(I-BusinessNews.Com, May 12, 2020 ) According to research report the global Genome Engineering Market is projected to reach USD 6.28 billion by 2022 from USD 3.19 billion in 2017, at a CAGR of 14.5% during the forecast period. The key factors propelling the growth of this market are raising government funding and 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.
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Based on technology, the Genome Editing Market is segmented into CRISPR, TALEN, ZFN, antisense, and other technologies (PiggyBac, Flp-In, Adenine Base Editor (ADE), and Jump-In). The CRISPR segment is expected to register the highest growth during the forecast period. The ease of use associated with the CRISPR technology is a significant advantage over ZFN and TALEN, especially in generating a large set of vectors to target numerous sites or even genome-wide libraries is one of the major factors driving the growth of this segment.
The global genome engineering market, by application, is segmented into cell line engineering, genetic engineering, and other applications (diagnostics and therapeutics). The cell line engineering segment is estimated to register the highest growth rate during the forecast period. Factors such as increasing funding from governments and private organizations, growing industry focus on stem cell research, and increasing global awareness about stem cell therapies through various organizations are driving the growth of the cell line engineering segment.
Based on end user, the global Genome Editing Market is segmented into biotechnology & pharmaceutical companies, academic & government research institutes, and contract research organizations. The biotechnology & pharmaceutical companies’ segment is estimated to register the highest growth rate during the forecast period. The increasing prevalence of infectious diseases and cancer are driving research activities worldwide; this is expected to drive the demand for genome editing in biotechnology & pharmaceutical companies.
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In 2017, North America is projected to have the highest growth rate during the forecast period. Factors such as the development of gene therapy in the US, increasing use of genetically modified crops, rising prevalence of infectious diseases and cancer, and rising availability of research grants and funding are propelling Genome Editing Market growth in North America.
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