Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "Genetic Engineering Tool Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2018-2028 Segmented By Type (Genome Scale Editing Tools v/s Genome Scale Engineering Tools), By Therapeutic Area, By End User, By Region and Competition" report has been added to ResearchAndMarkets.com's offering.
Global genetic engineering tool market is expected to show robust growth in the forecast years 2024-2028. This can be ascribed to the increasing advancements in the field of biotechnology and genetics.
The growing popularity of genomic medicine and personalized medicine is driving the growth of the global genetic engineering tool market in the coming years. As of 2020, the number of personalized medicine available in the United States was around 286.
The process of using recombinant Deoxyribonucleic Acid (rDNA) technology to create alterations in the genetic map of an organism is categorized as genetic engineering. These altercations are done through various biotechnological processes like insertion, deletion, CRISPR, etc. These techniques are termed genetic engineering tools. Genetic modifications have various purposes like pharmaceutical production, protein enhancement, genetic studies, etc., and thus genetic engineering tools are rapidly being introduced, and consistent research is being carried out.
Pharmaceutical Industry Growth Drives Market Growth
The Healthcare industry is rapidly expanding globally, and increasing financial aid for the development of the healthcare industry is further creating lucrative opportunities for the growth of market growth. One of the sectors, the pharmaceutical sector, is most advancing and registers phenomenal growth in the coming years due to the extended utilization of genetic engineering tools in their production, design, and manufacturing. The rapid growth of precision medicine, genomic medicine, and other advanced methods of therapeutics is further aiding the growth of the global genetic engineering tools market in the upcoming five years.
The first-ever successful product of genetic engineering in the pharmaceutical industry was protein drugs like insulin. Micro-organisms used as bioreactors were utilized to multiply the quantity of the protein and thus mass-produced the drug. Transgenic animals and transgenic plants are also utilized for the production of various protein drugs that are not possible to be produced in the micro-organisms.
Research & Technology Development Support Market Growth
Genetic engineering is a consistently developing sector of biotechnology. With prolonging and continuous research going on related to gene editing and genome manipulating studies, the global genetic engineering tool market is bound to register robust growth in the coming years. With the prevalence of chronic diseases and the surging demand for therapeutic approaches toward those diseases, the global genetic engineering tool market is supporting growth in the forecast period.
Minichromosomal technology and RNA transcription alterations are some of the major genetic engineering tools expecting more research, thereby supporting the growth of the global genetic engineering tools market in the coming years. CRISPR-Cas9 gene altercations is a gene therapy that is expected to aid market growth. Moreover, genetic engineering has various applications. Further applications of genetic engineering tools in genome modification are another prospective research segment that would drive the growth of the Global Genetic Engineering Tools market in the forecast years.
Genetic Engineering in Agriculture
Demands for advancement in the agriculture sector with the help of genetic engineering are further substantiating the growth of the global genetic engineering tool market in the coming years. According to the biotech lobbying group ISAAA, GM crops covered 191.7 million hectares in 2018, an increase of 1% from 2017. With 75 million hectares (39% of the world's area), the United States is the world's largest producer of GM crops.
Increased crop yields, reduced costs for food or drug production, reduced need for pesticides, enhanced nutrient composition, and food quality, resistance to pests and disease, greater food security, and medical benefits to the world's growing population are some of the major advantages that involve the use of genetic engineering tools. The involvement of genetic engineering tools in agriculture to produce better crops will also drive the growth of the Global Genetic Engineering Tool market in the coming years.
Report Scope:
In this report, global genetic engineering tool market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Genetic Engineering Tool Market, By Type:
- Genome-Scale Editing Tools
- CRISPR
- MAGE
- CRMAGE
- CREATE
- Others
- Genome-Scale Engineering Tools
- Promoter Engineering
- Ribosomal Binding Site (RBS) Engineering
- Synthetic Small Regulatory RNA
- Others
Genetic Engineering Tool Market, By Therapeutic Area:
- Sickle Cell Disease
- Heart Disease
- Diabetes
- Alzheimer's Disease
- Obesity
- Others
Genetic Engineering Tool Market, By End User:
- Biotechnology & Pharmaceutical Companies
- Academic & Research Institutions
- Others
Genetic Engineering Tool Market, By Region:
- North America
- United States
- Mexico
- Canada
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Thailand
- Singapore
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- South America
- Brazil
- Argentina
- Colombia
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Genetic Engineering Tools Market Outlook
6. North America Genetic Engineering Tools Market Outlook
7. Europe Genetic Engineering Tools Market Outlook
8. Asia-Pacific Genetic Engineering Tools Market Outlook
9. South America Genetic Engineering Tools Market Outlook
10. Middle East and Africa Genetic Engineering Tools Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Global Genetic Engineering Tool Market: SWOT Analysis
14. Porter's Five Forces Analysis
15. Competitive Landscape
16. Strategic Recommendations
A selection of companies mentioned in this report includes
- Thermo Fisher Scientific Inc
- CRISPR Therapeutics AG
- Editas Medicine, Inc.
- Intellia Therapeutics, Inc
- erck KGaA
- Horizon Discovery Ltd
- GeneCopoeia Inc
- Takara Bio Inc
- Sangamo Therapeutics, Inc.
- Genscript Biotech Corporation
For more information about this report visit https://www.researchandmarkets.com/r/tb2ijn
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