Genetic Engineering Market Size, Share, Trends, Growth 2032

Genetic Engineering Industry Prospective:

The global genetic engineering market size was evaluated at $2,000 million in 2023 and is slated to hit $7,000 million by the end of 2032 with a CAGR of nearly 20% between 2024 and 2032.

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Genetic Engineering Market: Overview

Genetic engineering, also referred to as genetic manipulation, includes the genetic alteration of organisms with the help of biotechnology.

The process of genetic engineering helps researchers to change the DNA of organisms, leading to the introduction of genetically modified organisms with new traits. The new technologies in genetic engineering include synthetic biology, DNA technologies, and gene editing.

Key Insights

• As per the analysis shared by our research analyst, the global genetic engineering market is projected to expand annually at the annual growth rate of around 20% over the forecast timespan (2024-2032)
• In terms of revenue, the global genetic engineering market size was evaluated at nearly $2,000 million in 2023 and is expected to reach $7,000 million by 2032.
• The global genetic engineering market is anticipated to grow rapidly over the forecast timespan owing to the large-scale use of genetic engineering in farming, medicine, and research activities.
• In terms of application, the farming segment is slated to register the highest CAGR over the forecast period.
• Based on technology, the gene editing segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on end-user, the pharmaceutical firms segment is set to dominate the segmental growth in the ensuing years.
• Region-wise, the North American genetic engineering industry is projected to register the fastest CAGR during the projected timespan.

Genetic Engineering Market: Growth Factors

Humongous application of genetic engineering in various end-use sectors will drive the global market expansion by 2032

Large-scale use of genetic engineering in farming, medicine, and research activities will propel the global genetic engineering market in the ensuing years. Moreover, breakthroughs in gene editing technologies such as CRISPR/CAS 9, along with the escalating need for genetically modified crops, will propel the expansion of the global market expansion.

In addition, supportive government policies and the use of genetic engineering in the healthcare domain will drive market expansion in the years ahead. An increase in the allocation of funds in pharmaceutical firms, along with technological innovations, will spur market trends across the globe.

Genetic Engineering Market: Restraints

Need for huge investments in R & D activities can hamper the global industry surge over 2024-2032

Strict laws governing the use of genetically modified organisms across various countries and lack of standardization in laws governing genetically modified organisms can restrict the global genetic engineering industry expansion. Moreover, huge costs of research activities for developing innovative genetically engineered products can retard the global industry surge over the assessment period.

Genetic Engineering Market: Opportunities

Escalating use of gene therapies in treating patients will open new growth avenues for the global market

Growing demand for genetic engineering in precision medicine will propel the expansion of the global genetic engineering market. Moreover, breakthroughs in gene editing systems coupled with massive investments in biotechnology will open new vistas of growth for the market globally.

Genetic Engineering Market: Challenges

Technological hitches can severely impact the expansion of the global industry over analysis timeline

Technical issues and intellectual property problems can challenge the expansion of the global genetic engineering industry. Furthermore, genetic engineering is a time-consuming method, and tough competition from other systems can obstruct global industry expansion in the years ahead.

Genetic Engineering Market: Segmentation

The global genetic engineering market is divided into application, technology, end-user, and region.                                             

In terms of application, the genetic engineering market across the globe is segmented into farming, diagnostics, and pharmaceuticals segments. Apparently, the farming segment, which amassed nearly 57% of the global market revenue in 2023, is projected to account for the highest CAGR in the coming eight years owing to growing demand for food security and adoption of sustainable farming practices.

Based on the technology, the global genetic engineering industry is segmented into gene editing, transgenic organisms, gene therapy, recombinant DNA technology, and synthetic biology segments. Apparently, the gene editing segment, which dominated the global industry size in 2023, is expected to account substantially toward the segmental progression in the upcoming years. This can be subject to the large-scale use of CRISPR-CAS9 technology as a cost-effective gene editing tool.

On the basis of end-user, the global genetic engineering market is sectored into research institutes, government agencies, industrial firms, pharmaceutical firms, and farming firms segments. Moreover, the pharmaceutical firms segment, which led the end-user segment in 2023, is likely to lead the segmental space in the forecasting years.

Furthermore, the segmental progression over 2024-2032 can be due to an increase in drug discovery & development activities, gene therapies, and biologics. Apart from this, high revenue margins involved in the pharmaceutical sector will drive the segmental surge.

Genetic Engineering Market: Report Scope

Genetic Engineering Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over the analysis timespan

Asia-Pacific, which accounted for 55% of the global genetic engineering market size in 2023, is likely to establish a leading position in the global market in the upcoming years. Apart from this, the regional market progression in the next eight years can be credited to massive spending on healthcare activities in countries such as China, India, the Philippines, South Korea, and Japan.

Additionally, supportive government schemes and the presence of robust research & development infrastructure facilities will drive the regional market trends.

North American genetic engineering industry is expected to record the fastest compound growth annually in the upcoming years. The expansion of the industry in the region can be a result of breakthroughs in gene editing systems, supportive government policies, and a large-scale investment in personalized medicine. Moreover, the availability of strong research infrastructure facilities and the growing use of stem cell research will drive industry growth in the region. 

Genetic Engineering Market: Competitive Space

The global genetic engineering market profiles key players such as:

• Synthego Corporation
• GenScript
• Merck KGaA
• Agilent Technologies
• Thermo Fisher Scientific Inc.
• Caribou Biosciences Inc.
• Lonza Group
• Editas Medicine
• Sangamo Therapeutics
• Precision BioSciences
• CRISPR Therapeutics AG
• Cellectis S.A.
• Bluebird Bio. Inc.
• Intellia Therapeutics
• Regeneron Pharmaceuticals
• Beam Therapeutics Inc.
• OriGene Technologies
• New England Biolabs.

The global genetic engineering market is segmented as follows:

By Application

• Farming
• Diagnostics
• Pharmaceuticals

By Technology

• Gene Editing
• Transgenic Organisms
•  Gene Therapy
• Recombinant DNA Technology
• Synthetic Biology

By End-User

• Research Institutes
• Government Agencies
•  Industrial Firms
•  Pharmaceutical Firms
•  Farming Firms

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa