Market Research Future has a half cooked research report on the global Genetic Engineering market. The global Genetic Engineering market is growing continuously and expected to grow Significantly by 2027.
Global Genetic Engineering Information, by type (animal gene, plant gene and others), by technique (artificial selection, cloning, gene splicing and others), by application (agriculture, medical, industrial, forensic science and others), by end users (Research Institute, Academic Institute and others) – Forecast to 2027
Genetic engineering works on the concept of alteration of the genetic code by artificial means which makes it an entirely different concept than that of selective breeding. Modifying the genome of an organism enables scientists to add or modify an existing trait. Globally the market for genetic engineering is growing currently and it is expected to grow positively till the end of the forecasted period and CAGR. The primary factors that have contributed to the growth story include increased government spending, growth in the number of genomics projects, widespread incidence of infectious diseases and cancer detection in patients, technological advancements, high demand for synthetic genes, genomics awareness and new product launches by market players are expected to fuel this upward growth trend. Rise in the production of genetically altered crops is also expected to add to the popularity and demand for genome editing.
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Key Players for Genetic Engineering market:
Some of the key players in this market are:
BGene (France), Thermo Fisher Scientific Inc. (US), Amgen Inc., Genentech, Inc. (San Francisco) and others.
The other factors that are contributing to the growth of genetic engineering are potential opportunities in orphan diseases and oncology, introduction of new cutting edge technologies and increased focus on human genomics.
After the process of genetic engineering is applied on an organism it results in change of their genetic makeup and such organisms are then called as genetically modified organisms or GMO’s. The genetic engineering works by altering a piece or several pieces of the DNA so as to bring about the desirable change in the organism. In another scenario, if a DNA is inserted into the target DNA, it can either be from the organism whose specific traits are required or from an entirely different species or may also have been made in a lab.
Genetic engineering has a variety of useful applications in the fields of scientific research, agriculture and technology. Genetic engineering can be found more commonly in the field of agriculture. Around the world there are approximately 25 countries that grow crops that are genetically modified and it has been discovered that these numbers are increasing favorably from year to year. Apart from this, genetic engineering has also been popularly been used to create biological organisms such as bacterium, mice and even animals.
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Genetic Engineering Market – Competitive Analysis
With the gradual entry of industry players in the market for genetic engineering has given way to a trend of solid, volume-driven growth as new products and treatment procedures are being introduced into the market. With marketers aiming to capture the market segment as early as possible are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
Genetic Engineering- Segments:
The Global Genetic Engineering market can be segmented in various ways such as:
On the basis of the type it is divided into animal gene, plant gene and others.
On the basis of technique artificial selection, cloning, gene splicing and others.
On the basis of application agriculture, medical, industrial, forensic science and others
On the basis of end users Research Institutes, Academic Institutes amongst others.
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Regional Analysis of Genetic Engineering Market:
The North American market for Genetic Engineering is expected to grow at an encouraging CAGR and is expected show exceptional growth in the forecasted period. Increased funding for genomics research and increased R&D expenditures are expected to provide the much needed boost to this market. Europe is expected to be the second-largest market for Genetic Engineering which is demonstrating a positive CAGR like North America.
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