Increased government funding and growth in number of genomics projects to drive global genome editing market until 2025
According to TechSci Research report, “Global Genome Editing Market By Technique, By Applications, By Source, By End-User, By Region, Forecast & Opportunities, 2025”, the global genome editing market is expected to witness substantial growth and is projected to grow at a robust CAGR during the forecast period owing to its application in a large number of areas, such as mutation, therapeutics, and agriculture biotechnology. The major factors propelling growth of genome editing market are increasing prevalence of cancer and other genetic disorders, prevalence of infectious and chronic diseases like hepatitis, tuberculosis, malaria and growth of biotechnology and pharmaceutical industries.
The number of research activities for the treatment of chronic diseases using genome editing technology is increasing, which is further driving the market growth. Additionally, technological advancements in the biotechnology sector are giving boost to the demand for genome editing, globally. Moreover, developing countries are serving as emerging market for the growth of genome editing. This can be majorly attributed to the continuous research and development activities and funding from various research organizations.
However, the global genome market also has some restraints. There are some risks and ethical issues associated with genome editing which hampers the market growth. Genetic alteration of human germline for medicinal purposes is a debatable issue. Many researchers and scientists have advocated for the ban or prohibition of genome editing fearing its illegal usage. Also, lack of skilled professionals, high equipment cost, and negative public opinion about genetic research are posing as a threat for the market growth.
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The global genome editing market is segmented based on technique, applications, source, end-user, and region. Based on technique, the global genome editing market is segmented into CRISPR, zinc finger nucleases, TALENs, restriction enzymes and others. Among them, the CRISPR segment is projected to dominate the market during the forecast period owing to its specific, effective, and cost-effective nature. Further, rise in funding, initiatives by the government for the development of drugs and vaccines that use CRISPR technology, which provides tailor-made options specific to the patient’s mutations towards diseases is anticipated to promote the growth of the market through 2025.
Based on application, the market is divided into synthetic biology, engineering cell line & organisms, therapeutic genome editing and others. In 2019, engineering cell line segment accounted for the maximum market share followed by genetic engineering. Increasing research activities of stem cells for the treatment of various diseases and growing awareness about stem cell therapy benefits have made this segment dominant over other applications of genome editing.
Thermofisher Scientific, STEMCELL Technologies, CRISPR Therapeutics, Pfizer, Bayer Crop Science, Editas Medicine, Intellia Therapeutics , Cellectis, Sangamo Therapeutics , Origene Technologies, Merck, New England Biolabs, Lonza Group Ltd., Integrated DNA Technologies, Horizon Discovery Group Plc, Genscript, Transposagen Biopharmaceutical, Inari Agriculture, Inscripta and Beam therapeutics are some of the leading players operating in global genome editing market. The market players are implementing strategic initiatives such as mergers and acquisition to create their dominance in genome editing market.
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“Introduction of new technologies will fuel genome editing companies’ revenue generation. Application of genome editing in therapeutics is one of the key factors behind the robust growth of the market. However, genome editing market is moderately concentrated and is in the initial phase of growth. Market players need to have technologically advanced genome editing tools to capture higher market share. The application areas of genome editing are widening and thus are projected to drive the growth of the market until 2025”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Genome Editing Market By Technique, By Applications, By Source, By End-User, By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global genome editing market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global genome editing market.
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