New York, United States , Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Global Genetic Engineering Market Size is to Grow from USD 1.35 Billion in 2023 to USD 8.95 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 20.82% during the projected period.
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The process of directly modifying an organism's genes is called genetic engineering. Researchers can modify or add new genes, as well as remove undesirable ones. It makes possible to create creatures with desirable characteristics, such as bacteria that can make medicine or crops resistant to insects. Two approximately related methods that modify the genetic makeup of an organism are genetic engineering and gene therapy. The instruments and methods utilized in this manipulation are the main focus of the genetic engineering market. This covers products such as DNA-cutting enzymes, genetic material such as plasmids, and even genetic modification design software. Biopharmaceutical products made through genetically altered processes are in high demand, which is driving the genetic engineering market. Complex proteins and antibodies that are used to treat autoimmune diseases, diabetes, and cancer can be produced by using genetic engineering. Due to their efficiency and precision in treating diseases, genetically modified medications are predicted to become more and more in demand. However, Market expansion is restricted by the high cost of genetic engineering research and development (R&D).
Browse key industry insights spread across 213 pages with 110 Market data tables and figures & charts from the report on the "Global Genetic Engineering Market Size, Share, and COVID-19 Impact Analysis By Product (Biochemical and Genetic Markers), By Technique (Artificial Selection and Gene Splicing), By Application (Agriculture and Medical Industry), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The genetic markers segment is anticipated to hold the greatest share of the global genetic engineering market during the projected timeframe.
On the basis of product, the global genetic engineering market is divided into biochemical and genetic markers. Among these, the genetic markers segment is anticipated to hold the greatest share of the global genetic engineering market during the projected timeframe. The growing usage of customized medicine by the world's population and a focus on molecular biology research are the two primary forces driving the genetic markers market.
The gene splicing segment is anticipated to hold the largest share of the global genetic engineering market during the projected timeframe.
On the basis of technique, the global genetic engineering market is divided into artificial selection and gene splicing. Among these, the gene splicing segment is anticipated to hold the largest share of the global genetic engineering market during the projected timeframe. The ability to alter an organism's genetic makeup through the use of gene splicing has transformed genetic engineering and caused important advances across a range of applications.
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North America is expected to hold the largest share of the global genetic engineering market over the forecast period.
North America is expected to hold the largest share of the global genetic engineering market over the forecast period. The increased popularity of steam cell therapies is driving growth in the North American regional market. Due to its significant investments in genetic technologies, the United States is a key player in the genetic engineering market.
Asia Pacific is predicted to grow at the fastest pace in the global genetic engineering market during the projected timeframe. The Asia Pacific region's genetic engineering market is expected to grow as a result of the Chinese government's increasing focus on precision medicine and the presence of major businesses like BGI and Hebei Senlang Biotechnology.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global genetic engineering market include Thermo Fisher Scientific Inc., Cibus, Horizon Discovery Group plc, GenScript Biotech Corporation, CRISPR Therapeutics AG, Recombinetics Inc., Sangamo, Merck KGaA, Precision Biosciences, OriGene Technologies Inc., Intellia Therapeutics Inc., Caribou Biosciences Inc., Eurofins Scientific SE, Agilent Technologies, Inc., and Others.
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Recent Developments
- In June 2024, Positive results from a Phase 1 clinical trial were announced by Intellia Therapeutics on their CRISPR-based next-generation ATTR amyloidosis treatment. With very little side effects, the therapy effectively reduced target protein levels. This development shows how CRISPR-based medicines have advanced in human trials.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global genetic engineering market based on the below-mentioned segments:
Global Genetic Engineering Market, By Product
- Biochemical
- Genetic Markers
Global Genetic Engineering Market, By Technique
- Artificial Selection
- Gene Splicing
Global Genetic Engineering Market, By Application
- Agriculture
- Medical Industry
Global Genetic Engineering Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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