Global Genetic Engineering Market - Overview
Technology advanced products helps in treatment of various diseases. Organisms are also used for insulin production required for the treatment of patients suffering from diabetes. Hence, genetic engineering is expected to be an emerging technology in the field of medicine, enhancing the growth of this market.
Increasing funding for research and development of medical products is further favouring the growth of the market. Global genetic engineering market size is expected to reach USD 6.90 billion by 2027 at a CAGR of 12.48% during forecast period 2017 to 2027.
The market is forecasted to demonstrate a double digit growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017 – 2027.
Global Genetic Engineering Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global market of Genetic engineering appears to be highly competitive and fragmented. With well-established market in the North America region major companies like Thermo Fisher Scientific Inc, Transposagen Biopharmaceuticals Inc., New England Biolabs, Genscript Biotech Corporation, Integrated DNA Technologies, Inc and various others have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.
Global Genetic Engineering Market - Regional Analysis
Global genetic engineering market is segmented on the basis of geographies or regions which mainly includes North America, Europe, Asia Pacific, and Middle East & Africa. North America is dominating the global market for genetic engineering with more than 40% share of the total market in 2016. The major factor for the growth of the market includes due to increasing use of genetic engineering in for the use of gene therapy, high incidence of cancer and neurological disorders like Alzheimer’s, dementia. Increasing awareness for the use of stem cells furthermore contributes influence the growth of market in North America.
Europe holds the second largest share of the global genetic engineering market. Asia Pacific is the fastest growing genetic engineering stimulation market across the globe. In Asia-Pacific there is wide range of opportunities for genetic engineering market due to the presence of developing countries, companies grabbing these opportunities and expanding their presence in the region. The developing countries in this region are widely adopting latest technologies in the field of genetic engineering. These rising development in the region is further influencing the growth of the market.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.
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