Global genome editing market to be worth $ 5.54 billion by 2021

As per the report released by consulting company, MarketsandMarkets, the global genome editing market is expected to grow at a CAGR of 14.3 percent in next five years

0
835

New Delhi: According to a new market research report “Genome Editing/Genome Engineering Market by Technology – Global Forecast to 2021” published by MarketsandMarkets, the global market is expected to reach USD 5.54 Billion by 2021 from USD 2.84 Billion in 2016, growing at a CAGR of 14.3 percent.

This report studies the global Genome Editing Market for the forecast period of 2016 to 2021; it analyzes and studies the major market drivers, restraints/challenges, and opportunities. The global Genome Editing Market is segmented on the basis of technology, application, end user and region.

By technology, the Genome Editing Market is categorized into CRISPR, TALEN, ZFN, antisense, and other technologies (PiggyBac, Flp-In, and Jump-In). In 2016, the CRISPR segment is expected to command the largest share of the global Genome Editing Market. The CRISPR segment is also expected to grow at the highest CAGR from 2016 to 2021. The large market share and high growth rate of this technology segment can be attributed to the ease of use associated with the technology and reduction in off-target effect of CRISPR.

On the basis of applications, the global Genome Editing Market is segmented into cell line engineering, animal genetic engineering, plant genetic engineering, and other applications (diagnostics and therapeutics). The cell line engineering segment is estimated to account for the largest share of the global Genome Editing Market in 2016. This segment is also projected to have the highest growth rate in the forecast period. A number of factors such as increasing funding from governments and private organizations, growing industry focus on stem cell research, and increasing global awareness about stem cell therapies through various organizations are driving the growth of the cell line engineering applications segment

On the basis of end user, the global Genome Editing Market is segmented biotechnology & pharmaceutical companies, academic and government research institutes, and contract research organizations. The biotechnology and pharmaceutical companies segment is estimated to account for the largest share of the global genome market in 2016. This segment is also projected to have the highest growth rate in the forecast period. Factors such as the rapidly increasing aging population and the growing prevalence of infectious diseases and cancer have propelled the demand for Genome Editing Market for biotechnology and pharmaceutical companies.

On the basis of region, the global market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016,North America is poised to account for the largest share of the Genome Editing Market, followed by Europe and Asia-Pacific.North America is also projected to have the highest growth rate in the forecast period. Factors such as the development of gene therapy in the U.S.; increasing use of GM crops; prevalence of Alzheimer’s disease, dementia, infectious diseases, and cancer in the U.S.; growing availability of research grants and funding, and genome editing standards workshops and conferences are likely to propel the market in North America.

The prominent players in the global Genome Editing Market were Thermo Fisher Scientific, Inc. (U.S.), Merck KGAA (Germany), and Horizon Discovery Group Plc (U.K.) in 2015. These companies are dominant in the Genome Editing Market mainly due to their well-established presence in the field of genomics, presence in over 50 countries, high R&D investments, and strong sales and distribution force. While the other players include, Genscript Biotech Corporation (U.S.), Sangamo Biosciences, Inc. (U.S.), Integrated DNA Technologies, Inc (U.S.), Lonza Group Ltd. (Switzerland), New England Biolabs, Inc. (U.S.), Origene Technologies, Inc. (U.S.), and Transposagen Biopharmaceuticals, Inc. (U.S.).