Genome Engineering Market to Grow at a CAGR of 14.2% through 2023
The global genome engineering market is an extremely competitive in nature with a presence of a large number of players operating around the world, states a new research report that has been published by Transparency Market Research. The expected entry of several new players is projected to enhance the competitive environment of the market in the coming few years. The key players in the market are focusing on the technological developments and innovations, which is projected to offer potential growth opportunities throughout the forecast period.
In addition to this, the rising research and development activities and the expansion of the product portfolio is expected to encourage the growth of the global genome engineering market in the next few years. Some of the key players operating in the genome engineering market across the globe are Sigma-Aldrich Corporation, Integrated DNA Technologies, Sangamo Biosciences, Thermo Fisher Scientific, GenScript USA, Horizon Discovery, Transposagen Biopharmaceuticals, New England Biolabs, and Lonza Group.
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According to the market intelligence study by Transparency Market Research, in 2015, the global genome engineering market was worth US$2.30 bn. The market is predicted to reach a value of US$7.21 bn by the end of year 2023, registering a promising 14.20% CAGR between 2015 and 2023.
Adoption of New Technologies to Drive North America Genome Engineering Market
Among the key regional segments, North America is estimated to witness a strong growth in the next few years and is likely to hold a major share of the market in the coming years. A significant rise in the adoption of innovative and advanced techniques and the increasing research and development activities are projected to encourage the growth of the North America market in the next few years. In addition, the rising contribution from the U.S. and the presence of several leading players are predicted to enhance the growth of the market in the near future. Furthermore, Asia Pacific is projected to experience a healthy growth in the coming years, thanks to the rising trend of personalized medicine. Moreover, the rapid development of the biotechnology is likely to enhance the market growth in the near future.
On the basis of end use, the global market for genome engineering has been categorized into academics, pharmaceutical and biotechnology companies, clinical research institutes, and others. Among these, the academics segment is projected to hold a large share of the market in the next few years. As per the study, this segment is likely to remain in the leading position throughout the forecast period. The rising research and development activities and innovations in this field are projected to enhance the growth of this segment in the next few years.
Growing Demand for Personalized Medicine to Support Market Growth
The rising number of applications areas of genomics and the increasing government funding are considered as the key factors that are projected to enhance the growth of the global genome engineering market in the next few years. The rising prevalence of cancer and several other infectious diseases and the rising production of the genetically modified crops are projected to enhance the growth of the overall market in the coming few years. On the flip side, the lack of skilled professionals and the high cost of genomics equipment are predicted to restrict the growth of the market in the near future. Nonetheless, the increasing use of genome editing in personalized medicine and the rising opportunities offered by the developing economies are further predicted to enhance the growth of the market in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Genome Engineering Market (Technology – Clustered regularly interspaced short palindromic repeats (CRISPR), Transcription activator-like effector nuclease (TALEN), and Zinc Finger Nuclease (ZFN); Application – Cell Line Engineering, Animal Genome Engineering, and Plant Genome Engineering; End User – Pharmaceutical and Biotechnology Companies, Academics, and Clinical Research Organizations) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”