Genome Engineering Market Insights and Recent Developments
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.
According to the new market research report Genome Editing Market is projected to reach USD 11.2 billion in 2025 from USD 5.1 billion in 2020, at a CAGR of 17.0 % during the forecast period.
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PREMIUM INSIGHTS
> GENOME EDITING/GENOME ENGINEERING MARKET OVERVIEW
> NORTH AMERICA: GENOME EDITING MARKET, BY SOLUTION AND COUNTRY
> GENOME ENGINEERING MARKET, BY APPLICATION (USD MILLION)
> GENOME EDITING MARKET SHARE, BY END USER
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.
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 gentic 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.
Major companies in the 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).
Recent Developments:
> In 2020, New England Biolabs 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
> In 2019, Horizon Discovery launched predesigned synthetic single-guide RNA (sgRNA) to aid researchers in achieving targeted gene knockouts and conducting DNA-gene free editing
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The 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 genetic 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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