Synthetic Biology Market Trends:
The global 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. Factors such as a wide range of applications of synthetic biology, the rising RD funding and growing initiatives in synthetic biology, declining cost of DNA sequencing and synthesizing, and increasing investments in the market are propelling the growth of this market
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Key Market Players of Synthetic Biology Market:
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)
Thermo Fisher Scientific (US) held the leading position in the synthetic biology market. The company offers synthetic biology products, which include DNA fragments, software, engineering kits, DNA oligos, and clones. Its 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 broad sales force and a global network of resellers and distributors.
COVID-19 impact on the synthetic biology market
Many established pharmaceutical and biopharmaceutical companies, along with players of the market, have stepped forward to contribute to worldwide research efforts by providing synthetic biology for developing test kits, treatments, and vaccines to target the infection caused by the coronavirus. Synthetic biology is highlighted as one of the emerging technologies in a report from the European Parliament. It can fight the COVID-19 pandemic. The National Institute of Health in the US has also identified synthetic biology as one way to speed up vaccine development. Synthetic biology technologies have the potential to transform the development and production of vaccines, therapeutics, and diagnostics by utilizing their engineering approaches built on a variety of information (genomic sequences, sequence annotations, enzyme properties, metabolic models, lab protocols, algorithms, and scientific knowledge).
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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.
Recent Developments
- In January 2021, Novozymes launched Frontia GlutenEx. It would help wheat processors increase their gluten protein recovery and, at the same time, cut down on energy consumption.
- In February 2021, Merck partnered with BioNTech (Germany) to supply lipids for the production of Pfizer-BioNTech COVID-19 Vaccine (BNT162b2).
- In January 2021, Merck acquired AmpTec (Germany). With this acquisition, the company strengthened its product portfolio to develop and manufacture mRNA for utilizing vaccines, treatments, and diagnostics.
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