Market Research
Synthetic Biology Market Size Is Projected To Reach $ 30.7 Billion By 2026, At A CAGR Of 26.5%
What This Report Will Provide?
The biologics safety testing industry is constantly evolving with advancements in technologies and the development of new and improved safety testing programs across various industries. Highly skilled professionals are required to keep pace with the continuing changes in analytical technologies and safety testing methodologies.
Expected Revenue Growth:
[377 Pages Report] 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.
Major Growth Boosters:
Factors such as a wide range of applications of synthetic biology, the rising R&D 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. However, biosafety, biosecurity, and ethical concerns related to synthetic biology would hamper the growth of this market.
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COVID-19 impact on the synthetic biology market
Many established pharmaceutical and biopharmaceutical companies, along with players of the synthetic biology 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.
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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Rising R&D funding and growing initiatives in synthetic biology
The R&D sector has conventionally remained capital-intensive due to long development periods and approval cycles. Governments recognize R&D as a crucial investment for the progress of any country, international competitiveness, and public benefit. Due to this, R&D expenditure and funding have witnessed a steady increase over the years. According to Business Wire (September 2020), the R&D spending on the life sciences industry surged 22% from 2018 to 2019. Pharmaceutical and biotechnology companies invest heavily 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 about 80% of the overall R&D expenditure in the life sciences industry.
Regional Growth Analysis:
The large share of the North American market is attributed to factors such as the increase in the number of well-established synthetic biology companies and research institutes in the US and Canada, a large number of ongoing research studies and growth of the overall healthcare sector on a global scale are among the few factors expected to contribute to the growth of this market.
