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Cloning & Mutagenesis Market Size, Growth & Trends 2024-2033
Cloning & Mutagenesis Market
According to The Business Research Company's, The cloning and mutagenesis market size has grown exponentially in recent years. It will grow from $2.53 billion in 2023 to $3.05 billion in 2024 at a compound annual growth rate (CAGR) of 20.6%. The growth in the historic period can be attributed to advancements in genetic research, increasing demand in pharmaceutical research, rise of genetic engineering in agriculture, biomedical research applications, pioneer applications in molecular biology.
The cloning and mutagenesis market size is expected to see rapid growth in the next few years. It will grow to $6.07 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to expanding applications in gene therapy, rising demand for personalized medicine, advancements in functional genomics, innovations in synthetic biology, application in agricultural biotechnology. Major trends in the forecast period include targeted gene editing in therapeutics, enhanced precision and specificity, customizable molecular tools, expanded applications in agriculture, ethical and regulatory considerations.
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Market Drivers and Trends:
Rising demand for genetically modified products is expected to propel the growth of the cloning and mutagenesis market going forward. Genetically modified product refers to any organism, material, or substance that has been modified by genetic engineering techniques by deliberate manipulation of an organism's genes to introduce new traits or characteristics. Cloning is a scientific process for producing exact genetic clones for different living species, resistant to insects and plants, and in medical sciences for gene therapy, so the rising demand for genetically modified products will support the growth of the cloning and mutagenesis market. For instance, in February 2023, according to the data imparted in the annual report published by Bayar AG, a Germany-based biotechnology and pharmaceutical company, the annual sales of crop sciences and pharmaceutical segment that includes genetically modified products, has increased significantly over 2021, where the annual sales of crop sciences segment reached to $27,794.38 million in 2022, from $22,314.79 million in 2021. Therefore, the rising demand for genetically modified products is driving the growth of the cloning and mutagenesis market.
Major companies operating in the cloning and mutagenesis market are developing advanced technologies such as bacteriophage genome modifying technologies to gain a competitive edge in the market. Bacteriophage genome modifying technologies refer to methods and tools used to intentionally alter the genetic material of bacteriophages, viruses that infect bacteria, for various research, therapeutic, or industrial applications. For instance, in October 2022, iNtRON Biotechnology, a South Korea-based biotechnology company, launched its 2nd generation technology for Robot Bacteriophage. This technology involves the use of random transposon mutagenesis, allowing the modification of the bacteriophage genome. This advancement, in addition to the previously developed customized CRISPR/Cas system, enables the identification and removal of non-essential genes in the bacteriophage genome. The company aims to freely design and produce bacteriophages with desired characteristics, facilitating the development of immunotherapeutic agents and antiviral solutions.
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Major Key Players of the Market:
Thermo Fisher Scientific; Takara Bio Inc.; Agilent Technologies Inc.; Jena Bioscience GmbH; Transgen Biotech Co; New England Biolabs; Merck KGaA; Promega Corporation; Bio-Rad Laboratories Inc.; Danaher; Genomax Technologies Pte Ltd; GENEWIZ Inc.; abm Inc.; GenScript; EZBioscience; Codex DNA Inc.; Aragen Life Sciences; Bio-Techne; Charles River Laboratories; Integrated DNA Technologies; MedGenome; Sino Biological Inc.; BioChain Institute Inc.; OriGene Technologies Inc.; Creative Biogene; Bioneer Corporation; Synbio Technologies LLC; Lucigen Corporation; Biomatik Corporation; Quanta BioDesign Ltd.; Inscripta Inc.
Cloning And Mutagenesis Market 2024 Key Insights:
• The cloning and mutagenesis market size will grow to $6.07 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%.
• Surging Demand For Genetically Modified Products To Drive Market Growth
• Technological Advancements Driving Innovation In Cloning And Mutagenesis Market
• North America was the largest region in the cloning and mutagenesis market in 2023
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