Increasing genomic research across the globe coupled with high incidence of target diseases is expected to stimulate market growth
The global Genome Editing market size is expected to reach USD 15.09 Billion by 2028 at a CAGR of 14.8%, according to the latest report by Reports and Data. Genome editing refers to a genetic engineering method used for insertion, deletion, or modification in the genome of any organism. Genome editing has come up as promising tool with wide scale application of established genetic engineering technologies such as TALEN and introduction of new methods such as CRISPR technology.
The market is driven by the increasing incidence of genetic diseases, favorable funding scenario for research & development in the field of genetic engineering, technological advancements in genetic engineering such as developments in CRISPR technology, increasing focus of food industry on genetically modified organisms, and rising awareness about efficacy as well applications of genetic engineering methods. For instance, globally over 175 million hectares of land is used for GM crops production. However, stringent regulatory scenario and ethical concerns for gene editing research and applications and concerns among end users regarding use of gene alteration therapies are likely to hinder the market growth during the forecast period.
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Further key findings from the report suggest
- CRISPR market is rising at a high growth rate of 30.9 percent in Asia Pacific followed by North America and Europe. Rising application of genetic engineering for therapeutics will drive the demand for the market during forecast period across all regions.
- The valuation for TALEN market was USD 1.79 billion in 2018 and is expected to grow to USD 2.01 billion by 2026. Benefits associated with TALEN high degrees of precision and control, is the key factor supporting the wide-scale adoption of the technology and consequently contributing to the market growth.
- Asia Pacific is expected to witness a CAGR of 15.8 percent in the forecast period. Emerging markets such China and Japan are likely to witness high growth
- Regional regulatory approval is another key regulatory factor for adoption and growth of genetic editing in the region.
- Key participants include Thermo Fisher Scientific Inc., Merck KGaA, GenScript, Horizon Discovery Group Plc, Integrated DNA Technologies, Inc, Lonza, New England Biolabs and Sangamo Therapeutics, Inc.
For the purpose of this report, Reports and Data has segmented the Genetic Editing market on the basis of type, application, end user and region:
Type Outlook (Revenue, USD Million, 2018 – 2028)
- Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)
- Transcription Activator-Like Effector Nucleases (TALEN)
- Zinc Finger Nucleases (ZFN)
Application Outlook (Revenue, USD Million, 2018 – 2028)
- Animal Genetic Engineering
- Therapeutic Application
- Genetically Modified Organisms
- Plant Genetic Engineering
- Cell Line Engineering
- Animal Genetic Engineering
End User Outlook (Revenue, USD Million, 2018 – 2028)
- Pharma-Biotech Companies
- Academic Institutes & Research Center
- Agrigenomic Companies
- Contract Research Organizations
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Regional Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- Rest of the Europe
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East & Africa
- North America
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