(PharmaNewsWire.Com, July 08, 2021 ) According to research report the Genome Engineering 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 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.
By technology, the CRISPR segment accounted for the largest share for the genome engineering 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.
By application, the cell line engineering segment accounted for the largest share of the market
Based on application, the 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.
By end user, the pharmaceutical companies segment accounted for the largest share of the market.
Pharmaceutical companies accounted for the largest share of the 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.
North America accounted for the largest share of the market.
The 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 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.
The market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period, primarily due to increasing investments in research and the application of gene synthesis for genetic engineering in cells, tissues, and organisms.
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