Synthetic Biology Market worth $8.84 Billion by 2022

Published: Wed Oct 03 2018

Synthetic Biology Market by Tool (Oligonucleotides, Chassis Organisms, Enzymes), Technology (Genome Engineering, NGS, Cloning and Sequencing), Application (Medical (Pharmaceutical, Drug Discovery), Industrial (Renewable Energy)) - Global Forecast to 2022

According to the new market research report “Synthetic Biology Market” by Tool (Oligonucleotides, Chassis Organisms, Enzymes), Technology (Genome Engineering, NGS, Cloning and Sequencing), Application (Medical (Pharmaceutical, Drug Discovery), Industrial (Renewable Energy)) - Global Forecast to 2022", published by MarketsandMarkets™, The synthetic biology market is expected to reach USD 8.84 Billion by 2022 from an estimated USD 3.57 Billion in 2017, at a CAGR of 19.9%. 

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Oligonucleotides to hold the largest market share in 2017

Based on tools, the synthetic biology market is subsegmented into oligonucleotides, enzymes, cloning technology kits, chassis organisms, and xeno-nucleic acids. The oligonucleotides segment is expected to account for the largest share of the market in 2017 owing to the rising demand for synthetic DNA, RNA, and genes, which are used in a wide range of applications, such as pharmaceuticals, nutraceuticals, personal care, flavors and fragrances, probiotics, green chemicals, and industrial enzymes.

The genome engineering technology is expected to grow at the highest CAGR during the forecast period

Based on technology, the synthetic biology market is segmented into gene synthesis, genome engineering, cloning and sequencing, next-generation sequencing, site-directed mutagenesis, measurement and modeling, microfluidics, and nanotechnology. The gene synthesis segment is expected to account for the largest share in the market. However, the genome engineering segment is expected to account for the highest CAGR during the forecast period. Factors such as advances in CRISPR-toolbox and DNA synthesis technologies; the need for rapid, cheap, multiplex modification of genomes; and ongoing research activities are expected to drive the growth of the genome engineering market during the forecast period.

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The US is expected to dominate the synthetic biology market in 2017

In 2017, the US is estimated to account for the largest share among other regions in the synthetic biology market, followed by the UK and Germany. The dominant share of the US is attributed to factors such as increased demand for bio-based products, increased investments in synthetic biology companies, and rising R&D funding for synthetic biology.

The major players in the global synthetic biology market include Thermo Fisher (US), Novozymes (Denmark), Merck KGaA (Germany), Intrexon (US), and Agilent Technologies (US).

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