Synthetic Biology Market to Receive Overwhelming Hike in Revenues by 2025

(IT-NEWSWIRE.COM, April 21, 2020 ) Factors such as growth in the number of pharmaceutical & biopharmaceutical companies, the increasing number of healthcare & life science facilities, and increasing requirements for regulatory compliance in pharmaceutical and biopharmaceutical companies, a growing number of international alliances, heavy funding for synthetic biology research, and strong government support are expected to drive the growth of these markets during the forecast period.

The global market was dominated by Thermo Fisher Scientific, Inc. (US) in 2019. The company offers synthetic biology products, which include DNA fragments, software, engineering kits, DNA oligos, and clones. The company‘s large share in this market can be attributed to its broad product portfolio, years of experience, and vast distribution channel. The company’s distribution network comprises a broad sales force and a global network of resellers and distributors.

How much is the Synthetic Biology Market worth?

The synthetic biology market is projected to reach USD 19.8 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 23.9%. The growth of this market is primarily attributed to factors such as the increasing demand for synthetic genes & synthetic cells, wide range of applications of synthetic biology, declining cost of DNA sequencing & synthesizing, increasing R&D funding & initiatives in synthetic biology, and increasing investments in the market.

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By tool, oligonucleotides and synthetic DNA dominated the synthetic biology market in 2019 :

Based on tools, the market segmented into oligonucleotides and synthetic DNA, enzymes, cloning technology kits, synthetic cells, chassis organisms and xeno-nucleic acid. In 2019, the oligonucleotides and synthetic DNA segment accounted for the largest share of the market, followed by enzymes. The large share of the segment can be attributed to the rising demand for synthetic DNA, synthetic RNA, and synthetic genes, which are used in a wide range of research applications.

Gene synthesis accounted for the largest share of the synthetic biology market in 2019 :

Based on technology, the market is segmented into gene synthesis, genome engineering, cloning, sequencing, site-directed mutagenesis, measurement & modeling, microfluidics, nanotechnology, and bioinformatics technologies. In 2019, the gene synthesis segment accounted for the largest share of the market.

Medical applications formed the largest segment of the synthetic biology market in 2019 :

Based on application, the market is segmented into environmental, medical, industrial, and food & agricultural applications. In 2019, the medical applications segment accounted for the largest share of the market, followed by industrial applications. 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 applications segment.

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Which are the key players in the nasal drug delivery technology market and how intense is the competition?

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, Inc. (US), Intrexon Corporation (US), GenScript Biotech Corporation (China), Twist Bioscience (US), Synthetic Genomics, Inc. (US), Codexis, Inc. (US), Synthego Corporation (US), Creative Enzymes (US), Eurofins Scientific (Luxembourg), Cyrus Biotechnology Inc. (US), ATUM (US), TeselaGen (US), Arzeda (US), Integrated DNA Technologies, Inc. (US), and New England Biolabs (US).

Recent Developments

 In December 2019, Amyris, Inc. (US) launched the PURECANE Brand Sweetener.

 In December 2019, Cyrus Biotechnology Inc. (US) collaborated with the Broad Institute of MIT and Harvard to develop an optimized CRISPR gene-editing technology. This helped Cyrus to gain further commercial access for its Rosetta technology.

 In August 2019, Agilent Technologies, Inc. (US) acquired BioTek Instruments (US), a manufacturer of life science instrumentation, thereby expanding Agilent’s growing presence and expertise in cell analysis and also strengthening the company’s position in the large and growing immuno-oncology and immunotherapy areas.

 In June 2019, Novozymes A/S (Denmark) opened its Innovation Campus in Lyngby, Denmark, for research in biological solutions.

 In April 2019, Precigen, Inc., a wholly-owned subsidiary of Intrexon Corporation (US), opened a new manufacturing facility in Germantown, Maryland, for supporting the gene therapy manufacturing.

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Synthetic Biology Market to Receive Overwhelming Hike in Revenues by 2025