Transgenic Animals Market To Expand Significantly At CAGR 8.6% During 2018-2023
The Transgenic Animals Market is estimated to grow at an approximate CAGR of 8.60% from 2017 to 2023. The global transgenic animals market is segmented on the basis of product, techniques, consumables, application, model organisms, and end-user.
Pune, India – July 31, 2018 /MarketersMedia/ —
Transgenic Animals Market Synopsis:
The modern age science and technology is reaching higher verticals with every new invention. Incorporation of technology with biology has opened up a broad pathway for research to understand and create new products with the help of genetically engineered animals. The transgenic animals are the animals that are deliberately introduced with foreign genes in their genome. As per the report that has been recently published by Market Research Future (MRFR), the global transgenic animals market is anticipated to expand significantly at a noteworthy CAGR of 8.6% during the forecast period of 2017-2023.
Market Drivers:
The rapid development in the field of genetic engineering and biotechnology is leading to the incorporation of recombinant DNA technology in various animals. The introduction of transgenic technology in cows for increasing the production of milk is gaining traction in the global market, resulting in the growth of the global transgenic animal market. The increasing use of transgenic technology for improving the quality and quantity of meat to fulfill the high demand for good quality meat in various regions of the world is one the major factors that are fueling the expansion of the global transgenic animal market.
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The application of transgenic technology in order to cure genetic disorders and improve the breeding process of farm animals is impacting positively on the growth of the global transgenic animal market. The increasing application of transgenic animals for obtaining insulin, growth hormones, and anti-blood clotting products is fueling the growth of the global transgenic animal market.
Market Restraints:
The high cost of development of transgenic technology, reluctance in the acceptance of transgenic products and stringent regulatory framework by FDA are likely to hamper the growth of the global transgenic animal market during the forecast period.
Market Segmentation:
The global transgenic animal market has been segmented on the basis of products, techniques, consumables, application, model organisms and end-users. Based on products, the transgenic animal market is segmented into PCR, gene gun, microinjections, electroporator, and others. The PCR segment is sub-segmented into real-time PCR, digital PCR systems, and others.
Based on techniques, the transgenic animal market is segmented into retrovirus-mediated gene transfer, embryonic stem cell-mediated gene transfer, DNA microinjection, and others. Based on consumables, the transgenic animal market is segmented into fluorescent probes, culture media, and others.
Based on application, the transgenic animal market is segmented into recombinant human proteins, monoclonal antibodies, xenotransplantation, and others. Based on model organisms, the transgenic animal market is segmented into mice, rabbit, cows, and others. Based on end-users, the transgenic animal market is segmented into biotechnology industries, research organizations, academic institutes, and others.
Transgenic Animals Market Regional Analysis:
The global transgenic animal market is geographically segmented into four major regions such as Americas, Asia Pacific, Europe and the Middle East and Africa. Among these regions, the Americas is projected to be dominating the global transgenic animal market owing to the easy acceptance of transgenic products and rapid development in the field of science and technology in this region.
The Europe region holds second largest share in the global transgenic animal market owing to the increasing research and development expenditure in the field of biotechnology and genetic engineering and increasing demand for transgenic animals in this region.
The Asia Pacific region is the fastest growing market in the global transgenic animal market owing to the development of biotechnology in emerging economies such as India and China. The Middle East and Africa region accounts for the least share in the global transgenic animal market owing to the lack of technological and scientific development in the underdeveloped areas of this region.
Competitive Landscape:
The rapid development in biotechnology and genetic engineering is creating large number of opportunities for the investors in the global market, resulting in the increase in competition among the players in the global transgenic animal market. The increased research and development expenditure for introducing advanced innovations by the players is leading to the expansion of their businesses in the global transgenic animal market.
In June 2018, Ligand Pharmaceuticals Incorporated has received $47 Mn for signing an amendment with WuXi Biologics for expansion of its OmniAb antibody discovery services. OmniAb is a three-species transgenic-animal platform that uses four different technologies for producing mono and bispecific human therapeutic antibodies.
The key players of the global transgenic animal market that are profiled in the report published by MRFR are Cyagen Biosciences, Charles River, Creative-Biolabs, TRANS GENIC INC.., Ltd., Sutter Instrument Company, Bio-Rad Laboratories, Inc., Spinco Biotech Pvt Ltd., Abbott, Thermo Fisher Scientific Inc., Sigma-Aldrich Co., Accumold, and others.
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Source: MarketersMedia
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