January 08, 2021
According to the research report titled ‘Global Genome Editing/Genome Engineering Market Size study, By technology (CRISPR, TALEN , ZFN , ANTISENSE and Other technologies), By Product and Services (Reagents and Consumables, Software & systems and Services ), By Application (Cell line Engineering, Genetic Engineering, Diagnostics Applications, Drug discovery and development and Others), By End-user (Pharmaceuticals Companies, Biotechnology Companies and Academic and Government research institutes) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global genome editing/genome engineering market was remunerated at USD 4.4 billion in 2019 and is expected to record a CAGR of 17% during 2020-2027.
Increasing number of genomics projects, and availability of government funding are the key factors driving the growth of global genome editing/genome engineering market. The Government of Japan launched numerous programs, such as the Platform Program for Promotion of Genome Medicine, and Tohoku Medical Megabank among others in 2017, to offer research infrastructure, as per the Japan Agency for Medical Research and Development.
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For those unversed, genome engineering is used for modification, insertion, and deletion of genome of a microorganism. It plays an essential role in modern day biology and is extensively utilized in biotechnology and biopharmaceutical verticals for genome alteration to conduct processes like fermentation which give desired products. This method is primarily used to understand DNA in body cells, thereby getting a deeper understanding of their biology to treat infectious and autoimmune disorders.
Despite the favorable business scenario, hefty cost of equipment is likely to impede global genome editing/genome engineering industry expansion over the analysis period.
Speaking of the regional landscape, worldwide genome editing/genome engineering market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, North America leads the overall market forecast presently, on account of heavy research grants and funding, growing usage of genetically modified crops, increasing pervasiveness of infectious diseases, and development of gene therapy in the United States.