Synthetic Biology Industry Trends, Size, Revenue And Top Key...

Synthetic Biology Industry Trends, Size, Revenue And Top Key Players, 2030

Posted 2024-10-03 14:55:34

126

The global synthetic biology market size is expected to reach USD 55.37 billion by 2030, registering a CAGR of 18.97% during the forecast period, according to a new report by Grand View Research, Inc. The presence of government and private funding to support research in vaccines and a strong synthetic biologic-based product pipeline in clinical trials are the key driving factors for the market. Synthetic biology processes provide crucial advantages for producing antigen and diagnostic reagents for disease identification, accelerating the speed of vaccine development, and improving overall vaccine performance and yield.

Furthermore, support from government agencies and the presence of several programs are likely to boost the market growth. For instance, in the U.S., COVID-19 vaccine R&D, manufacture, regulation, and purchase have been highly supported by collaboration between federal agencies, including the Biomedical Advanced Research and Development Authority (BARDA), the National Institutes of Health (NIH), DOD, FDA, and others (formerly OWS).

Other factors such as expanding demand in industries such as textiles and nutrition are also contributing to the market growth. Several optimal food production processes have been identified with the help of synthetic biology. In addition, synthetic biology is predicted to aid in the generation of higher agricultural yields and pest control development. It is expected to help in the production of better food yield and pest control management.

Gather more insights about the market drivers, restrains and growth of the Global synthetic biology market

Synthetic Biology Market Report Highlights

By technology, the PCR segment held the largest share of the market. This is attributed to the accelerated development in modern life science, with PCR technology being widely employed in numerous fields of medical research, virus detection, and the food & beverage industry
The genome-editing segment is expected to grow steadily during the forecast period. It enables researchers to modify the DNA of various organisms, including plants, bacteria, and animals, and their demand is expected to skyrocket in the coming years
By product, Oligonucleotide and Synthetic DNA is anticipated to have the larger market share in 2030. The falling price of synthesis and increasing requirement for synthetic DNA, RNA, and genes that are employed in numerous applications contribute to the segment growth
By application, the healthcare segment held a larger global market share. This is attributed to an increase in drug screening and discovery. Moreover, the use of synthetic biology can reduce the cost of drug discovery and propel market growth
By end-user, the biotechnology and pharmaceutical companies segment held a larger share in 2022, owing to the growing availability of modern research facilities, favorable legislation, and government assistance and funding

Browse through Grand View Research's Biotechnology Industry Research Reports.

Live Cell Imaging Market: The global live cell imaging market size was valued at USD 2.48 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2030.
Cell-free Protein Expression Market: The global market for cell-free protein expression reached a value of USD 267.4 million in 2023 and is projected to grow at a CAGR of 8.6% from 2024 to 2030.

Synthetic Biology Market Segmentation

Grand View Research has segmented the global synthetic biology market based on technology, product, application, end-user, and region:

Synthetic Biology Technology Outlook (Revenue, USD Million, 2018 - 2030)