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Growing applications of advanced biologics projected to boost the growth of Recombinant DNA Technology Market

Growing applications of advanced biologics projected to boost the growth of Recombinant DNA Technology Market

Recombinant Dna technology involves the isolation, modification and insertion of desired genes from one organism into a DNA molecule of another, usually unrelated, organism. This new recombinant DNA is then inserted into host cells that are cultured in bioreactors and allowed to express the introduced genetic material. Recombinant proteins produced this way are identical to their native counterparts and are useful for therapeutic applications like treatment of cancers, diabetes, hemophilia etc. The technology allows large-scale production of important biologics with consistent quality.

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 key trends:

One of the key trends in the recombinant DNA technology market is the growing focus on advanced biologics and targeted drug delivery. Many drug makers are developing advanced versions of existing biologics with improved efficacy, longer shelf life and more targeted delivery. Monoclonal antibodies are a prime example with several recombinant mAbs in the market for cancer and immunological disorders. Fusion proteins and other complex molecular entities created through genetic engineering are addressing previously untreatable diseases. Another trend is the falling costs of DNA sequencing and synthesis that has made genetic engineering more accessible for R&D in Academia as well as SMBs worldwide.

Porter's Analysis

Threat of new entrants: The threat of new entrants in the recombinant dna technology market is moderately low due to high initial investments required for R&D and presence of established players.

Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of alternative treatment options. However, increasing prevalence of chronic diseases enhances the demand.

Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to availability of alternative raw material suppliers and commoditization of inputs.

Threat of new substitutes: The threat of new substitutes is low as recombinant dna technology is unique and has no close substitute. However, alternative treatment options limit the threat.

Competitive rivalry: The competitive rivalry in the market is high due to presence of major players investing in R&D.

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 prevalence of chronic diseases. North America dominated the market with over 35% share in 2023 owing to presence of major players and availability of advanced healthcare facilities in the region.

The recombinant dna technology market in Asia Pacific is anticipated to witness fastest growth during the forecast period attributed to rising geriatric population, increasing healthcare spending, and growing awareness.

Key players operating in the recombinant dna technology market include Pfizer, Sanofi, New England Biolabs, GlaxoSmithKline plc, GenScript, Thermo Fisher Scientific, Inc., Biogen, Inc., Merck & Co., Inc., Profacgen, Amgen, Inc., and Monsanto Company. Major players are focusing on R&D activities to develop innovative products and expand their market presence.

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