The global synthetic biology market was valued at USD 10.7 billion in 2021 and is projected to grow at a CAGR of 21.3% to reach over USD 74.7 billion by 2031, driven by advancements in biotechnology, applications in healthcare, agriculture, and energy, and demand for sustainable solutions. Key players include Bristol-Myers Squibb, Gevo, Inc., Life Technologies, and others. Challenges include regulatory issues, ethical concerns, high R&D costs, and technical challenges, while opportunities lie in sustainable solutions, personalized medicine, and bio-based products.