Pharmaceutical Segment is the largest segment driving the growth of Recombinant Dna Technology Market
Recombinant DNA technology involves the insertion of DNA from one organism into an organism of a different species using techniques of genetic engineering. This allows scientists to study genes from one organism that may help produce medicines, vaccines, enzymes and antibodies in another type of organism. DNA from any source can potentially be cloned in bacteria, yeast, plant or animal cells. Key advantages include fast and large-scale production of medicines, vaccines and bio-based chemicals such as enzymes and antibodies for research, industrial and therapeutic use.
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 key trends:
One key trend in the recombinant DNA technology market is increasing investments in gene and cell therapy research. Many biotech and pharmaceutical companies are investing heavily in gene and cell therapy programs for treating diseases like cancer, genetic disorders and infectious diseases. Gene therapies aim to treat diseases by introducing corrected genes into patients while cell therapies involve culturing and modifying patients' own cells to treat diseases. Major players are also partnering with clinical-stage gene therapy companies to develop transformative treatments for diseases with high unmet medical needs. This is expected to drive significant growth of the recombinant DNA technology market over the coming years.
SWOT Analysis
Strength: Recombinant DNA technology enables mass production of biopharmaceuticals like insulin at lower costs. It helps in precise genetic engineering and modification techniques.
Weakness: High costs associated with R&D and clinical trials of recombinant products may limit their widespread adoption. Stringent regulations for production and testing of recombinant products increase complications.
Opportunity: Growing prevalence of chronic diseases worldwide increases the demand for affordable biologic drugs. Applications in agriculture sector for developing pest-resistant and higher yielding crops present new opportunities.
Threats: Biosafety and environmental concerns regarding accidental release of genetically modified organisms pose risks. Regulatory delays and hurdles for approvals threaten revenue generation. Patent expirations of blockbuster drugs impact major players.
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 demand for affordable biologic drugs to treat chronic diseases. The market size for 2023 is US$ 156.89 Mn.
Regional analysis: North America dominates the market currently due to heavy investments in R&D activities by biopharmaceutical companies and the presence of key market players in the region. However, Asia Pacific is expected to grow at the fastest pace owing to rising healthcare expenditures, increasing investments in life science research, and growing contract research and manufacturing outsourcing to emerging Asian countries.
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, strategic collaborations, and increasing production capacities to strengthen their market positions.
For more insights, Read-
English
Arabic
Français
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian