The size of the synthetic biology market will power at a compound annual growth rate of 23.1% during 2022-2030, to touch a value of USD 61,220.9 million by 2030.

This significant growth of the industry is due to decreasing cost of DNA sequencing and the accessibility of efficient and precise next-genome sequencing systems at lower prices.

Further, the surge in various initiatives in synthetic biology research along with high R&D investments from the governments as well as private institutes is another reason for the growth of the industry.

The surging adoption of the NGS technologies by pharmaceutical and biopharmaceutical firms around the world is also enhancing the market overview. The increase in chronic diseases, such as diabetes, cancer, and autoimmune diseases has led to the increased demand for innovative treatments.

Because of these factors prominent players are focusing on providing exceptional quality equipment to pharmaceutical organizations and research centers.

With the advent of new technologies use of nanopore sequencing technology for the development of NGS platforms is getting popular in the industry. These platforms facilitate high throughput sequencing to researchers and scientists at high speed and reduced costs.

The enzymes category will grow at the highest CAGR, of around 25% due to the high competency of enzymes for delivering long genes in a relatively less turnaround time. The modification of enzymes for their use as synthetic biology tools helps in posttranslational alteration and genetic alteration.

Amylase, xylanase, lipase and protease are some examples of prominent enzymes used in pharma companies for genetic engineering resolutions.

The oligonucleotides and synthetic DNA category held the largest share. This is due to great demand for synthetic genes, synthetic DNA, and synthetic RNA for wide variety of applications in forensic sciences and genetic testing.

The medical category had the largest share of about 40%. The reason behind this is the increasing use of synthetic biology for the highly sensitive, non-invasive and real-time detection of many infectious agents and cancer cells.

The acceptance of rational engineering technologies for the creation of innovative bio-sensing systems consisting sensors, processors, and reporters also a proven fact in enhancing the market size.

Pharmaceutical applications will experience the highest growth rate of around 30% in the years to come. This is owing to the involvement of pharma and biotech firms in the innovation of generic therapeutics for numerous chronic diseases such as cancer, diabetes and cirrhosis by using synthetic technology.

The synthetic biology market was dominated by North America mainly owing to surging government projects on countless generic biological compound synthesis, highly developed healthcare infrastructure, the existence of numerous research labs conducting studies on rare and genetic diseases, developments in genome sequencing and a numerous synthetic biology patents.

With the continuous technological developments in nanopore sequencing technology, declining cost of DNA sequencing, increasing prevalence of chronic diseases globally the demand for synthetic biology drugs will continue to grow in the future.

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