Synthetic Biology Market to reach USD 60.4 billion by 2032, growing at a CAGR of 19.1%
The growth of the synthetic biology market is attributed to enhancing government support, forced investments in research and development, and widening applications across diverse market segments. The U.S. government has been a significant contributor to this growth, with the National Institutes of Health (NIH) allocating substantial funds to synthetic biology research. In fiscal year 2023, the NIH invested over $820 million in synthetic biology-related projects, a 15% increase from the previous year. It also spurred innovations in gene editing, biosensors, engineered microorganisms, and more.