by Recombinant DNA technology involves the integration of foreign DNA into host organisms through molecular cloning techniques. This enables mass production of useful proteins including therapeutic proteins used to treat genetic disorders and diseases like cancer. Recombinant DNA technology based products are widely used in biotechnology, pharmaceuticals and diagnostics.
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 of the major trends driving the growth of recombinant DNA technology market is rise in demand for gene therapy. Gene therapy uses DNA to treat diseases by modifying genes or introducing genes to replace or inactivate disease-causing genes. Advancements in gene therapy now offers treatment for several monogenic and complex genetic disorders like muscular dystrophy, hemophilia, cancers and HIV. Gene therapy demand is growing significantly due to its potential to cure genetic disorders. This is expected to fuel the demand for recombinant DNA technology used in development of new gene therapy products.
Segment Analysis
The recombinant DNA technology market is segmented based on type, application and end user. By type, the medical segment dominated the market in 2022 due to the high prevalence of chronic diseases and increasing demand for biosimilars. By application, biopharmaceuticals accounted for the largest share as biopharmaceuticals find wide application in treatment of chronic diseases such as cancer and diabetes. By end user, the biotechnology & pharmaceutical companies segment held the highest market share owing to increasing R&D investment in drug discovery and development.
Key Takeaways
The global Recombinant Dna Technology Market Share is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis
North America dominated the global market in 2022 and is expected to maintain its dominance during the forecast period. This is attributed to growing research funding, advanced healthcare infrastructure and rising adoption of recombinant DNA technology products in the region. Asia Pacific is expected to witness highest growth rate owing to expanding biopharmaceutical industry and increasing healthcare expenditure in emerging countries of the region.
Key players
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. Pfizer dominates the market owing to its robust portfolio of biopharmaceutical products and strong global distribution network.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
