Synthetic Biology Global Market Report 2024

The synthetic biology market size has grown exponentially in recent years. It will grow from $16.59 billion in 2023 to $21.02 billion in 2024 at a compound annual growth rate (CAGR) of 26.7%. The expansion observed in the historical period can be credited to the growth of healthcare and life science facilities, augmented investment in drug development, widespread application across various end-user industries, cost-effectiveness of DNA sequencing and synthesizing, and an upsurge in funding.

The synthetic biology market size is expected to see exponential growth in the next few years. It will grow to $45.83 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%. The anticipated growth in the forecast period can be ascribed to the rise in government initiatives, a growing demand for fuel alternatives, increased interest in genetically modified crops, and escalating investments in private companies. Key trends expected during the forecast period encompass strategic collaborations and partnerships, the integration of automation in nucleotide synthesis and sequencing, a heightened focus on gene editing, continuous product innovation, an increasing adoption of cell-free technology, and the development of new environmentally friendly processes for biofuel production.

DNA sequencing plays a crucial role in advancing synthetic biology in various ways. Its significance is underscored by its widespread applications within synthetic biology, where the availability of cost-effective DNA sequencing techniques stimulates the production of products aligned with synthetic biology applications. The technique enables researchers to decipher DNA sequences in genes, facilitating the creation of comprehensive genome repositories. These repositories serve as the foundation for implementing synthetic biology applications, including protein expression, directed evolution, and metabolic engineering. Notably, the Human Genome Research Institute reported that the cost per sequenced genome decreased from $3 billion to around $300 million over the past 17 years, with a projected further reduction by 10 times over the next five years.

The rising demand for personalized medicine is poised to drive the growth of the synthetic biology market. Personalized medicine, also referred to as precision medicine, constitutes a category of medical treatments tailored to the specific characteristics of individual patients. Synthetic biology plays a crucial role in personalized medicine, offering potent tools and techniques to customize medical treatments and interventions based on an individual's distinct genetic and molecular profile. For instance, in 2023, the Personalized Medicine Coalition reported that in 2022, the FDA approved personalized medicines for 34% of new drugs. Over the previous eight years, these medicines were approved for at least 25% of new drugs. Thus, the escalating demand for personalized medicine emerges as a key driver for the growth of the synthetic biology market.


Recent technological advancements in DNA sequencing have empowered researchers to utilize DNA as a means to store non-genetic information. Given the escalating demand for data storage, DNA data storage presents a viable solution, with a single DNA strand capable of storing approximately 455 Exabytes of data (equivalent to 455 billion gigabytes). Consequently, this concept has attracted significant investments from market entities. Binary data, represented in 0s and 1s, is translated into DNA strings comprising four distinct base units - A, G, C, T (Adenine, Guanine, Cytosine, and Thymine). Notably, information encoded in DNA can endure for thousands of years, a remarkable contrast to traditional hard drives where data corruption or damage may occur within 30 years. For instance, a Nature Publishing Group journal reported that Microsoft and University of Washington researchers successfully stored over 200 megabytes of data, equivalent to 35 distinct digital files, in DNA. There are plans for increased investment to enhance this technology further.

Major companies active in the synthetic biology market are making strategic investments to drive innovation, research, and development in DNA synthesis technology. Investments in synthetic biology encompass financial backing and funding for companies and projects within this domain. In January 2022, Ribbon Biolabs GmbH, an Austrian biotechnology company, secured $19.12 million (approximately 18 million euros) in a series A funding round. This funding facilitated the establishment of commercial-scale manufacturing facilities and advancements in DNA synthesis technology in the United States. The potential outcomes include the development of new drugs, gene editing therapies, and personalized medicines, thereby improving the lives of numerous patients.

In July 2022, Ginkgo Bioworks, a US-based biotech company, completed the acquisition of Zymergen for $300 million. This strategic move is aimed at fortifying Ginkgo's platform, expanding its product portfolio, broadening its customer base, and achieving cost efficiencies. Zymergen, the acquired company, employs synthetic biology to create and manufacture various products, including materials, microbes, and therapeutics.


Major companies operating in the synthetic biology market report are Thermo Fisher Scientific Inc., Danaher Corporation, Eurofins Scientific, Merck KGaA, Novozymes A/S, Agilent Technologies, New England Biolabs Inc., Precigen Inc., Amyris, Inc., Genscript Biotech Corporation, Codex Genetics, Cathay Biotech, Bota Biosciences, Bluepha, Spiber, OriCiro Genomics Inc., Provectus Algae, Puraffinity, Royal DSM NV, Colorifix, Phytoform Labs, Desktop Genetics, NanoSyrinx, Pulmobiotics S.L, EnginZyme, Chain Biotech, Nuclera Nucleics, Biosynthetics GmbH, Entelechon GmbH, Sloning BioTechnology GmbH, Prokarium Ltd., Synbio, Captor Therapeutics, Gero.AI, ARNA Genomics, Solvo Omixon, Soft flow, Algenol, Genomatica, Integrated DNA Technologies, Sana Biotechnology, Impossible Foods, Apeel Sciences, Twist Bioscience, Synlogic, Zymergen Inc., Ginkgo Bioworks, Codexis, Arzeda Corporation, Synthetic Genomics, Conagen, Dupont, Oxitec Ltd., Sentebiolab, GEEN Biotechnology Inc., Genbiotek Biosistem Laboratory Ltd.

North America was the largest region in the synthetic biology market in 2023. Western Europe was the second largest region in the global synthetic biology market share. The regions covered in the synthetic biology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the synthetic biology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary product categories within synthetic biology include oligonucleotides, enzymes, cloning and assembly kits, xeno-nucleic acids (XNA), and chassis organisms. Oligonucleotides refer to small single-stranded DNA segments that, upon internalization by the cell, can selectively suppress the expression of a single protein. Various technologies, such as nucleotide synthesis and sequencing, bioinformatics, microfluidics, and genetic engineering, are employed in applications spanning pharmaceuticals and diagnostics, chemicals, biofuels, bioplastics, and other related fields.

The synthetic biology market research report is one of a series of new reports that provides synthetic biology market statistics, including synthetic biology industry global market size, regional shares, competitors with a synthetic biology market share, detailed synthetic biology market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic biology industry. This synthetic biology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The synthetic biology market includes revenue earned by synthetic compound, technology and related services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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