Genome Editing Market Projected At CAGR 14.5% by 2023 With THERMO FISHER SCIENTIFIC, SANGAMO BIOSCIENCES, GENSCRIPT USA, HORIZON DISCOVERY GROUP, MERCK & CO., ORIGENE TECHNOLOGIES

The global genome editing market is expected to register a CAGR of 14.5% during the forecast period, 2018 to 2023. North America dominates the market due to the factors, such as, increasing use of genetically modified crops and the development of gene therapy in the United States.

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Technological Advancements in Genome Testing Market
Genetic modification has provided an approach for reverse genetics, analyzing gene function, and linking DNA sequence to phenotype. Traditional methods are now becoming obsolete, due to progress in the genome sequencing technologies, as a result of inefficient, time consuming, and labor intensive methods. Recent technologies, like ZFN, TALEN, and CRISPR/Cas9 nuclease, can initiate genome editing easily and precisely, with no limitations by the organism. These instruments have offered intriguing possibilities for conducting large-scale experiments. Thus, technological advancements are fuelling the growth of the genome testing market.
Additionally, rising incidences of chronic disease and increase in the demand for synthetic genes are driving the genome editing market.

Key Developments in the Market
February 2018: Kite and Sangamo Therapeutics collaborated for developing next-generation engineered cell therapies, for the treatment of cancer.

Major Players –
THERMO FISHER SCIENTIFIC INC., SANGAMO BIOSCIENCES INC., GENSCRIPT USA INC., HORIZON DISCOVERY GROUP PLC, MERCK & CO., ORIGENE TECHNOLOGIES INC., TRANSPOSAGEN BIOPHARMACEUTICALS INC., NEW ENGLAND BIOLABS INC., LONZA GROUP LTD, and INTEGRATED DNA TECHNOLOGIES INC. amongst others.

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Ethical Concerns Related to Genetic Research
Genome editing has indicated a good potential for the treatment of genetic disorders, infectious diseases, and cancer. Along with the advantages, there are growing concerns about the risks and ethical issues associated with genome editing, that affect the market. The major ethical issues, include the off-target mutation development, imbalance of the environment, and illegal usage of genome editing. The perspective of the general public toward gene editing is negative. Several scientists have advocated for the ban or prohibition of genome editing. This has created a lot of pressure on companies involved in genome editing, as they are unable to find suitable subjects to carry out clinical trials, resulting in the hindrance in the innovation. Thus, it is acting as a major restraint for the growth of genome testing market.
Additionally, high cost of genomic equipment is also acting as a restraint for the genome editing market.

North America to Dominate the Market
North America dominated the market in terms of revenue share, due to the higher adoption of advanced technique in the research institutes based in the United States. Additionally, genetic diseases, like cystic fibrosis, occur at a frequency of 1 in 2,500 birth in the United States.

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This release was published on openPR.