Synthetic Biology Market 2024-2034: Key Trends and Predictions

The global synthetic biology market is set for unprecedented growth over the next decade, according to the latest industry projections. Starting at USD 3.75 billion in 2024, the market is expected to soar to an impressive USD 31.73 billion by 2034, driven by a remarkable compound annual growth rate (CAGR) of 23.8%.

The rapid expansion of the synthetic biology market is fueled by the increasing demand for enhanced practical capabilities in various applications, the redesign of naturally occurring systems, and the development of new biological components, tools, and systems. These advancements are transforming industries ranging from healthcare and agriculture to environmental management and bioenergy.

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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.

Key Companies in the Synthetic Biology Market: