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(Health-NewsWire.Net, October 21, 2021 ) According to the new market research report Genome Editing Market is projected to reach USD 11.2 billion in 2025 from USD 5.1 billion in 2020, at a CAGR of 17.0 % during the forecast period.
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Market growth is largely driven by factors such as the rise in government funding, growth in the number of genomics projects, high prevalence of infectious diseases and cancer, technological advancements, increasing production of genetically modified crops, and growing application areas of genomics. However, the high cost of genomic equipment will restrain the growth of this market.
The CRISPR technology segment accounted for the largest share of the genome editing/genome engineering industry in 2019. The large share of this segment can be attributed to the ease of use associated with CRISPR, which gives it a significant advantage over ZFN and TALEN. Another potential advantage is its ability to multiplex.
Pharmaceutical companies accounted for the largest share of the genome editing/genome engineering market, by end user, in 2019. The increasing prevalence of infectious diseases and cancer are driving research activities worldwide. This, in turn, is expected to drive the demand for genome editing in pharmaceutical companies.
Based on application, the genome editing/genome engineering market is segmented into cell line engineering, genetic engineering, diagnostic applications, drug discovery & development, and other applications. A number of factors, such as the increased funding from governments and private organizations, growing industry focus on stem cell research, and global awareness are driving market growth in this segment.
Major companies in the Genome Editing Market include Thermo Fisher Scientific (US), Merck (Germany), Horizon Discovery Limited (UK), Lonza (Switzerland), GenScript (US), Eurofins Scientific (Luxembourg), and Sangamo Therapeutics (US).
Thermo Fisher Scientific (US) is the leading player in the genome engineering market. Under its life sciences segment, the company offers a variety of instruments and reagents used for the analysis of DNA that have applications in research and clinical purposes. Moreover, the company invests in R&D activities to increase its capabilities. It primarily focuses on inorganic growth strategies such as agreements, collaborations, and partnerships for increasing its share in the market. The company has succeeded in creating a strong foothold in the market owing to its diversified product portfolio, wide geographic reach, and focus on inorganic growth.
Merck (Germany) held the second-largest share in the genome engineering market. Its prominence in the market can be attributed to its diversified product portfolio, widespread geographical presence, and focus on strategies such as expansions. Merck manufactures and sells organic chemicals & biochemical products, assay kits, and services under the Sigma-Aldrich Corporation division. The company focuses on R&D activities to develop technologically advanced products for this market. Merck is a leading company that offers a broad range of genome editing tools. The company primarily pursues expansions to strengthen its business.
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The Genome Editing Market is divided into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the global genome engineering market, closely followed by Europe. The large share of North America can be attributed to factors such as the development of gene therapy in the US, the increasing use of genetically modified crops, the rising prevalence of infectious diseases and cancer, and the availability of research grants and funding.
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