The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Recombinant DNA technology involves the process of combining DNA molecules from two different sources artificially, outside an living cell. This technology is majorly applied in medicine, research and industry. Recombinant proteins and recombinant DNA vaccines are commonly produced using this technology. In healthcare sector, it is used to develop therapeutic proteins, insulins, growth hormones and monoclonal antibodies which are utilized in disease treatment.
The recombinant DNA technology market is driven by increasing investment by private and public organizations in life science research and healthcare sector. According to a report by National Science Foundation, total funding for research in life sciences was US$ 5.59 billion in 2018 in U.S. alone. Such increasing investments in R&D of novel drugs and therapies is positively impacting the recombinant DNA technology market growth. Furthermore, rising demand for low-cost biologics and biosimilars is another factor fueling the market expansion. However, stringent regulations around genetic engineering and limited understanding regarding risks involved in genetic modification may hinder the market growth over the forecast period.
Strength: Recombinant DNA technology allows manipulation of genes from different species, leading to production of important medical products like insulin and human growth hormones. It has emerged as a powerful tool for developing new drugs and vaccines. Growing applications in the healthcare sector is one of its major strengths.
Weakness: Strict regulations for product approvals and high R&D costs associated with the technology are major weaknesses. Lengthy clinical trials and regulatory procedures increase costs and risks.
Opportunity: Growing demand for biologics and biosimilars worldwide presents lucrative growth opportunities. Recombinant proteins find increasing demand in areas like cancer therapy and gene therapy. Biofuels production using genetic engineering also offers opportunities.
Threats: Ethical issues around genetic manipulation raise social and religious concerns in some parts. Competition from alternative techniques can erode market share over time if not scaled up commercially.
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 biologics to treat chronic diseases. The market size is projected to reach US$ 156.89 Mn in 2023.
North America dominates currently due to advancements and high adoption rates. However, Asia Pacific is predicted to grow at the fastest pace during the forecast period owing to rising healthcare investments, westernization, and growing biomarkers and companion diagnostics markets in 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.