The growing application of Recombinant Dna Technology in medicine and healthcare is anticipated to openup the new avenue for Recombinant Dna Technology Market
Recombinant DNA technology involves inserting a specific gene from one organism to another. It is used in medicine to produce human insulin, growth hormones, clotting factors, monoclonal antibodies and vaccines. This technique is also used in agriculture sector to produce pest and disease resistant crops. DNA sequences can be isolated and cut using restriction enzymes and recombined in solutions to form chimeric DNA molecules.
The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing use of genetically modified crops and advancement in medicine is fueling the demand for Recombinant Dna Technology. Genetically modified crops provide higher yield, resistance against pests and diseases, drought tolerance and nutritional benefits. As a result, adoption of GM crops is increasing across major crop growing regions which is driving the Recombinant Dna Technology Market. Moreover, Recombinant DNA technique is used to produce therapeutic proteins for treatment of cancer, genetic disorders and various chronic diseases. Biopharmaceutical companies are actively engaged in developing disease modifying drugs and recombinant protein therapeutics which is propelling the market growth.
Segment Analysis
Recombinant Dna Technology Market is segmented into medical application, industrial application, agricultural application and others. Among these, medical application segment holds the largest market share of over 45% in 2021. This is because recombinant DNA technology has widespread applications in the fields of medicine such as production of insulin, vaccines & monoclonal antibodies. It helps produce therapeutic proteins which treat various chronic diseases like cancer and genetic disorders in a cost effective manner.
PEST Analysis
Political: Governments across countries are promoting the use of recombinant DNA technology through funding in research activities. They have also established stringent regulations to ensure safety and ethics are followed during R&D processes.
Economic: The overall market size of recombinant Dna technology was valued at US$ 156.89 Mn in 2023 and is expected to grow exponentially due to reduction in production costs of important drugs.
Social: Advancements in recombinant DNA techniques have benefited society through development of therapeutics for previously incurable diseases. However, some sections raise ethical issues related to genetic engineering of organisms.
Technological: Continuous innovation is occurring in gene cloning and editing methods such as CRISPR & TALEN which are accelerating research. Automation of processes has made experiments faster and production more precise & efficient.
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 prevalence of chronic diseases worldwide.
North America dominates the market with a share of over 40% in 2023 owing to presence of major players and rising healthcare expenditure in the US and Canada. Asia Pacific is projected to be the fastest growing regional market between 2023-2030 motivated by growing R&D funding and healthcare industry in India and China.
Key players operating in the Recombinant Dna Technology Market are Pfizer, Sanofi, New England Biolabs, GlaxoSmithKline plc, GenScript, Thermo Fisher Scientific, Inc., Biogen, Inc., Merck & Co., Inc., Profacgen, Amgen, Inc., Monsanto Company. These players are involved in new product launches and collaborations to strengthen their market positions.
For more insights, Read-
https://www.pressreleasebulletin.com/recombinant-dna-technology-market-size-and-share-analysis/
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