Synthetic Biology Market Set to Soar, Predicted to Reach USD 31.73 Billion by 2034 at a 23.8% of CAGR

The synthetic biology market is on the brink of a revolutionary expansion, driven by unprecedented advancements in biotechnology and a growing demand for innovative biological solutions. Expected to soar from USD 3.75 billion in 2024 to an astounding USD 31.73 billion by 2034, the market is set to grow at a remarkable compound annual growth rate (CAGR) of 23.8% over the forecast period.

Synthetic biology, a field dedicated to redesigning natural systems and creating new biological components, tools, and systems, is transforming multiple industries, from healthcare to agriculture. The surge in market growth is propelled by the increasing need to enhance practical capabilities and develop groundbreaking biological solutions.

Get Your Insightful Report Sample With Your Work Email:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1226

Key Takeaways:

• The synthetic biology market is projected to surge from US$3.75 billion in 2024 to US$31.73 billion by 2034, reflecting a remarkable CAGR of 23.8%.
• Rising demand for enhanced functionalities, redesigned natural systems, and novel biological tools are fueling market growth.
• Synthetic biology holds immense potential in addressing critical challenges related to bio-based chemicals, renewable fuels, and affordable medications.
• The need for genetically modified crops to ensure global food security is further propelling advancements in the field.
• The convergence of technological breakthroughs and growing market needs positions synthetic biology as a key solution provider for social and environmental concerns, fostering further innovation in the coming years.

Demand for sustainable solutions: Businesses and consumers alike are looking for more environmentally friendly options. The field of synthetic biology has promise for the development of bio-based compounds, renewable fuels, and more reasonably priced pharmaceuticals and vaccinations. Synthetic biology solutions are becoming increasingly in demand as a result of this move towards sustainable practices.
Concerns about food security: To maintain food security in the face of an increasing global population, creative solutions are required. Developments in synthetic biology are essential to the creation of genetically engineered crops with increased resistance and yields. The potential for this technology to alleviate the world’s food shortages is enormous.

Recent Developments in the Synthetic Biology Industry

• In January 2024, Rice University established the Rice Synthetic Biology Institute (RSBI) in Texas to promote collaborative research in synthetic biology and convert it into beneficial technologies. The institute aims to attract global attention to Rice’s esteemed synthetic biology program and retain top talent.
• In January 2024, Kerstin Göpfrich founded a research group at the Max Planck Institute for Medical Research in Heidelberg, Germany. The group focuses on engineering life and exploring new cell abilities to create new life forms.
• In November 2023, the United Kingdom-based team led by Ben Blount at the University of Nottingham developed a yeast strain with over 50% synthetic DNA, a significant achievement in the Saccharomyces cerevisiae (Sc) 2.0 project, a global effort to produce synthetic versions of the yeast genome.
• In July 2023, WPI researchers Eric Young and Kevin Keating developed a method to express genes across bacterial species by designing a generalized collection of DNA parts that can be used with multiple species to assemble DNA sequences.

Customization Available:
https://www.futuremarketinsights.com/customization-available/REP-GB-1226

Key Companies in the Synthetic Biology Market:

• Thermo Fisher Scientific, Inc.
• Merck KGaA
• Novozymes
• Agilent Technologies, Inc.
• Codexis, Inc.
• Bota Biosciences Inc.
• Creative Biogene.
• Creative Enzymes.
• Enbiotix, Inc.
• Illumina, Inc.
• Eurofins Scientific
• New England Biolabs
• Pareto Bio, Inc.
• Scarab Genomics, Llc
• Synthego
• Twist Bioscience
• Synthetic Genomics Inc.
• BioBricks Foundation
• DIYbio
• Amyris
• Cyrus Biotechnology
• TeselaGen

Key Segments:

By Product:

• Oligonucleotides
• Enzymes
• Synthetic Cells
• Cloning Technologies Kits
• Xeno-Nucleic Acids
• Chassis Organism

By Application:

• Healthcare
• Non-Healthcare

By End User:

• Biopharmaceutical manufacturers
• Academic and Government Research Institutes
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

Act Now for Thorough Market Analysis Purchase Now to Access With Your Work Email :
https://www.futuremarketinsights.com/checkout/1226

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705

For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube