Synthetic Biology Market Research Report and Outlook by 2028

The global synthetic biology sector is projected to expand from US$ 10,544.16 million in 2021 to US$ 37,850.85 million by 2028, reflecting a compound annual growth rate (CAGR) of 20.0% during the period from 2021 to 2028.

This report outlines the prevailing trends in the synthetic biology sector and the key factors propelling its expansion. A significant increase in investments in synthetic biology, along with a growing number of start-ups, is fueling market growth. Conversely, stringent regulations surrounding biotechnology pose challenges to this growth.

Synthetic biology encompasses the design, alteration, and assembly of simple organisms for targeted therapeutic or industrial applications, leading to the development of genetically modified organisms (GMOs). The anticipated growth of the market is largely attributed to the surge in start-ups throughout the forecast period.

Various governments are actively supporting biotechnology entrepreneurs by providing funding, resources, and infrastructure, which is a crucial driver of this growth. Notable synthetic biology accelerators, such as Indie Bio in California and the EU in Ireland, have emerged, while countries in the Asia-Pacific region, including India and China, are investing in domestic synthetic biology initiatives. For instance, the Indian government has financed the IITM Bioincubator, a research facility focused on cancer biology and bioinformatics, through agencies like the Council of Scientific and Industrial Research (CSIR), the Department of Biotechnology (DBT), and the Department of Science and Technology (DST). In China, firms like Chinaccelerator and SOSV provide venture capital and mentorship to foster start-ups such as RebelBio and Indie Bio. The availability of financial resources for synthetic biology ventures is encouraging entrepreneurs globally to realize their innovative concepts.

• Siolta Therapeutics, based in the United States, specializes in developing microbial consortia aimed at preventing and treating inflammatory diseases. The company creates mixed-species therapies for oral supplementation and assesses clinical data. Unlike conventional allergy medications, Siolta's microbiome-focused strategy addresses immune dysfunction proactively. Their leading therapeutic candidate, STMC-103H, is currently under investigation for treating allergic asthma and other chronic inflammatory conditions, including atopic dermatitis and allergic rhinitis.
• Kinnva Ltd., a synthetic biology start-up established in 2017, operates within the biotech, cleantech, and Agri-tech sectors. Utilizing a proprietary fermentation technology and advanced processing techniques, Kinnva produces high-value biochemicals that cater to various industries, including food, feed, nutraceuticals, and cosmetics.
• Genecis, a Canadian company founded in 2016, applies synthetic biology methods to transform waste into valuable products. By employing bacterial cultures, Genecis processes food waste from landfills to produce compostable polyhydroxyalkanoate (PHA) bioplastics. These bioplastics serve industries such as food, agriculture, and textiles, offering a sustainable alternative to traditional plastics, as PHA polymers decompose within a year.

Consequently, start-ups are playing a pivotal role in the growth of the synthetic biology market.

The synthetic biology market is categorized by product into oligonucleotides, chassis organisms, enzymes, and xeno-nucleic acid. The oligonucleotides segment is anticipated to dominate the market share in 2021 and is also expected to exhibit the highest CAGR during the forecast period from 2021 to 2028. In terms of technology, the market is divided into gene synthesis, genome engineering, measurement & modeling, cloning & sequencing, nanotechnology, and others. The gene synthesis segment is projected to hold the largest market share in 2021, while the genome engineering segment is expected to achieve the highest CAGR during 2021 to 2028, driven by the increasing applications of genetic engineering and gene therapy. Furthermore, the market is segmented by application into medical, industrial, environmental, food and agriculture, and others. The medical applications segment, which includes drug discovery & therapeutics and pharmaceuticals, held the largest market share in 2021 and is forecasted to register the highest CAGR from 2021 to 2028.

To foster business growth and enhance overall market development, companies in the synthetic biology sector are employing both organic and inorganic growth strategies. Key organic strategies include product launches and approvals, while inorganic strategies encompass collaborations, partnerships, and acquisitions. These strategies have enabled players in the synthetic biology market to expand their geographical reach, increase their customer base, and diversify their product offerings. Additionally, partnerships and acquisitions have facilitated the innovation of new products and technologies, thereby driving market growth. Some notable developments by key players in the synthetic biology market include:

• In February 2022, Thermo Fisher Scientific introduced GeneMapper Software, a versatile genotyping software package that offers DNA sizing and quality allele calls for all Thermo Fisher Scientific electrophoresis-based genotyping.
• In January 2022, Thermo Fisher Scientific launched the Oncomine BRCA Assay GX, a targeted next-generation sequencing (NGS) assay designed to comprehensively amplify all coding regions of the human BRCA1 and BRCA2 genes, enabling precise and sensitive detection of various mutation types.
• In April 2022, Merck KGaA acquired the MAST Platform from Lonza, a leading automated bioreactor sampling system, marking a significant step in advancing innovation within Merck's Process Solutions business unit.
• In February 2022, Merck finalized the acquisition of Exelead, following regulatory approvals and the completion of customary closing conditions, for approximately USD 780 million in cash.

Key primary and secondary sources utilized in the preparation of the report on the synthetic biology market include the World Health Organization (WHO), the National Institute of Health (NIH), and the National Center for Biotechnology Information (NCBI).