Synthetic Biology Market for Oligonucleotide Segment to Grow Significantly During 2021-2028
According to our new research study on "Synthetic Biology Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product, Technology, and Application," the market is expected to reach US$ 37,850.85 million by 2028 from US$ 10,544.16 million in 2021; it is estimated to grow at a CAGR of 20.0% during 2021-2028. The increasing investments in synthetic biology and the rising number of start-ups are driving the market growth. However, the renewed regulations for biotechnology hamper the market growth.
Based on product, the market is segmented into oligonucleotides, chassis organisms, enzymes, and xeno-nucleic acid. The oligonucleotides segment is likely to hold the largest share of the market in 2021. Moreover, the same segment is anticipated to register the highest CAGR in the market from 2021 to 2028. This is mainly because of the rising application of oligonucleotides in genetic testing/ assays and forensic sciences. Synthetic biology involves designing and creating new biological components, such as cells, genetic circuits, and enzymes, or modifying existing biological systems. Enzymes are a critical component for the modification of biological systems, as they act as catalysts within living cells. Unlike traditional molecular and cellular biology, synthetic biology focuses on manipulating and tuning enzymes to achieve specific performance criteria. By integrating these parts and devices into larger systems, specific problems can be solved. Enzymes have significant commercial and industrial applications, including in food production, processing, and preservation, as well as in detergents. Enzymes used in these industries are often produced from microbial sources, which are easily produced and contribute to the market's growth.
COVID-19 Pandemic Impact on Synthetic Biology Market
The COVID-19 pandemic has put immense pressure on healthcare systems worldwide due to the sudden surge in positive cases, resulting in an unprecedented demand for medical care. This has led to an increased need for treatment and solutions for the virus, as well as management of COVID-19 cases in healthcare facilities. To address this challenge, governments have released guidelines for clinical management of patients with confirmed COVID-19. However, what sets the response to this pandemic apart is the incorporation of synthetic biology. Scientists are using synthetic biology to accelerate vaccine development and drug discovery pipelines. The latest synthetic biology tools are helping to speed up drug development and reduce costs in various areas. MolecularCloud, a platform sponsored by GenScript, reports that synthetic biology has become an essential tool in the fight against the pandemic.
Synthetic biology has the potential to make significant advancements in various fields, including drug and vaccine development, as well as controlling invasive species. In response to the COVID-19 pandemic, scientists are utilizing the latest tools in synthetic biology to hasten the development of effective vaccines. The pandemic has highlighted the ability of synthetic biology to design, construct, and test solutions for unforeseen challenges like the novel coronavirus. For instance, a laboratory in Cambridge has employed synthetic biology to pinpoint a crucial region of the virus's genetic code, leading to the rapid development of a vaccine for testing. Furthermore, Twist Bioscience has released synthetic RNA controls for SARS-CoV-2, enabling diagnostic tests' quality control. Synthetic biology services have adapted to the outbreak's needs, contributing to the field's continued growth, which is expected to persist. Major players in the synthetic biology market include Thermo Fisher Scientific, Agilent Technologies, Merck KGaA, and Genscript Biotech Corporation.
The synthetic biology market majorly consists of the players such as Thermo Fisher Scientific, Agilent Technologies, Merck KGaA, New England Biolabs, Integrated DNA Technologies, Twists Bioscience, Genscript Biotech Corporation, Novozymes A/S, Codexis, and Amyris.
The report segments the synthetic biology market as follows:
The synthetic biology market is segmented based on products, technology, and application. Based on products, the synthetic biology market is segmented into enzymes, chassis organisms, oligonucleotides, and xeno-nucleic acids. Based on technology, the synthetic biology market is segregated into measurement & modeling, cloning & sequencing, genome engineering, gene synthesis, nanotechnology, and others. Based on application, the synthetic biology market is segmented into medical applications, industrial applications, food and agriculture, environmental applications, and others.
The global synthetic biology market is divided by geographical regions into North America (including the US, Canada, and Mexico), Europe (including France, Germany, the UK, Spain, Italy, and Rest of Europe), Asia Pacific (including China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (including Saudi Arabia, the UAE, South Africa, and Rest of MEA), and South & Central America (including Brazil, Argentina, and Rest of South & Central America).
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