The bacterial and plasmid vectors market consists of sales of bacterial and plasmid vectors and related services by entities (organizations, sole traders and partnerships) that develop bacterial and plasmid vectors for biotechnological applications. Bacterial vectors are DNA molecules that are the basic tool of genetic engineering and are used to introduce foreign genetic material into a host to replicate and amplify the foreign DNA sequences as a recombinant molecule. The vectors are used for introducing a definite gene into the target cell and command the cell’s mechanism for protein synthesis to produce the protein encoded by the gene. These are used for the production of protein in biotechnology applications.
The global bacterial and plasmid vectors market is expected to decline from $0.36 billion in 2019 to $0.34 billion in 2020 at a compound annual growth rate (CAGR) of -7.62%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $0.52 billion in 2023 at a CAGR of 15.48%.
