Synthetic Biology Market Share

North American Market Forecast

The share of synthetic biology market in the North America region, amongst the market in all the other regions, is projected to hold the largest market share of about 35% by the end of 2037. The regional growth can be majorly attributed to the growing population and research activity, health insurance covering various synthetic biology treatments and other related genome editing. Rising economic status and affordability of advanced treatments for patients are estimated to boost the growth of the market in the region during the forecast period. According to the U.S. Bureau of Economic Analysis, personal income in the U.S. in August 2022 grew at a rate of 0.3% to reach USD 71.6 billion, while personal spending was observed to grow at a rate of 0.4% to reach USD 6.75 billion. Moreover, the insurance companies in North America offer efficient reimbursement policies to the patients going through genome editing treatment, which encourages the patients to opt for advanced treatment methods such as genome engineering for genetic disorders. Hence, this is also estimated to add to the regional synthetic biology market growth significantly.

APAC Market Statistics

The synthetic biology market in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market in this region can primarily be attributed to the constantly growing aged population throughout the region. The elderly people are more prone to genetic diseases that require genome editing for their treatment. Asia Pacific's population is aging faster than any other region in the world. Among the total aged population of the world, Asia Pacific accounts for 60 per cent, or 630 million, that are 60 years of age or older. The geriatric population in the region is projected to reach 1.3 billion by the year 2050.  Additionally, the government's role in raising awareness regarding the use of the synthetic biology is expected to boost the market growth in the region. Moreover, increasing number of patients and deaths, increased funding for medical infrastructure is expected to affect the growth of the synthetic biology market in the region.

Europe Market Forecast

Further, the synthetic biology market in the Europe region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the favorable government initiatives in the region. Governments in Europe have been supportive of synthetic biology research and development activities, providing funding and other incentives to promote innovation in the field. Synthetic biology has applications in healthcare, such as the development of personalized medicine and the engineering of microbes to produce therapeutic molecules. The increasing demand for personalized medicine and the rising prevalence of chronic diseases are expected to drive the growth of synthetic biology in the healthcare sector in Europe. The development of genome editing technologies such as CRISPR-Cas9 has enabled precise and efficient editing of DNA, which has led to the development of new applications in areas such as agriculture, healthcare, and biotechnology. The increasing adoption of genome editing technologies in Europe is expected to drive the growth of synthetic biology in the region. Synthetic biology can be used to create biofuels and other renewable energy sources. With the increasing focus on sustainability and the transition to a low-carbon economy, the demand for synthetic biology market in the energy sector is expected to grow in Europe.