by 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 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recombinant DNA technology or gene cloning refers to the direct human manipulation of an organism’s genetic material, the DNA/RNA. This technique involves combining DNA molecules from multiple sources and introducing them into a host organism to produce new genetic combinations. These applications involve modifying existing organisms or generating new organisms entirely by insertion of foreign genetic materials. The recombinant DNA technology market has wide applications in pharmaceuticals, agriculture, industrial & bioservices among others. With rising population and urbanization, the food and healthcare needs are rapidly increasing. Recombinant DNA technology helps to meet the growing demand by producing insulin, vaccines & hormones for medical use and pest & disease resistant crops for agricultural needs.
Market key trends:
One of the key trends in the recombinant DNA technology market is the development of new generation biopharmaceuticals. Drug manufacturers are focusing on developing novel recombinant therapeutic proteins, antibodies, peptides and other biological drugs for the treatment of life-threatening diseases like cancer, cardiovascular diseases etc. Similarly, agricultural biotech companies are investing in R&D to develop second-generation genetically engineered crops with improved traits like drought tolerance, higher yield and nutritional value. With advancements in genome engineering tools like CRISPR-Cas9, it has become possible to precisely modify plant and animal genomes. Such new technologies are expanding the applications of recombinant DNA technology in various industrial sectors.
Porter’s Analysis
– Threat of new entrants: Low barriers to entry due to requirement of significant R&D investments and compliance with strict regulatory bodies help existing market players maintain their market share.
– Bargaining power of buyers: Large pharmaceutical and biotechnology companies have significant bargaining power over suppliers due to their strong market presence and financial backing to develop novel rDNA technologies.
– Bargaining power of suppliers: Strong intellectual property rights and patents held by technology innovators and service providers increases their bargaining power over buyers in the rDNA technology market.
– Threat of new substitutes: Recombinant DNA technology is highly specialized technology involving complex enzymatic processes, limiting threats of substitutes.
– Competitive rivalry: High due to increasing penetration of advanced rDNA techniques such as site-directed mutagenesis, viral vector engineering etc. intensifies competition among established market players.
Key takeaways
The global Recombinant DNA Technology Market Share is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand for therapeutic proteins and rising prevalence of chronic diseases.
North America dominates the global rDNA technology market owing to presence of major market players, rising healthcare expenditure, and large-scale funding for biomedical research in the US. Asia Pacific is expected to be the fastest growing market over the forecast period supported by expanding biopharmaceutical industry in countries such as China and India.
Key players operating in the recombinant DNA technology market are Thermo Fisher Scientific, Inc., Biogen, Inc., Sanofi Pasteur, Merck & Co., Inc., Pfizer, Inc., Profacgen, Amgen, Inc., and Monsanto Company. These players are focused on developing advanced gene modification technologies and strengthening their product portfolio to consolidate their market share
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
