Genetic Engineering Market Insights
Global Genetic Engineering Market report by Market Research Future Reports is a comprehensive research study on the current state of genetic engineering and states that the market is probable to reach USD 6.90 billion by 2027 at a CAGR of 12.48% during the forecast period 2017 to 2027. The report also analyses on several innovative strategies for business growth in the future and describes essential factors such as top manufacturers, production value, key regions, growth rate.
Genetic engineering is considered as the manipulation of genes in an organism to enhance its abilities. Biotechnology and pharmaceutical companies generally use genetic engineering, and clinical research organizations and are also extensively being used to treat cancer and another infectious disease. Therefore, the global genetic engineering market is proliferating year by year owing to the growing technologies for gene therapy or genetic engineering.
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Global Genetic Engineering Market: Trends & Drivers
The major driving factors of global genetic engineering market are the surging value of technologies such as CRISPR, Talen & ZNF which are having extensive use in current time, along with the rising focus on innovation in genetic engineering. With this, increasing investments and funding for research and development of medical products are also some of the major driving factors that are taking the global genetic engineering market towards new heights in the future timeline.
Furthermore, more factors such as rising demand for genetically modified products are mostly focused in recent times. Even people in developed regions prefer genetically modified products such as crops and dairy products that are made through biotechnologically engineered animal and plants. These factors are also positively influencing the global genetic engineering market and will be on the same influencing path in the future with extensive opportunities. Genetic engineering has been extensively utilized in altering the genome of organisms that will propel the genetic engineering market growth over forthcoming years.
With that, swelling research & development activities and its expenditures in the biotechnology sector are capable of boosting the genetic engineering industry growth in the forecast period. Due to the growing occurrences of rare genetic diseases, there is a considerable increase in the demand for evolving medications and vaccines utilized in the treatment of these diseases. Even the Government in developed economies has also taken initiatives to enable the research processes essential for creating new drugs and targeted gene therapies, which in turn is, supporting the global genetic engineering market to expand at an exponential rate.
However, on the flip side, the scarcity of trained professionals and adverse public perception of genetic engineering research are some of the crucial factors that are obstructing the growth of the global genetic engineering market.
Genetic Engineering Market Segmentation
According to the reports by MRFR, the global genetic engineering market has been segmented over product, devices, techniques, application, and end-user.
By the mode of product, the global genetic engineering market can be segmented into biochemicals, genetic markers, and others. Wherein, biochemicals can be supplementarily divided into restriction enzymes, RNAase, and others. Then, restriction enzymes can be further divided into DNAase, metazoans, micrococcal nuclease, and others and RNAase can be further divided into metazoans, RNase A, RNase H, RNase III, and others. After all, genetic markers are further divided into RFLP (Restriction Fragment Length Polymorphism), AFLP (Amplified Fragment Length Polymorphism), SSLP (Simple sequence length polymorphism), and others.
By the mode of devices, the global genetic engineering market is segmented into PCR, gene gun, gel assemblies, and others. Wherein, PCR is divided into Real-Time PCR, Reverse Transcription PCR, Quantitative PCR, and others.
By the mode of technique, the global genetic engineering market can be segmented into artificial selection, cloning, gene splicing, and others.
By the mode of application, the global genetic engineering market can be segmented into agriculture, medical industry, forensic science, and others. Wherein, agriculture is alienated into Bt- cotton, golden rice, and others. The medical industry is divided into recombinant proteins, recombinant antibodies, and others.
By the mode of end-user, the global genetic engineering market can be segmented into research institutes, academic institutes, pharmaceutical industries, and others.
Genetic Engineering Market Regional Outlook
On a geographical note, the global genetic engineering market has covered major regions of Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Among these, the Americas is expected to lead the global genetic engineering market during the forecast period. The growth is attributed to the mounting use of genetic engineering as gene therapy, the prevalence of cancer, and neurological disorders such as Alzheimer’s and dementia. With that, the increasing awareness regarding the use of stem cells is also contributing to the surge in this market in North America.
While in Europe, the market has been on top-notch, owing to extensive research and development activities in the field of biotechnology and genetic engineering. Hence, the countries favor the demand for the genetic engineering market in the European region. The European genetic engineering market is also expanding continuously with the demand for genetically modified organisms, and it is now expected to be a growing market with huge potential during the forecast period.
Whereas, the market of genetic engineering in Asia-Pacific is also expected to display steady growth during the forecast period owing to the growing aging population and prevalence of infectious diseases. These factors are favoring the growth of this market in countries such as Singapore, Japan, and China. Several medical institutes in Asia-Pacific mainly focus on the use of genetic engineering education and research activities. Thereby, the overall genetic engineering market is expected to experience tremendous growth during the forecast period.
Genetic Engineering Market Key Players
Market Research Future Reports has accumulated some significant players in the global genetic engineering market. They are Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), and Horizon Discovery Group Plc. (UK). The added players of the market are Transposagen Biopharmaceuticals Inc. (US)., New England Biolabs (U.S), Genscript Biotech Corporation (US), Lonza Group Ltd. (Switzerland), Origene Technologies, Inc. (US), and Integrated DNA Technologies, Inc. (US), Amgen Inc.(US), Genentech, Inc. (US), Sangamo Therapeutics, Inc. (US), and others
Genetic Engineering Industry News
May 21, 2019: Recently, the U.S. government and research scientists have identified a need for new tools to recognize engineered organisms when they are mixed in with a myriad of naturally occurring microorganisms. These tools could eventually be positioned to detect engineered organisms in the environment and could be used to protect a company’s academic property should an organism it designed accidentally escape the lab or to detect intentional releases of potentially harmful organisms.
March 25, 2019: Thermo Fisher Scientific has agreed to acquire Brammer Bio for $1.7 billion cash, the companies told this in a deal plan to surge the buyer’s presence in gene therapy with the viral vector contract development and manufacturing organization (CDMO).
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