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Genetic Engineering Market Projected to Grow Radiantly | Asserts MRFR Unleashing Industry Forecast up to 2027
Genetic Engineering Market
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 and are profiled in MRFR Analysis.
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Global Genetic Engineering Market - Overview
The genetic engineering market is expected to grow at a rapid pace. The factors influencing the growth of the market include increasing technologies for gene, widespread use of genetic engineering found in developed countries, special attention towards stem cells, increasing use of genetic engineering in medicine and various others.
Technology advanced products helps in treatment of various diseases. Organisms are also used for insulin production required for the treatment of patients suffering from diabetes. Hence, genetic engineering is expected to be an emerging technology in the field of medicine, enhancing the growth of this market. Increasing funding for research and development of medical products is further favouring the growth of the market. Global genetic engineering market is expected to reach USD 6.90 billion by 2023 at a CAGR of 12.48% during forecast period 2017 to 2023.
The market is forecasted to demonstrate a double digit growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017 – 2027.
Genetic Engineering Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global market of Genetic engineering appears to be highly competitive and fragmented. With well-established market in the North America region major companies like Thermo Fisher Scientific Inc, Transposagen Biopharmaceuticals Inc., New England Biolabs, Genscript Biotech Corporation, Integrated DNA Technologies, Inc and various others have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.
Thermo Fisher Scientific Inc. an American international biotechnology company founded in 2006 by the merger of Thermo Electronic and Fisher Scientific. In Feb 2014, the company announced the complete acquisition of Life Technology Corp for USD 76.13 Billion. Life Technology Corp is a global leading player in genetic testing and precision laboratory equipment. New instruments in genetic engineering technology are Ion S5 sequencing systems, Sanger sequencing, QuantStudio family, QuantiGene Plex Assay, QuantiGene Singleplex Assay and QuantiGene Singleplex HT Assay. This acquisition will help the company create unrivalled control in serving research, life sciences, specialty diagnostics and applied markets.
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Genetic Engineering Market – Regional Overview
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.
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