Genetic Engineering Market with Prominent Vendors BGene, Thermo Fisher Scientific Inc., Amgen Inc., and Genentech, Inc. Insight 2023

Global Genetic Engineering Information, by type (animal gene, plant gene and others), by technique (artificial selection, cloning, gene splicing and others), by application (agriculture, medical, industrial, forensic science and others), by end users (Research Institute, Academic Institute and others) - Forecast to 2027

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.

KEY PLAYERS FOR GENETIC ENGINEERING MARKET

BGene (France),

Thermo Fisher Scientific Inc. (US),

Amgen Inc., Genentech, Inc. (San Francisco) and others.

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MARKET OVERVIEW FOR GENETIC ENGINEERING

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. 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.

SEGMENTS FOR GENETIC ENGINEERING

Global Genetic Engineering market has been segmented on the basis of type which comprise of animal gene, plant gene and others. On the basis of technique; market is segmented into artificial selection, cloning, gene splicing and others. On the basis of application; market is segmented into agriculture, medical, industrial, forensic science and others. On the basis of end users; market is segmented into Research Institute, Academic Institute and others.

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REGIONAL ANALYSIS FOR GENETIC ENGINEERING MARKET

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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