(PharmaNewsWire.Com, March 20, 2021 ) According to research report the Genome Engineering Genome Editing Market is projected to reach USD 6.28 billion by 2022 from USD 3.19 billion in 2017, at a CAGR of 14.5% during the forecast period.
The major companies in the Genome Engineering Genome Editing Market include Thermo Fisher Scientific (US), Merck (Germany), Horizon Discovery Limited (UK), Lonza (Switzerland), GenScript (US), Eurofins Scientific (Luxembourg), and Sangamo Therapeutics (US).
The market growth is largely driven by factors such as the rise in government funding, 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. However, the high cost of genomic equipment will restrain the growth of this market.
The CRISPR technology segment accounted for the largest share of the genome editing/genome engineering industry in 2019. The large share of this segment can be attributed to the ease of use associated with CRISPR, which gives it a significant advantage over ZFN and TALEN. Another potential advantage is its ability to multiplex.
Pharmaceutical companies accounted for the largest share of the Genome Engineering Genome Editing Market, by end user, in 2019. The increasing prevalence of infectious diseases and cancer are driving research activities worldwide. This, in turn, is expected to drive the demand for genome editing in pharmaceutical companies.
Based on application, the genome editing/genome engineering market is segmented into cell line engineering, genetic engineering, diagnostic applications, drug discovery & development, and other applications. A number of factors, such as the increased funding from governments and private organizations, growing industry focus on stem cell research, and global awareness are driving market growth in this segment.
The Genome Engineering Genome Editing Market is divided into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the global genome editing/genome engineering market, closely followed by Europe. The large share of North America can be attributed to factors such as the development of gene therapy in the US, the increasing use of genetically modified crops, the rising prevalence of infectious diseases and cancer, and the availability of research grants and funding.
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