This has enormous potential to treat many diseases that were previously incurable. Conditions like sickle cell anemia, cystic fibrosis, and various types of cancer which have genetic origins could potentially be corrected at the DNA level. Companies are actively pursuing therapies using genome editing for clinical applications.

CRISPR also enables the synthesis of entirely new genetic codes that do not exist in nature. Scientists are learning to programme and assemble DNA the way computers are programmed. This will allow engineering cells and biological systems with customized functions. Researchers have synthesized bacterial genomes from scratch as a proof of concept and more complex genomes will be achieved. Such advanced forms of genome engineering will drive the synthetic biology market as it opens up new paradigms for diagnosing, preventing and curing diseases. Pharmaceutical firms are investing heavily in genome editing research to develop genetically targeted treatments. As the technology matures, it will make personalized medicine a reality by allowing genetic corrections to be made for each individual's unique genetic profile.