(USA, NY, New York City) Genetic engineering is a relatively newer concept in medical science being researched upon for discovery of treatments and drugs. Market Research Future (MRFR) has assessed in its latest report that the global genetic engineering market is expected to mark a robust CAGR of 14.5% over the projection period 2018 to 2027. Pharmaceutical and biotechnology companies are investing in genetic manipulation which is anticipated to accelerate revenue growth for the market participants. In addition, the extensive use of gene therapy for clinical trials is projected to support the expansion of the global genetic engineering market in the forthcoming years.
Technological innovations are likely to unleash strong developmental opportunities to the market. The developments and increasing use of technologies such as CRISPR/Cas9, TALEN, and ZNF are poised to dictate the growth pattern of the genetic engineering market over the next couple of years. Also, increasing burden of diseases such as cancer is expected to accelerate demand for genetic engineering in the years to come.
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The prominent players of the global genetic engineering market profiled in this MRFR report are Thermo Fisher Scientific Inc. (US), Horizon Discovery Group Plc. (UK), Genscript Biotech Corporation (US), Transposagen Biopharmaceuticals Inc. (US)., Merck KGaA (Germany), New England Biolabs (U.S), Lonza Group Ltd. (Switzerland), Origene Technologies, Inc. (US), Integrated DNA Technologies, Inc. (US), Genentech, Inc. (US), Amgen Inc.(US), and Sangamo Therapeutics, Inc. (US).
The global genetic engineering market is segmented based on product, devices, techniques, application, and end-user.
Based on product, the global genetic engineering market can be segmented into biochemicals, genetic markers, and others.
Based on devices, the global genetic engineering market can be segmented into PCR, gene gun, gel assemblies, and others.
Based on technique, the global genetic engineering market can be segmented into artificial selection, cloning, gene splicing, and others.
Based on application, the global genetic engineering market can be segmented into agriculture, medical industry, forensic science, and others.
Based on end-user, the global genetic engineering market can be segmented into research institutes, academic institutes, pharmaceutical industries, and others.
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By region, the global genetic engineering market has been segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa (MEA). Americas is expected to dominate the global market place owing to advancements in the healthcare sector in the region. Europe is anticipated to trail Americas closely and exhibit substantial growth over the next few years. The region is poised to witness an upsurge in demand for genetically modified organisms during the assessment period. Asia Pacific is also an important growth pocket and is expected to project steady growth in the upcoming years. The growth in the Middle East & Africa is likely to remain slow owing to socio-economic issues.
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