Increased support for medical device research and development is assisting the market’s expansion. Infectious diseases and cancer are becoming more common, which is fueling research efforts around the world. The market for genome editing in biotechnology and pharmaceutical industries is expected to rise as a result of this.
The global genetic engineering market is being driven by factors such as improving gene therapy technology, widespread use of genetic engineering in developing countries, increased exposure to stem cells, and increased use of genetic engineering in medicine. Advanced technology aids in the treatment of a variety of diseases. Organisms are also used to produce insulin, which is needed for the treatment of diabetic patients. As a result, genetic engineering is expected to be an evolving technology in medicine, boosting the market’s growth.
Gene therapy is the most commonly used treatment method for cancer and other infectious diseases in medicine. The introduction of genetic engineering technology necessitates major investments that may be out of reach for a variety of medical institutions, serving as a market constraint.
The global genetic engineering market is slated to grow at a CAGR of nearly 14.5% during the review period (2018–2027).
The global genetic engineering market is segmented based on product, devices, techniques, application, and end-user.
Based on product, the global genetic engineering market can be segmented into biochemicals, genetic markers, and others.
Based on devices, the global genetic engineering market can be segmented into PCR, gene gun, gel assemblies, and others.
Based on technique, the global genetic engineering market can be segmented into artificial selection, cloning, gene splicing, and others.
Based on application, the global genetic engineering market can be segmented into agriculture, medical industry, forensic science, and others.
Based on end-user, the global genetic engineering market can be segmented into research institutes, academic institutes, pharmaceutical industries, and others.
The global genetic engineering market consists of four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
During the forecast era, the Americas are predicted to dominate the global genetic engineering market. The growing use of genetic modification in the form of gene therapy, the prevalence of cancer, and neurological conditions such as Alzheimer’s and dementia are all contributing to the dominance. The increased understanding of the use of stem cells in North America also contributes to the growth of this industry. Factors including the introduction of gene therapy in the United States, the increased use of genetically modified crops, the growing prevalence of infectious diseases and cancer, and the availability of research grants and funding are all propelling market growth in North America.
The demand for the genetic engineering market in Europe is boosted by extensive research and development activities in the fields of biotechnology and genetic engineering in European countries. The European economy is still steadily expanding, and it is expected to catch up to the American market in the near future. The European market for genetic engineering is expected to develop rapidly, with enormous potential, as demand for genetically modified organisms grows.
During the forecast era, the demand for genetic engineering in Asia-Pacific is expected to expand steadily. The Asia-Pacific area, especially Singapore, Japan, and China, is seeing rapid growth in this market due to an aging population and the prevalence of infectious diseases. In Asia-Pacific, medical institutes are primarily focused on genetic engineering education and science. As a result, the overall demand is projected to expand steadily over the forecast period.
Some major players in the global genetic engineering market include Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), and Horizon Discovery Group Plc. (UK). The other 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.