Genetic Engineering Market 2021
The global market for genetic engineering is slated to grow at a CAGR of nearly 14.5% during the review period (2018–2027).
Market Dynamics
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.
One of the key factors for the growth of this market is the widespread use of various technologies such as CRISPR/Cas9, TALEN, and ZNF in gene therapy for various genetic disorders and terminal illnesses. This market is expected to expand during the forecast period as a result of emerging developments in genetic engineering, as well as strategies such as mergers and acquisitions.
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Major Key Players:
Thermo Fisher Scientific Inc. (U.S.), Merck KGaA (Germany), and Horizon Discovery Group Plc. (U.K.). The other players of the market are Transposagen Biopharmaceuticals Inc. (U.S.)., New England Biolabs (U.S), Genscript Biotech Corporation (U.S.), Lonza Group Ltd. (Switzerland), Inc. (U.S.), Origene Technologies, Inc. (U.S.), and Integrated DNA Technologies, Inc (U.S.) are some of the prominent players at the forefront of competition in the Global Genetic engineering Market Share and are profiled in MRFR Analysis.
Segmental Analysis
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.
Regional Analysis
Global genetic engineering market is segmented on the basis of geographies or regions which mainly includes North America, Europe, Asia Pacific, and Middle East & Africa. North America is dominating the global market for genetic engineering with more than 40% share of the total market in 2016. The major factor for the growth of the market include due to increasing use of genetic engineering in for the use of gene therapy, high incidence of cancer and neurological disorders like Alzheimer’s, dementia. Increasing awareness for the use of stem cells furthermore contribute influence the growth of market in North America.
Europe holds the second largest share of the global genetic engineering market. Asia Pacific is the fastest growing genetic engineering stimulation market across the globe. In Asia-Pacific there is wide range of opportunities for genetic engineering market due to the presence of developing countries, companies grabbing these opportunities and expanding their presence in the region. The developing countries in this region are widely adopting latest technologies in the field of genetic engineering. These rising development in the region is further influencing the growth of the market.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.
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