Recombinant DNA Technology Market Growth Drivers, Challenges and Forecast to 2023
Market Overview:
Recombinant DNA technology articulates DNA molecules from two different species that are introduced into the host organism to produce a new genetic combination with broad application. Market Research Future reported that the global recombinant DNA technology market is expected to attain a CAGR of 6.9% during the forecast 2017-2023.
Recombinant DNA technology has many applications in agriculture; to produce Bat cotton that protects the plants against pests. It is widely used in drug production, gene therapy, and clinical diagnosis.
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Growing demand for recombinant and genetically modified products for human health, nutrition and agriculture is expected to stimulate growth in the global recombinant DNA technology market over the forecast period. In addition, increased government funding for the use of Recombinant DNA Technology Market to address various food, health, and environmental issues is expected to stimulate market growth. Manufacturing companies that focus on product development using recombinant DNA technology for a variety of chronic diseases should accelerate market growth over the forecast period.
Major Players:
F. Hoffmann-La Roche Ltd, Profacgen, Amgen Inc., Pfizer Inc., Novartis AG, Genscript Biotech,Sanofi S.A., Novo Nordisk A/S, Merck & Co., Inc., Biogen Inc., Biocon Limited, Eli Lilly and Company, GlaxoSmithKline plc, Cibus,New England Biolabs, Horizon Discovery Group PLC, Boehringer Ingelheim,Monsanto Company, and others.
Segmentation:
· The global Recombinant DNA Technology Market Growth is broadly segmented based on multiple factors such as product, component, application, and end-user.
· The product segment of the global recombinant DNA technology market is bifurcated into medical and non-medical. Further, the medical is sub-segmented into vaccines, therapeutic agents, and human proteins. The non-medical sub-segment is classified into specialty chemicals and biotech crops.
· Based on the component, the global recombinant DNA technology market is bifurcated into cloning vector, expression system, and others. The cloning vector sub-segment is divided asYeast Artificial Chromosome (YAC), plasmid, cosmid, phage,Human Artificial Chromosome (HAC), and Bacterial Artificial Chromosome (BAC). The expression system sub-segment is classified into yeast, bacteria mammalian, and baculovirus/insect.
· The application segment of the global recombinant DNA technology market is bifurcated into disease, food and agriculture, environment, andhealth.
· The global recombinant DNA technology market, based on end-users, is also bifurcated as government research institutes, biotechnology companies, pharmaceuticals,and universities.
Regional Analysis:
The Americas has the largest share in the global recombinant DNA technology market due to the effective regulation of the registration of recombinant therapeutic products and other genetically modified (GM) products. Presence of some leading key players operating in this sector contributes to the growth of the recombinant DNA technology market in the region.
In addition, there is a growing need to improve recombinant protein production capacity several times in Europe. Growing demand for effective treatments for disease treatment and technological progress in this sector should lead to the growth of the European market for recombinant DNA technology.
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The Asia Pacific region is expected to become the fastest-growing regional market for the global recombinant DNA technology market. Raising awareness about the growth of genetic diseases and disorders, developing health infrastructure, increasing healthcare spending, strengthening government initiatives to improve public health, and progress in the medical field stimulates market growth.
The Middle East and Africa are is saidto witness limited growth due to declining demand for genetic testing. The Middle East is experiencing significant growth compared to the African recombinant DNA technology market due to growing population, innovations in genetic testing and the growing number of chronic disease cases.