The global genetic engineering market is predicted to generate 14.5% CAGR during the forecast period (2018–2027) owing to the augmenting technology for gene therapy, asserts Market Research Future (MRFR). Genetic engineering is the manipulation of genes of a species or an organism in order to enhance its abilities. This particular technology is generally used by the biotechnology and pharmaceutical companies and by the clinical research organizations. Gene therapy is one of the most widely used applications for treating cancer along with other infectious diseases in medicine.
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Drivers and Constraints Impacting the Market
With the widespread use of genetic engineering in the developed nations, augmenting technologies for gene therapy, high adoption of genetic engineering in medicine, and special attention towards stem cells, the global market for genetic engineering is considered to propel during the forecast period. Genetic engineering is considered to be an emerging trend in the medicine sector. For instance, organisms are used to produce insulin in order to treat patients suffering from chronic diseases like diabetes. Technologically advanced products are also used to treat several diseases. With rising funding for research and development activities of medical products, the market for genetic engineering is considered to propel during the appraisal period. Moreover, accelerating government funding coupled with the increasing number of genome projects are predicted to foster the market growth.
On the flip side, implementation of genetic engineering technology includes a huge amount of investment which is not affordable to all the medical organizations. This might pose a threat to the market growth during the appraisal period. Moreover, the dearth of trained professionals coupled with the adverse perception of the public regarding genetic research is considered to slow down the market growth globally.
The prominent players operating the global genetic engineering market are Horizon Discovery Group Plc. (UK), Lonza Group Ltd. (Switzerland), Sangamo Therapeutics Inc. (US), Merck KGaA (Germany), Amgen Inc. (US), Genscript Biotech Corporation (US), Genentech Inc. (US), New England Biolabs (U.S), Origene Technologies Inc. (US), Thermo Fisher Scientific Inc. (US), Transposagen Biopharmaceuticals Inc. (US)., Integrated DNA Technologies Inc. (US), and others.
Global Genetic Engineering Market: Segmental Analysis
The global genetic engineering market has been segmented on the basis of product, devices, techniques, application, and end-user.
By mode of product, the global genetic engineering market has been segmented into genetic markers and biochemical.
By mode of devices, the global genetic engineering market has been segmented into PCR, gel assemblies, and gene gun.
By mode of techniques, the global genetic engineering market has been segmented into gene splicing and artificial selection.
By mode of application, the global genetic engineering market has been segmented into medical industry and agriculture, forensic science, and others.
By mode of end-users, the global genetic engineering market has been segmented into academic institutes, research institutes, pharmaceutical industries, and others. Among these, the pharmaceutical segment is likely to occupy the largest market share owing to the rising prevalence of cancer and infectious diseases.
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Geographically, the genetic engineering market spans across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.
Among all the regions, the American region is anticipated to dominate the global genetic engineering market and is estimated to retain its dominance throughout the appraisal period. The growth is credited to the augmenting use of genetic engineering in the form of gene therapy, rising incidences of neurological disorders such as dementia and Alzheimer’s, and the prevalence of cancer. Moreover, the augmenting awareness associated with the use of stem cells is also predicted to influence the market growth in this region to a great extent.
The European region is expected to exhibit a significant growth rate owing to the extensive R&D activities in the field of genetic engineering and biotechnology. The market in this region is expanding dramatically and is anticipated to catch up with the American market soon.
The Asia Pacific region is anticipated to witness a steady growth rate owing to the rising aging population coupled with the increasing prevalence of infectious diseases, especially in nations such as Japan, Singapore, and China. Moreover, medical institutes in this region concentrate on the use of research activities and genetic engineering education and, thereby triggering the growth of the market throughout the assessment period.
January 22, 2019: Government investigators have recently confirmed a Chinese scientist who claimed to create the world’s first genetically engineered babies along with the existence of a second pregnancy carrying gene-edited embryo.