iCrowdNewswire Dec 2, 2020 10:53 AM ET
Genome Editing/Genome Engineering Market size is estimated to reach $9.86 billion by 2025 and is poised to grow at a CAGR of 15.24% during the forecast period 2020-2025. Genome engineering is a technique that makes specific changes to the DNA of a cell or organism. It is used to accurately and efficiently modify DNA with a cell. Genome engineering involves cutting out specific DNA sequences using so-called enzymes called so-called artificial nucleases. In addition, genome engineering can be used to remove, add, or alter DNA in the genome and is widely used for research and treatment purposes. The development of genome editing technologies and the increasing number of collaborations between manufacturing companies and research institutes for the development of advanced technologies are the main factors that are projected to drive the growth of the global genomic engineering market over the forecast period (2020-2025).
By Technology- Segment Analysis
The global Genome Editing/Genome Engineering market based on the Technology has CRISPR, TALENs, ZFN and Others. The CRISPR accounted for the largest share of the genome editing/genomics engineering market in 2019, and is set to continue over the forecast period (2020-2025). The growth of this technology is owing to the ease of use associated with CRISPR, which gives a significant advantage over ZFN and TALEN.
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By End-Use – Segment Analysis
The Genome Editing/Genome Engineering market based on End-Use, can be further segmented into Biotechnology and Pharmaceutical Companies, Academic and Government research institutes, Contract Research Organizations. Biotechnology organizations provided the largest share in 2019 and are projected to continue over the forecast period (2020–2025) owing to the presence of a number of research projects in genome engineering to develop new therapies. Academic and government research institutes are projected to grow in the coming years as the technology is increasingly used in university-based projects. In addition, the pharmaceuticals companies segment is also set to increase its market share owing to increase in number of infectious diseases and cancer, which is driving research in the pharma sector for drug development.
By Geography – Segment Analysis
The North American market dominates the global genome engineering market in terms of revenue contribution compared to markets in other regions in 2019 and is set to continue over the forecast period (2020-2025). This is owing to the well-developed health infrastructure, the presence of a large number of manufacturers and the availability of trained professionals in the region. In addition, the growing incidence of infectious diseases and cancer, and the availability of research grants and funding, are driving market growth in North America. The Asia-Pacific region is estimated to grow at the highest CAGR level over the forecast period. Factors such as the rapid growth of the pharmaceutical industry and biopharmaceuticals, the growing number of genomic projects, and the presence of a genetically diverse population have supported the region’s high growth rate.
Drivers – Genome Editing/Genome Engineering Market
Rise in government funding
The Genome Editing/Genome Engineering market is poised to grow owing to increasing government funding in the number of genomics projects to solve the various food, healthcare and environmental issues and an increase in the number of genomic projects, especially in the field of rare diseases. The development of genetic engineering technologies and the increasing number of collaborations between manufacturing companies and research institutes are key factors in the development of advanced technologies that are projected to drive the growth of the global genome engineering market over the forecast period.
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Challenges – Genome Editing/Genome Engineering Market
The main challenge of this market is the cost of obtaining genome equipment’s. This is set to hinder market growth over the forecast period (2020-2025). However, ethical challenges related to gene therapy and strict product approval rules are projected to limit market growth over the forecast period.
Genome Editing/Genome Engineering Market Industry outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Genome Editing/Genome Engineering Market. Key companies of this market include Thermo Fisher Scientific, Merck, Horizon Discovery Limited, Lonza, GenScript, Eurofins Scientific, Sangamo Therapeutics, Editas Medicine, CRISPR Therapeutics, Precision Biosciences, Oxford Genetics, Intellia Therapeutics, Synthego, New England Bio labs.
In 2020, New England Bio labs collaborated with ERS Genomics to develop and commercialize CRISPR gene editing tools and reagents.
In 2019, Thermo Fisher Scientific acquired Brammer Bio to access Brammer Bio’s expertise in manufacturing vectors for genes and cell therapies.
Geographically, the North America is poised to see extraordinary development owing to well-developed healthcare system, increasing volume of surgeries performed, large number of hospitals and is set to continue during the forecast period (2020-2025).
The increase in the incidence of infectious diseases and cancer worldwide is one of the factors that is set to contribute to the growth of the global genome engineering market over the forecast period (2020-2025).
The high cost associated with Genome equipment’s, the tight regulatory environment for product approval are likely to limit its growth in various regions.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Genome Editing/Genome Engineering Market report.
Related Reports :
A. Genetic Testing Market
B. Gene Therapy Market
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