Genetic Engineering Market Synopsis
Genetic engineering or genetic modification is the manipulation of genes in an organism for enhancing its abilities. Genetic engineering is generally used by biotechnology and pharmaceutical companies, and clinical research organizations and is extensively used to treat cancer and other infectious disease.
The genetic engineering market size is expected to reach USD 5,811 Million by 2030 at 24.20% CAGR during the forecast period 2022-2030, asserts Market Research Future (MRFR).
Drivers and Constraints Impacting the Market
Technologies such as ZNF, CRISPR/Cas9, and TALEN are extensively used in gene therapy for various terminal illness and genetic disorders. Such emerging technologies and innovations are likely to stimulate the market growth during the forecast period. Moreover, with the widespread use of genetic engineering in developed countries, application in the medicine industry, and special attention towards stem cells are presumed to foster the market growth over the assessment period. Genetic engineering is estimated to be an emerging trend in the medicine sector. For instance, organisms are used in the production of insulin to treat patients suffering from chronic disease such as diabetes.
On the flip side, the inadequacy of trained professionals coupled with adverse public perception associated with genetic research is some of the major factors likely to inhibit the market growth in the coming years.
Global Genetic Engineering Market: Segmental Analysis
The global genetic engineering market outlook has been segmented based on devices, product, application, techniques, end-users, and region.
By mode of devices, the global market has been segmented into gel assemblies, PCR, gene gun, and others. Among these, the PCR segment is further sub-divided into Quantitative PCR, Real-Time PCR, Reverse Transcription PCR, and others.
By mode of product, the global genetic engineering market has been segmented into genetic markers, biochemicals, and others. Among these, the biochemicals segment has been further sub-segmented into RNAase, restriction enzymes, and others. The genetic industry segment has been further sub-segmented into Amplified Fragment Length Polymorphism, Restriction Fragment Length Polymorphism, Simple sequence length polymorphism, and others.
By mode of technique, the market has been segmented into gene splicing, cloning, artificial selection, and others.
By mode of application, the market has been segmented into medical industry, agriculture, forensic science, and others. The agriculture segment is further sub-divided into golden rice, Bt- cotton, and others. The medical sector is sub-divided into recombinant antibodies, recombinant proteins, and others.
By mode of end-users, the market has been segmented into academic institutes, pharmaceutical industries, research institutes, and others.
Genetic Engineering Market Players
The global genetic engineering market players are Transposagen Biopharmaceuticals Inc. (US)., New England Biolabs (U.S), Genentech Inc. (US), Horizon Discovery Group Plc. (UK), Genscript Biotech Corporation (US), Origene Technologies Inc. (US), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (US), Sangamo Therapeutics Inc. (US), Amgen Inc. (US), Lonza Group Ltd. (Switzerland), Integrated DNA Technologies Inc. (US), and others.
Geographically, the genetic engineering market span across regions namely, Europe, America, Asia Pacific, and the Middle East and Africa.
The European market is expected to register a substantial growth rate and is anticipated to catch up with America soon owing to the extensive RD in the field of genetic engineering and biotechnology. Also, the demand for genetically modified organisms is estimated to foster the market growth.
Among all the regions, America is presumed to dominate the global market during the review period owing to the growing use of genetic engineering in gene therapy, neurological disorders such as dementia and Alzheimer’s, and prevalence of cancer. Moreover, the rising awareness associated with the use of stem cell is also expected to contribute to the growth of the market in the North American region.
The Asia Pacific market is estimated to register a steady growth during the review period owing to the growing geriatric population and prevalence of infectious diseases in countries such as China, Singapore, and Japan. Moreover, medical institutes in the Asia Pacific region focus on the use of genetic engineering education, thereby triggering the market growth over the assessment period.
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