Genome Engineering Market to Clock CAGR of 10.9% from 2019 to 2027; CRISPR Gene Edition Tools Present Sizable Revenue Streams, TMR
- Pharmaceutical Companies Seek Cutting-edge Gene Editing Techniques and Technologies to Address Autoimmune Diseases And Cancer
- Rise in Funding on Synthetic Biology Strengthens Research and Development in Genome Engineering; Cell Line Engineering Techniques Open New Frontiers
ALBANY, New York, June 10, 2020 /PRNewswire/ -- Genome editing technologies and techniques are increasingly utilized in therapeutics and diagnostics of human diseases and in plant biology research. New approaches have come to the fore for programmable nucleases, fueling recent strides in genome engineering market.
Worldwide, prominent research centers in collaboration with industry players have been pouring in dollars to develop novel systems in gene editing.
Currently the genome engineering market stood at US$ 3,685.4 Mn in 2018 and is projected to clock a CAGR of 10.9% from 2019 to 2027.
Analysts at Transparency Market Research opine that advances in CRISPR-Cas9 genome engineering will be a key accelerator of growth in the genome engineering market.
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Key Findings of Genome Engineering Market Report
- Of all treatment types, clustered regularly interspaced short palindromic repeats (CRISPR) accounts for a prominent share, and has risen in application
- Of all the application segments, cell line engineering held the major share in 2018; the segment expected to expand at the most attractive CAGR during 2019 – 2027
- Of all the regions in genome engineering market, North America held the leading streak in 2018; wide application areas of gene therapies cement its prospects
- Europe stood at the second leading region in 2018
- Extensive research in gene editing technologies and applications in the U.S. makes it a key revenue contributor to North America
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Genome Engineering Market: Key Driving Factors and Promising Avenues
Past few years have seen extensive research in gene therapies, evident in the growing popularity of CRISPR-Cas9 gene editing technology. A number of biotech, pharmaceutical, and agrochemical companies are increasing their stakes in gene engineering market. The potential of gene modification techniques for addressing several human diseases has motivated them to adopt various approaches in genome therapies.
Research in recombinant DNA technologies and cell line engineering has led to breakthroughs in gene therapies, spurring new applications in the genome engineering market.
In recent years, players in the genome engineering market has seen the use of gene editing tools in plant biology research. An important example is the use of CRISPR/Cas9 in plant genome engineering.
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Key Impediments for Genome Engineering Market Players
The unprecedented potential of gene therapies notwithstanding, the regulatory frameworks in numerous key markets is not yet developed and hence unfavorable. A few regulations such as Cartagena Protocol on Biosafety and norms made by United Nations Food and Agricultural Organization are in place. Nevertheless, the regulations do not encompass gene editing technologies; rather they focus on products.
Another key constraint is developing economies lack research funding, so that commercialization of gene editing platforms take time. Societal and ethical issues related to animal welfare also need to be taken into account for industry stakeholders willing to increase their footprints in the global genome engineering market.
Global Genome Engineering Market: Competitive Landscape
Several players in multinational pharmaceutical companies, biotech companies, and agrochemical players have increased their stake by entering into strategic collaborations and partnerships. They are harnessing the potential of modern gene editing tools for stem cell research and drug formulations. Globally prominent life sciences companies are proving their might with large-scale manufacturing facilities, and are leaning to addressing the need for disease diagnostics and therapeutics.
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Global Genome Engineering Market: Segmentation
- Clustered regularly interspaced short palindromic repeats (CRISPR)
- Transcription activator-like effector nuclease (Talen)
- Zinc Finger Nuclease (ZFN)
- Other Technologies
- Cell Line Engineering
- Animal Genome Engineering
- Plant Genome Engineering
- Other Application
- Pharmaceutical and Biotechnology Companies
- Clinical Research Organizations
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
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