Worldwide gene editing market is anticipated to cross US $7.5 billion by the year 2024according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Growing instances of cancer and other genetic ailments, along with rising demand for personalized medicine and inflow of government funding are the major factors augmenting the gene editing market. According to the WHO Report 2018, cancer was the second leading cause of death accounting for 9.6 million deaths. This fact is fueling the demand for use of gene editing method to cure cancer and other chronic diseases.
Moreover, numerous biopharmaceutical companies are focusing on developing revolutionary drugs for genetic disorders as the field possesses great market potential. Though the gene editing market will be favored by many factors such as advancements in molecular biology, increased spending in R&D, and greater demand for synthetic genes, but the moral concerns regarding misuse of genome editing will impede the global market outlook, cites the report.
Considering the application spectrum, gene editing market from animal genetic engineering application segment was worth US $785.4 in 2017 and is presumed to register significant growth over the forecast period, owing to the increased demand for various products obtained from domestic animals. The technology is applied to modify animal genome to improve animal health, for instance, production of pigs which are resistant to PRRS (Porcine Reproductive and Respiratory Syndrome) infection.
Based on the technology type, gene editing market from Zinc Finger Nucleases (ZFN) segment is expected to grow with a CAGR of 14.5% over the analysis period, as this advanced technology is being adopted extensively by biotech industries and research institutes. The gene alteration done by this technology are permeative and heritable. This technology plays an important role gene editing and is used for genome mutation of various plants and animals.
As per the report, gene editing market from research institutes end-use segment held 30.2% revenue share in 2017, pertaining to greater focus of these institutes towards developing innovative therapy techniques involving ZFN and CRISPR. Rising incidences of rare genetic disorders will further fuel the segmental growth in the upcoming years.
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In terms of regional contribution, the United States gene editing market is projected to grow with a CAGR of 14.5% over the forecast timeline. The growth is attributed to the greater expenditure on R&D of gene editing technologies in the region. Increasing cases of cancer, Alzheimer’s, and other infectious diseases, in consort with growing preference of Alzheimer’s patients for treatment involving CRISPR/Cas9 will propel the regional gene editing market.
Additionally, China gene editing market was worth US $154.6 million in 2017 and is estimated to grow substantially by the year 2024. The regional market is driven by various factors such as increasing number of market players and surging R&D expenditure in the region, along with government initiatives to promote life science research in biotechnology field.
The key players operating in the gene editing market include Bio-Rad, CRISPR Therapeutics, Intellia Therapeutics, Addgene, Promega, Editas Medicine, Allele Biotech, Integrated DNA Technologies, DNA 2.0, Recombinetics, Takara Bio, OriGene Technologies, Juno Therapeutics, and Precision Biosciences among others.