Market Trends of Competent Cells Industry
This section covers the major market trends shaping the Competent Cells Market according to our research experts:
Biotechnology is Expected to Register Good Growth Rate Over the Forecast Period
The biotechnology segment is also projected to witness a notable growth rate due to increasing investments in R&D and the commercialization of proteomics and genomic-based products. Furthermore, the need for advanced product technologies in the treatment of various diseases is projected to bolster the segment's growth. These areas are likely to see renewed interest, due to which demand for competent cells will increase, as they can be used in therapeutic biotechnology research.
In addition, increased funding for studies for biotechnology for the market players and research institutions by various government organizations is also expected to contribute to the growth of the studied segment. For instance, in August 2022, the Minister of Science and Technology announced grants for collaborative biotech initiatives involving India's startups, industry, academic, and research bodies. The participants can avail of grants of INR 10-15 crores (USD 12.08 million) over three years for high-quality research. Similarly, the Biotechnology Ignition Grant Scheme (BIG) was implemented by the Government of India to fund biotech startups with USD 70,000. Such increasing funding for biotechnology is expected to contribute to the demand for competent cells as they are widely used in biotechnology research, thereby fueling segment growth.
North America is Expected to Register Notable Growth in the Market Over the Forecast Period
The North American market is anticipated to hold a majority share of the global competent cells market during the forecast period. The growth is attributed to extensive studies on DNA cloning technologies, increasing biotechnology research, high research and development expenditure in the region, and the presence of key market players.
For example, the article published by NIH in March 2022 mentioned that the funding for biotechnology research in the United States in 2021 was USD 7,847 million and is expected to reach USD 8,104 by 2030. Similarly, the Government of Canada data published in 2022 mentioned that the Government of Canada invested over USD 500 million for four years, starting 2021-2022, to support the bioscience infrastructure in Canada. Such increasing funding activities for the development of various biotechnology research activities involving the vast utilization of competent cells are also expected to contribute to the growth of the market.
Moreover, increasing market players' strategies, such as collaborations, agreements, investments, and others for DNA-based research, is also expected to contribute to the growth of the market. For instance, in May 2022, Avantor agreed with CytovanceBiologics, a contract development and manufacturing organization specializing in plasmid DNA, to manufacture research- and good manufacturing practice (GMP)-grade plasmids for viral vectors and messenger RNA (mRNA)-based vaccines and therapeutics. Also, in January 2022, Alcami, a United States-based pharmaceutical contract development and manufacturing organization (CDMO), is investing USD 10 million to expand its laboratory operation in North Carolina, United States, to enhance its large molecule and cell and gene therapy analytical service offering.
Thus, the rising funding activities for biotechnology research, along with extensive DNA-based studies and market players' strategies, are expected to contribute to the growth of the market in this region.
