Global Synthetic Biology Market Set For 21.5% Growth, Reaching $45.83 Billion By 2028

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What factors are driving the high growth rate of the synthetic biology market?
The synthetic biology market is experiencing exponential growth, demonstrating a trajectory from $16.59 billion in 2023 to an impressive $21.02 billion in 2024, representing a compound annual growth rate CAGR of 26.7%. This historic period growth can be attributed to the robust increase in healthcare and life science facilities, substantial investment in drugs, the utilization across a range of end-user industries, affordable DNA sequencing and synthesizing, and a surge in funding.

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What makes the forecast period for the synthetic biology market key?
The synthetic biology market is projected to continue its expansive trajectory in the coming years, soaring to an estimated $45.83 billion in 2028. This rise posits a CAGR of 21.5%. The growth during the forecast period is likely due to increased government initiatives and funding, a rising demand for alternative fuels and genetically modified crops, and considerable investments in private companies. Key trends anticipated in the forecast period include strategic collaborations and partnerships, enhanced automation in nucleotide synthesis and sequencing, escalating focus on gene editing, innovative products, and the increasing adoption of cell-free technology.

Crucially, DNA sequencing plays an integral role in synthetic biology development. The low-cost availability of DNA sequencing techniques underpins the production of products based on synthetic biology applications. DNA sequencing allows researchers to determine the DNA sequences in genes and create a repository of entire genomes. These repositories are the basis for the application of synthetic biology tools in protein expression, directed evolution, and metabolic engineering.

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Who are the influential players sparking growth in the synthetic biology market?
Several key industry players are facilitating notable growth in the synthetic biology market. They include Thermo Fisher Scientific Inc, Danaher Corporation, Eurofins Scientific, Merck KGaA, Novozymes A/S, Agilent Technologies, New England Biolabs Inc, Precigen Inc, Amyris, Inc, and Genscript Biotech Corporation, among others.

What new trends are propelling the synthetic biology market?
Notable technological advancements in DNA sequencing are paving the way for innovation within the field of synthetic biology. In response to the rising demand for expansive data storage, DNA data storage has emerged as a powerful solution, with one DNA strand potentially storing up to 455 Exabyte of data 455 billion gigabytes. This concept has attracted significant investments, with binary data converted into unique DNA string sequences. Notably, the data coded in DNA has proven to outlast traditional hard drives, which often become corrupted or damaged within 30 years.

How is the synthetic biology market segmented?
The synthetic biology market report covers the following segments:

- By Technology: Nucleotide Synthesis And Sequencing, Bioinformatics, Microfluidics, Genetic Engineering
- By Product Type: Oligonucleotides, Enzymes, Cloning And Assembly Kits, Xeno-Nucleic Acids XNA, Chassis Organism
- By Application: Pharmaceuticals And Diagnostics, Chemicals, Biofuels, Bioplastics, Other Application

What regional insights are significant in understanding the synthetic biology market?
The synthetic biology market’s regional insights reveal North America as the largest market shareholder in 2023. Western Europe was the second largest region in terms of global synthetic biology market share. The report covers several areas, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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