Major factors driving the market growth are increasing applications of synthetic biology, focus on growth initiatives and increased R&D funding in synthetic biology. Furthermore dwindling cost of DNA sequencing and synthesizing is impelling the market growth. However, biosafety, biosecurity, and ethical matters related to synthetic biology is likely to hinder the market growth in coming years.

Gobal synthetic biology market size 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.

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Global Synthetic Biology Market Dynamics

DRIVER: Increased research and development funding for synthetic biology research

According to Business Wire publication in September 2020, the R&D spending on the life sciences industry increased by 22% from 2018 to 2019. Increased in the research and development funding for pharmaceutical company’s has increased in order to develop new treatments. In order to progress pharmaceutically and increase international competitiveness government has taken initiatives to fund various pharma and biotech companies. Due to this, R&D expenditure and funding have witnessed a steady increase over the years. Pharmaceutical and biotechnology companies invest strongly in research to develop breakthrough molecules to cater to the growing needs of the healthcare industry and combat new diseases. The global pharmaceutical R&D sector accounts for more than 80% of the overall R&D expenditure in the life sciences industry.

RESTRAINT: Ethical and biosafety concerns is likely to hamper the growth curve of the market

The major biosafety concern in synthetic biology is the intentional or unintentional release of synthetic organisms into the environment during research and other purposes. When synthetic microbes, released into the environment, can mutate or interact with other organisms which might result in crossbreeding with natural organisms and creating bio errors. These consequences can be threating to the ecosystem of natural organisms. Furthermore formation of antibiotic-resistant superbugs is a major biosafety concern. In contemporary years, the European Union (EU) has funded several research efforts on the environmental impact of deliberately released genetically engineered microbes for plant growth or bioremediation. These factors might hamper the growth of the market in coming years.

OPPORTUNITY: Demand for fuel alternatives

With the increasing fuel consumption and growing concerns over energy security, biofuels are achieving significant importance. Globally over 150 billion tons of biomass is generated annually. Presently, edible commodities such as maize, sugarcane, and vegetable oil are being used to produce biofuels. This is subsequently paving the way for the application of synthetic biology techniques in the development of renewable energy.

The Asia Pacific region is the fastest-growing region of the synthetic biology market in2020.

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.

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).

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