Global Genome Editing Market Projected To Grow At A CAGR Of 15.8 % By 2028
A new research report published by Fior Markets with the title Genome Editing Market by Technology(ZFN, TALENs/MegaTALs, CRISPR/Cas9, Others), Delivery Method (In-Vivo, Ex-Vivo), Application (Cell Line Engineering, Plant Genetic Engineering, Animal Genetic Engineering, Other Applications), End-Use (Contract Research Organizations, Academic & Government Research Institutes, Biotechnology & Pharmaceutical Companies), Service (In-house, Contract), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, andForecast 2021 to 2028
The global genome editing market is expected to grow from USD 5.37 billion in 2020 to USD 17.36 billion by 2028, at a CAGR of 15.8% during the forecast period 2021-2028. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like advancing medical science and rising disposable income. On the other hand, the North America region accounted for the major market share of 48.2% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as R&D activities in gene therapy, increasing cases of cancer & other diseases, increasing funding & research grants, and rising usage of GM (genetically modified) crops in the region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global genome editing market are Thermo Fisher Scientific, Horizon Discovery Limited, GenScript, Eurofins Scientific, Editas Medicine, CRISPR Therapeutics, Oxford Genetics, Synthego, Vigene Biosciences, Integrated DNA Technologies, OriGene Technologies, Transposagen Biopharmaceuticals, Agilent Technologies, Genecopoeia, and Precision Biosciences, among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global genome editing market.
The technology segment consists of ZFN, TALENs/MegaTALs, CRISPR/Cas9, and others. CRISPR/Cas9 segment dominated the market and held the largest market share of 32.8% in the year 2020. This is primarily due to CRISPR’s better ease of use as compared to TALEN & ZFN, and patient-specific treatment characteristics for illnesses like cystic fibrosis. Based on delivery method, the global market has been divided into in-vivo and ex-vivo. The in-vivo segment is expected to grow at the highest CAGR of 17.6% over the forecast period due to a large number of diseases which can be treated via in-vivo. The application segment includes cell line engineering, plant genetic engineering, animal genetic engineering, and other applications. The cell line engineering dominated the market and held the largest market share of 34.1% in the year 2020. Some of the vital factors that drive market growth in this segment are rising government as well as private funding, increasing global awareness, and expanding industry attention on stem cell research. Based on end-use, the genome editing market has been segmented into contract research organizations, academic & government research institutes, and biotechnology & pharmaceutical companies. The academic & government research institutes segment is set to register the highest growth of 16.9% due to the increasing adoption of genome editing technology in university-grade experiments & projects. Based on service, the market has been divided into in-house and contract. The in-house segment dominated the market and held the largest market share of 60.9% in the year 2020. Large companies like Sigma Aldrich Corporation and Thermo Fisher engineer cell lines in-house due to the availability of financial resources, technology, and facilities.
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- CDN Newswire