Restriction Endonucleases Market Size

Restriction Endonucleases Market Analysis

The Restriction Endonucleases Market size is estimated at USD 308.38 million in 2024, and is expected to reach USD 425.91 million by 2029, growing at a CAGR of 6.67% during the forecast period (2024-2029).

The rising use of restriction endonucleases in various applications and increasing expenditure on research and development by biotechnology and pharmaceutical companies are the key drivers for the market.

The rising use of restriction endonucleases in various applications such as genetic engineering and gene sequencing used for research or treatment purposes and increasing expenditure on research and development by biotechnology and pharmaceutical companies are actively affecting the growth of the studied market. For instance, according to the study published by the Institute of Chemical Biology and Fundamental Medicine, Siberian Branch of Russian Academy of Sciences in September 2023, in modern molecular biological practices restriction enzymes are considered as crucial tools, and currently for obtaining DNA fragments, procedures involving restriction enzymes has become a routine task. Thus, increasing use of restriction endonucleases in the reesearch work is expected to propel the market growth over the forecast period.

Furthermore, the increased funding and investment by biotechnology, pharmaceutical companies, and government organizations for research and innovation in the field of genomics is estimated to propel market growth. For instance, according to the National Institutes of Health, National Human Genome Research Institute (NHGRI) 2022 report, the FY 2022 United States President's Budget request is USD 633.0 million, an increase of USD 17.0 million compared with the FY 2021 enacted level. This increase is distributed across all programmatic areas and basic, epidemiology, and clinical research across genomics. To improve human health, NHGRI interacts with a variety of groups, performs and funds genomics research, and educates the next generation of genomics specialists. The huge investment by the NHGRI in the genomics study is expected to utilize a large amount of restriction enzymes during the research, which is expected to propel the market growth during the forecast period.

Also, in September 2022, WhiteLab Genomics raised USD 10 million for an AI-powered genomic therapies platform. The investment is intended to revolutionize the creation of genetic therapies. The company supports its clients to enable them to quickly develop target vectors and payloads and bring genomic-based therapies to market at a faster pace. Hence, the funding and investments are estimated to create opportunities for expansion and innovation in the field of genetic engineering, DNA mapping, and gene sequencing using the restriction endonucleases, which further propels the market growth.

Therefore, owing to the factors such as the utility of restriction endonucleases in various research applications and funding and investment by pharmaceutical and biotechnology companies, the studied market is anticipated to witness growth over the analysis period.

However, the high cost of restriction enzyme production is likely to impede the market growth over the forecast period,