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| Recombinant DNA Technology Market |
The recombinant DNA technology market is estimated to be valued at US$ 156.89 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recombinant DNA technology involves the process of combining DNA molecules from
two different sources artificially, outside an living cell. This technology is
majorly applied in medicine, research and industry. Recombinant proteins and
recombinant DNA vaccines are commonly produced using this technology. In
healthcare sector, it is used to develop therapeutic proteins, insulins, growth
hormones and monoclonal antibodies which are utilized in disease treatment.
Market Dynamics:
The recombinant DNA technology market is driven by increasing investment by
private and public organizations in life science research and healthcare
sector. According to a report by National Science Foundation, total funding for
research in life sciences was US$ 5.59 billion in 2018 in U.S. alone. Such
increasing investments in R&D of novel drugs and therapies is positively
impacting the recombinant DNA technology market growth. Furthermore, rising
demand for low-cost biologics and biosimilars is another factor fueling the
market expansion. However, stringent regulations around genetic engineering and
limited understanding regarding risks involved in genetic modification may
hinder the market growth over the forecast period.
SWOT Analysis
Strength: Recombinant DNA technology allows manipulation of genes from
different species, leading to production of important medical products like
insulin and human growth hormones. It has emerged as a powerful tool for
developing new drugs and vaccines. Growing applications in the healthcare
sector is one of its major strengths.
Weakness: Strict regulations for product approvals and high R&D costs
associated with the technology are major weaknesses. Lengthy clinical trials
and regulatory procedures increase costs and risks.
Opportunity: Growing demand for biologics and biosimilars worldwide presents
lucrative growth opportunities. Recombinant proteins find increasing demand in
areas like cancer therapy and gene therapy. Biofuels production using genetic
engineering also offers opportunities.
Threats: Ethical issues around genetic manipulation raise social and religious
concerns in some parts. Competition from alternative techniques can erode
market share over time if not scaled up commercially.
Key Takeaways
The global Recombinant
DNA Technology Market Share is
expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand for
biologics to treat chronic diseases. The market size is projected to reach US$
156.89 Mn in 2023.
Regional analysis
North America dominates currently due to advancements and high adoption rates.
However, Asia Pacific is predicted to grow at the fastest pace during the
forecast period owing to rising healthcare investments, westernization, and
growing biomarkers and companion diagnostics markets in China and India.
Key players
Key players operating in the Recombinant DNA Technology market are Thermo
Fisher Scientific, Inc., Biogen, Inc., Sanofi Pasteur, Merck & Co., Inc.,
Pfizer, Inc., Profacgen, Amgen, Inc., and Monsanto Company.
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