by Recombinant DNA technology involves the manipulation of genetic material by combining DNA molecules from different sources through genetic recombination. It has gained immense popularity as it allows the introduction of new genetic material into organisms using vectors such as plasmids and viral vectors. This has helped researchers gain a deeper understanding of genetics and develop drugs and therapies for diseases. The technology has been widely used to manufacture therapeutic proteins and vaccines. For instance, recombinant DNA is used in the production of insulin to treat diabetes and growth hormones to treat growth abnormalities.
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 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Gene therapy is gaining significant traction as one of the most promising applications of recombinant DNA technology. Gene therapy involves replacing a defective gene or adding a new gene to treat or prevent disorders caused by defective genes. It holds tremendous potential for treating various genetic disorders and complex diseases like cancer and cardiovascular diseases. Ongoing advancements in vector technology, genome engineering tools like CRISPR, and stem cell therapy are further expanding the scope of gene therapy. Several gene therapies have already been approved to treat rare disorders. Increasing R&D investments by biopharma companies and robust clinical trial pipeline are expected to drive the growth of gene therapy and thereby boost the recombinant DNA technology market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low- Medium. High capital requirements and stringent regulations makes entry difficult for new players in the recombinant DNA technology market.
Bargaining power of buyers: Medium. Due to presence of several players, buyers have moderate bargaining power.
Bargaining power of suppliers: Low. Large number of suppliers for raw materials keeps their bargaining power low.
Threat of new substitutes: Low. Recombinant DNA technology offers innovative solutions with no close substitutes.
Competitive rivalry: High. Large players compete on basis of technological innovation, quality, and geographic expansion in the recombinant DNA technology market.
Key Takeaways
The Global Recombinant DNA Technology Market Size is expected to witness high growth. 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 6.1% over the forecast period 2023 to 2030.
North America dominates the global recombinant DNA technology market with largest market share. Presence of major players and high healthcare spending contributes to its leading position. Asia Pacific recombinant DNA technology market is poised to grow at fastest pace during forecast period due to rising research activities and growing biologics industry.
Key players operating in the recombinant DNA technology market include Fineheart and Berlin.
Fineheart is one of the significant player in recombinant DNA technology market. The company offers wide range of recombinant DNA kits and reagents for research applications.
Berlin operates as a biotechnology company focused on developing novel cell and gene therapy products. The company utilizes recombinant DNA technology for developing therapies to cure genetic diseases.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
