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Recombinant DNA Technology Market Share, Overview, Growth And Forecast 2024-2033
Recombinant DNA Technology Market Share
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According to The Business Research Company's, The recombinant dna technology market size has grown strongly in recent years. It will grow from $816.9 billion in 2023 to $882.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to healthcare demands, biopharmaceutical industry growth, rising investments in r&d, emergence of personalized medicine.
The recombinant dna technology market size is expected to see strong growth in the next few years. It will grow to $1214.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to rising chronic diseases, emerging biotech startups, increasing funding in biotech, globalization of biotech markets, consumer acceptance and education. Major trends in the forecast period include scientific advancements, gene editing advancements, cell and gene therapies, development of rna therapeutics, therapeutic applications in rare diseases, ai and data integration.
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Market Drivers and Trends:
The increasing development of genetically modified crops is expected to propel the growth of recombinant DNA technology market going forward. Genetically modified crops refer to plants whose genetic makeup has been intentionally altered using biotechnological techniques. Recombinant DNA (rDNA) technology is employed in genetically modified (GM) crops by isolating genes that confer desired traits, constructing recombinant DNA, introducing it into host crop cells, selecting and screening for successful integration, regenerating transgenic plants, testing for trait expression, conducting field trials, obtaining regulatory approval, and ultimately commercializing crops with improved characteristics. For instance, in October 2023, according to United States Department of Agriculture, a US-based government agency, In 2021, herbicide-tolerant (HT) soybean acreage increased to 95 percent, and this percentage remained unchanged in 2023. Additionally, in 2023, 91 percent of domestic corn acres were planted with HT seeds, and 89 percent of U.S. cotton acres utilized genetically engineered, insect-resistant seeds. Therefore, the increasing development of genetically modified crops is driving the growth of recombinant DNA technology market.
Technological advancement is a key trend in the recombinant DNA technology market. Major companies operating in the recombinant DNA technology market are focused on innovative technologies to sustain their position in the market. For instance, in October 2021, Thermo Fisher Scientific, a US-based supplier of scientific instrumentation, reagents and consumables, and software services, introduced the Applied Biosystem QuantStudio Absolute Q-Digital PCR System, the first fully integrated digital PCR (dPCR) equipment made to deliver extremely precise and reliable findings in genetic analysis and research in less than 90 minutes. The QuantStudio Absolute Q System uses microfluidic array technology and streamlined processes instead of the complicated, multi-instrument workflows necessary for standard dPCR, which is intended to increase data accuracy and consistency. The QuantStudio Absolute Q solution is a quick and easy workflow that provides high-quality data with the least amount of manual labour. It combines the data collection, heat cycling, and digitization processes required for dPCR into a single device.
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Major Key Players of the Market:
Profacgen BioTech Corp., Amgen Inc., Novartis International AG, GenScript Biotech Corporation, Pfizer Inc., Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Merck & Co. Inc., Biogen Inc., GlaxoSmithKline plc, New England Biolabs Inc., Bayer CropScience, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Regeneron Pharmaceuticals Inc., Gilead Sciences Inc., Moderna Inc., Vertex Pharmaceuticals Incorporated, CRISPR Therapeutics AG, Editas Medicine Inc., bluebird bio Inc., Illumina Inc., Qiagen N.V., Lonza Group AG, Bio-Rad Laboratories Inc., Agilent Technologies Inc., Becton Dickinson and Company, Sartorius AG, Abcam plc, Horizon Discovery Group plc, Integrated DNA Technologies Inc., Twist Bioscience Corporation, Synthego Corporation, Codex DNA Inc., InvivoGen, Eurofins Scientific SE, Sarepta Therapeutics Inc., Sangamo Therapeutics Inc.
Recombinant DNA Technology Market 2024 Key Insights:
• The recombinant dna technology market size is expected to see strong growth in the next few years. It will grow to $1214.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Rising Prevalence Of Chronic Diseases To Drive Market Growth
• Technological Advancements Driving Innovation In Recombinant Dna Technology Market
• North America was the largest region in the recombinant DNA technology market share in 2023
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