Genome Engineering Market grow at a CAGR of 14.5% by 2022
According to research report the global Genome Engineering Market is expected to each to USD 6.28 Billion by 2022 from USD 3.19 Billion in 2017, at a CAGR of 14.5%. The key factors propelling the growth of this market are rising government funding and growth in the number of genomics projects, high prevalence of infectious diseases and cancer, technological advancements, increasing production of genetically modified crops, and growing application areas of genomics. Base year considered for the report is 2016 and the forecast period is 2017–2022.
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CRISPR to account for the largest technology segment in the genome editing/genome engineering market in 2017
The technology segment of the genome editing market is classified into CRISPR, TALEN, ZFN, antisense, and other technologies (PiggyBac, Flp-In, Adenine Base Editor (ADE), and Jump-In). The CRISPR segment is expected to command the largest share of the global genome editing market in 2017. The large share of this segment can be attributed to the potential advantage of CRISPR is its ability to multiplex, that is, to use multiple guide RNAs in parallel to target multiple sites simultaneously in the same cell, making it easier to mutate multiple genes at once or engineer precise deletions in a genomic region.
Biotechnology & pharmaceutical companies to dominate the genome editing/genome engineering market during the forecast period
By end user, the genome editing market is segmented into biotechnology & pharmaceutical companies, academic & government research institutes, and contract research organizations. The biotechnology & pharmaceutical companies segment is estimated to account for the largest share of the global genome editing market in 2017. The increasing prevalence of infectious diseases and cancer are driving research activities worldwide; this is expected to drive the demand for genome editing in biotechnology & pharmaceutical companies.
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In 2017, North America is expected to account for the largest share of the genome engineering market, followed by Europe. Factors such as the development of gene therapy in the US, increasing use of genetically modified crops, rising prevalence of infectious diseases and cancer, and rising availability of research grants and funding are propelling market growth in North America.
Factors such as dearth of skilled professionals and adverse public perception of genetic research are expected to limit the growth of the market to a certain extent.
The prominent players include Thermo Fisher Scientific (US), Merck (Germany), Horizon Discovery Group (UK), GenScript (US), Sangamo BioSciences (US), Integrated DNA Technologies (US), Lonza Group (Switzerland), New England Biolabs (US), OriGene Technologies (US), Transposagen Biopharmaceuticals (US), Editas Medicine (US), and CRISPR Therapeutics (Switzerland).
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