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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Recombinant DNA technology involves manipulating the DNA of living organisms to produce new genetic combinations that are not found in nature. This technology helps to develop new medicines and vaccines for various therapeutic areas such as oncology, infectious diseases, and genetic disorders. It enables production of human insulin, human growth hormones, monoclonal antibodies, and other biologics in large quantity that can be used for treatment. The increasing demand for biologics due to their target specificity and less side effects is a major driver for this market.
The Recombinant DNA Technology Market is driven by growing demand for biologic drugs and rising prevalence of chronic diseases. As per WHO, chronic diseases accounted for around 60% of total reported deaths in the world in 2020. Biologics have gained importance in treatment of various chronic conditions such as cancer, diabetes, cardiovascular diseases due to their high efficacy and targeted approach. Further, advancement in gene synthesis is enabling rapid and cost-effective production of biologics which is supporting market growth. Some key developments in this field includes development of next generation gene editing tools like CRISPR which has potential to revolutionize treatment of genetic disorders.
The recombinant DNA technology market is dominated by the pharmaceuticals and biotechnology sub-segment. This sub-segment holds the largest market share owing to high demand for recombinant DNA technology for development of biosimilars and biologics drugs for treatment of various chronic diseases. Recombinant proteins are widely used in development of various therapeutic drugs and vaccines.
Political: Governments across various countries are supporting research and development activities in biotechnology sector by providing funding. Stringent regulations are in place for ensuring safety and efficacy of products developed using recombinant DNA technology.
Economic: The growing pharmaceutical industry coupled with rising healthcare expenditure is driving demand for biologics and biosimilars. Efforts to reduce production costs of these drugs is further propelling market growth.
Social: Increasing incidence of chronic diseases and rising awareness about benefits of biologics over traditional drugs is fueling market expansion. However, high cost of biologics remains a concern.
Technological: Advancements in gene editing tools such as CRISPR/Cas9 have enabled efficient and precise manipulation of genomes. This is facilitating development of novel biologics and cell and gene therapies.
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 incidence of chronic diseases. The market size for 2023 is estimated to be US$ 156.89 Mn.
Regionally, North America is expected to dominate the global market during the forecast period owing to strong presence of key biologics manufacturers in the region and growing demand for advanced therapeutic drugs. Asia Pacific is anticipated to exhibit fastest growth rate during 2023-2030 attributed to rising healthcare expenditure, growing collaborations between biotech companies and research institutes, and increasing government focus on development of domestic biotechnology industry.
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. Major players are focusing on development of novel therapeutics, boosting research capabilities, and expanding production facilities to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it