Genetic Engineering Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The genetic engineering market is expected to grow from $1.68 billion in 2024 to $ 7.73 billion by 2032. This significant increase is equivalent to a CAGR of 20.94 % during the forecast period. The main reasons for this growth are the growing demand for genetically modified organisms in agriculture, the advancement of CRISPR technology, and the growing prevalence of genetic disorders. As biotechnology continues to evolve, the integration of genetic engineering into various fields, such as health care, agriculture and industrial biotechnology, will increase. The major players in the field of genetic engineering, such as CRISPR Therapeutics, Editas Medicine and Monsanto (part of Bayer), are constantly investing in research and development to expand their product offerings and market share. Strategic initiatives, such as collaborations and partnerships, aimed at accelerating innovation, are also contributing to the growth of the market. In addition, the development of new genetic engineering solutions through collaborations between biotech companies and academic institutions will further drive the growth of the market. As the industry continues to evolve and address regulatory challenges, the genetic engineering market will grow. The growth of this market is expected to be driven by technological advances and growing acceptance of genetically modified organisms by consumers.

Regional Market Size

Regional Deep Dive

GENETICS MARKET: The world genetic engineering market is growing at a rapid pace across regions, owing to advancements in biotechnology, increasing demand for genetically modified organisms (GMOs), and rising focus on sustainable agriculture. However, the market in each region is influenced by local regulations, cultural attitudes toward GMOs, and economic conditions. North America leads in R&D, Europe has stringent regulations and a sceptical public, Asia-Pacific is rapidly adopting genetic engineering to secure food supplies, and the Middle East and Africa are focusing on biotechnology to overcome agricultural challenges. Latin America is using genetic engineering to improve crop yields and fight pests. Opportunities and challenges are therefore diverse.

Europe

• The European Union has maintained strict regulations on genetically modified organisms, with recent discussions around the potential for new gene editing techniques to be classified differently, which could reshape the market landscape.
• Public sentiment in Europe remains cautious, with organizations like Greenpeace actively campaigning against GMOs, influencing regulatory frameworks and market acceptance.

Asia Pacific

• Countries like China and India are investing heavily in genetic engineering to enhance food security, with initiatives such as the Chinese government's support for genetically modified rice and cotton.
• The rise of biotechnology startups in countries like Singapore and Australia is fostering innovation, with a focus on developing sustainable agricultural practices and improving crop resilience.

Latin America

• Brazil and Argentina are among the largest producers of genetically modified crops, with government policies supporting the adoption of biotech agriculture to enhance productivity and reduce pesticide use.
• Recent collaborations between local biotech firms and international companies are driving innovation in crop development, particularly in soybeans and corn, which are critical to the region's economy.

North America

• The U.S. Food and Drug Administration (FDA) has recently streamlined the regulatory process for genetically engineered products, encouraging innovation and faster market entry for biotech companies such as Monsanto and DuPont.
• There is a growing tendency to use gene-editing methods such as CRISPR, with Editas Medicine and CRISPR Therapeutics leading the way in developing therapies for genetic disorders, which will also expand the market considerably.

Middle East And Africa

• The African Union has launched initiatives to promote biotechnology in agriculture, aiming to improve food security and combat climate change, with countries like Kenya leading in the adoption of genetically modified crops.
• Regulatory frameworks are evolving, with countries like South Africa having established guidelines for GMOs, which is expected to encourage investment and research in the region.

Did You Know?

“Approximately 75% of processed foods in the U.S. contain ingredients derived from genetically modified crops, highlighting the pervasive role of genetic engineering in the food supply.” — U.S. Department of Agriculture (USDA)

Segmental Market Size

The genetic engineering market is a booming market mainly because of the advancements in biotechnology and its increasing applications in various sectors. The main drivers of this market are the increasing need for sustainable agriculture to ensure food security and the growing demand for individualized medicine that aims to treat patients according to their genetic profile. The regulatory guidelines, such as the guidelines issued by the Food and Drug Administration in the United States for the use of genetically modified organisms, are also encouraging innovation and adoption in this segment. The market is currently at the stage of commercialization, with CRISPR Therapeutics and Editas Medicine as the leading players in the gene-editing space. The main applications of this market are in agriculture, where the genetically modified crops have higher yields and resistance to pests, and in the medical sector, where gene therapies are used to treat genetic disorders. The emergence of the Influenza A (H1N1) pandemic has also accelerated the demand for vaccines, while the need for sustainable solutions is driving the demand for eco-friendly applications. The CRISPR-Cas9 and synthetic biology are the most promising technologies in this space, as they enable precise genetic engineering and the development of new applications.

Future Outlook

“Genetically engineered products are projected to experience a CAGR of 20.94% from 2024 to 2032.” “This growth will be driven by the emergence of new CRISPR technology, synthetic biology, and gene therapy, which will revolutionize applications in medicine, agriculture, and industry.” “As these products become more accessible and cost-effective, we expect a rapid uptake of these solutions. By 2032, we estimate that genetically engineered solutions will have penetrated 30–50% of the market.” “The key drivers of this growth will be the increasing investment in research and development, the favourable regulatory framework, and the increasing emphasis on sustainable solutions.” “Both public and private organisations are increasingly aware of the potential of genetic engineering to address major societal challenges, such as food security and disease.” “In addition, the emergence of trends such as personalised medicine and the integration of artificial intelligence into genetic research will further increase the efficiency and effectiveness of genetically engineered solutions.” “The combination of these factors will lead to a complete transformation of the genetic engineering market, with unprecedented opportunities for innovation and growth in the years to come.”