Genetic Engineering Market Share to Grow at a 24.20% CAGR with Value of USD 5,811 million by 2022-2030 | Report By Market Research Future
Research Reports
Nov 21, 2022
The market for genetic engineering is anticipated to grow at a 24.20% CAGR from 2022 to 2030, reaching USD 5,811 million. In genetic engineering market, chromosomes and the DNA sequence are used. To apply these sequences properly, the following engineering approaches are helpful. This procedure, which may even change the structure of DNA, is commonly referred to as genetic modification. Through the technique, a copy of the genome can be deleted or added.
A significant market driver is a requirement for chronic disease identification and prevention. For chronic and gene-based disorders, there are currently very few preventative measures available. Demand is influenced by the subpar therapies that are available for certain illnesses.
For therapy, the patient’s gene sequence is examined. Genetic engineering is now a controversial topic in medicine. Through the procedure, exceptional therapies are offered. Genetic engineering makes it feasible to do more studies into various disorders. One key reason is the enormous desire for genetic engineering in wealthy countries. The industrialized countries have a lot of resources to help with this kind of treatment. They have embraced these new therapies quickly. These areas make significant investments in the industry of genetic engineering as a whole.
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Regional Analysis:
The market for genetic engineering appears to have a strong regional orientation. North America, Europe, and Asia-Pacific are the three main players. The majority of genetic engineering is found in North America. The primary driver of increased growth is the developed health infrastructure. Market research is still going strong in this area.
Additionally, funding results in a large number of genetic clinical trials. These factors combine to provide outstanding genetic engineering therapies in North America. The region where genetic engineering will expand most quickly is the Asia-Pacific. In China, the practice of gene editing is widely used in the agricultural sector. It’s anticipated that market operations will improve in the next years.
Market segmentation:
Cell line engineering, animal genetic engineering, plant genetic engineering, and other uses
Methodology: TALENs, ZFNs, TALEN Guide RNAs, CRISPR/Cas9, and more
Consumers include biotech and pharmaceutical firms, CROs, and academic institutions.
Key Players:
Merck KGaA (Germany), Thermo Fisher Scientific Inc. (United States), and Horizon Discovery Group Plc (United Kingdom) (UK). Other companies competing in this market include Lonza Group Ltd. (Switzerland), Transposagen Biopharmaceuticals Inc. (United States), New England Biolabs (United States), Genscript Biotech Corporation (United States), Origene Technologies, Inc. (United States), and Integrated DNA Technologies, Inc. (United States), as well as Amgen Inc. (United States), Genentech, Inc. (United States), and Sangam (US)
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