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The global engineering drug market is expected to reach a robust valuation of 12.3 billion in 2025, rising from $5.9 billion in 2020. The market is expected to witness tremendous growth, thanks to growing availability of funding for research, increased efficacy of technologies like machine learning, and new ways of drug development like 3D cell culture, among others. The high cost of equipment remains a major barrier to growth in the generic engineering drug market. However, the decreasing cost of technologies over the last decade promises new opportunities for players in the genetic engineering drug market.
The growing expansion of the world of biotechnology keeps challenging conventional application of drug engineering in the global market. Recently, the advent of drugs of biotechnology origin in areas like cardiovascular, respiratory, neurology, among others presents a promising prospect for players in the arena. Furthermore, new techniques like fermentation, active ingredients, recombinant DNA, and hybridism technique continue to grow in their efficacy. The expiry of patents developed using biotechnology, and growing demand for biosimilar in a wide range of industries remains a major promise for players in the global engineering drug market. The growing development of biotechnology also remains a challenging landscape for authorities who continue to be posed with probed with tough ethical questions as biotechnology expands into previously unimaginable tiers.
The genetic engineering is a manipulation of genes of various organism in order to enhance their effects for human medication. The gene manipulation is common across the board for clinical research organizations, biotechnology companies, and the pharmaceutical industry. The application is far reaching for gene therapies, and major interest currently likes in discovery of drug therapy for chronic illnesses like cancer. The growing research, and healthcare facilities in emerging nations like India, and supporting infrastructure like insurance in countries like China, and India will remain major opportunities for growth for players in the genetic drug engineering market.
CRISPR Likely to Retain Largest Share of Revenues
Based on technology, the genetic engineering drug market is divided into CRISPR, TALEN, and ZFN, among others. Among these, the CRISPR technology registered the highest share of revenues in 2020, as the ease-of-use, and widespread awareness of technology remains the key drivers of its growth. the other technologies like ZFN, and TALEN also remains potent source of revenue generation for major players, thanks to their unique capabilities, and will likely make way for new opportunities as technological advancements continues to outgrow conventional limitations.
Pharmaceutical Companies to Register Largest Growth in Revenues as Research Takes Precedence
The pharmaceutical companies are expected to remain the largest end-users for players in the genetic engineering drug market. The pharmaceutical companies are witnessing emergence of several key trends including expiry of various patents, growing cost-reduction due to outsourcing, and increased funding from agencies like FDA to drive research. Furthermore, thanks to increasing competitions from countries like China, EU, among others, the FDA, and similar agencies around the world have also streamlined the approval process, resulting in shorter introductions to market, and reduced costs for testing. The rising demand for treatment of chronic diseases like cancer, diabetes, alzheimer’s, and growth of the covid-19 pandemic globally, will also create important opportunities for growth for players in the genetic engineering drug market.
North America Likely to Occupy Largest Share of the Total Revenues
The global engineering drug market is divided into various regions including North America, Europe, Asia Pacific, South America, and Middle East & Africa. The North America region is expected to occupy largest share of revenues, thanks to widespread network of quality researchers, and institutions, tremendous rise in funding from private players for private universities, and growing demand for niche engineering like gene therapy. The growing use of genetically modified crops, the availability of research grants, and prevalence of diseases like cancer, and infectious diseases will create new opportunities of growth for players in the global genetic engineering drug market. Growing investment in research in Europe, and in China, and India will follow the lead of North America regions to drive robust valuation for the total revenues for the global genetic engineering drug market.
About the Market Landscape
The genetic engineering drug market is an innovative, and consolidated landscape. The high costs of product development, and advanced technology integration remains a barrier for new players. However, opportunities for innovation, and growing interest globally in curing chronic illnesses like cancer remain a positive driver for growth for players in the genetic engineering drug market. Some companies in the market like Thermo Fisher Scientific offers a wide range of reagent, and instruments for life science. The technology due to its proven nature, and growing demand for extraction, and manipulation of reagents, and proteins remains a promising arena for growth. Moreover, the rising research globally has also led to tremendous opportunities for mergers, acquisitions, and partnerships for increasing their share. Furthermore, the rising diversity in product portfolio for key market players remains a major promise for their global expansion in the near future. Some key players in the genetic engineering drug market are Merck & Co (Germany), Thermo Fisher Scientific (US), Lonza (Switzerland), Horizon Discovery Limited (UK), Eurofins Scientific (Luxembourg), GenScript (US), and Sangamo Therapeutics (US).
Product & Service Outlook
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