Genome Engineering Market : Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges By 2023

Genome engineering is the synthetic modification of chromosomal DNA by using molecular scissors. Current advances in genome engineering are based on the programmable nucleases that can modify eukaryotic genomes. The global genome engineering market report includes the current and future prospects of the market with an elaborate executive summary, including a market snapshot on various segments and sub-segments. This section also provides the overall information and data analysis of the global genome engineering market with respect to the leading market segments based on type of technology, application, end-user and geography.

Global Genome Engineering Market: Snapshot

The increasing interest of pharmaceutical and biotechnology companies in the development of new treatments and investments in genome research has led to an increase in genome research activities globally. Technological advancements and research programs are being undertaken in the field of genome engineering owing to the rising demand for synthetic genes through genetic mutation. This factor is expected to significantly boost the global genome engineering market in the upcoming years.

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The use of genome engineering technology in a wide range of applications such as crop improvement is likely to provide lucrative opportunities to companies operating in the global genome engineering market. However, strict regulatory framework regarding approval of genetic mutation projects and negative public perception about genetic mutation is likely to impede the adoption of genome engineering among various sectors and medical and research organizations.

The global genome engineering market is projected to expand at a CAGR of 14.2% between 2015 and 2023. The global genome engineering market is estimated to reach a valuation of US$7.21 bn by the end of 2023 from a market worth US$2.30 bn in 2015.

North America to Hold Largest Revenue Share in Global Genome Engineering Market

Owing to the increasing research and development activities in the U.S., North America is expected to witness a substantial increase in its revenue share in the global genome engineering market. The North America market for genome engineering was valued at US$1.27 bn in 2015 followed by Europe and Rest of World. The rising demand for studies regarding ethical, legal, and social implications of genome engineering has led to an increase in genome engineering activities in the region.

Europe held the second largest share in terms of revenue in the global genome engineering market. The increasing investment by the European Commission in synthetic biology and research into its implications is the major driving force behind the growth of the genome engineering market in the region. However, Asia Pacific is expected to emerge as the region exhibiting the fastest growth owing to factors such as the rising government investment in genome engineering activities and increasing focus by market players on technological advancements.

Pharmaceutical and Biotechnology Companies to Emerge as Largest End-use Segment

Based on application, pharmaceutical and biotechnology companies accounted for 58% of the overall global revenue in 2014. Numerous applications of genome engineering in drug discovery and therapeutics contributed to the high growth of the segment. Moreover, the wide therapeutic use of genome engineering in the pharmaceutical industry is likely to drive its adoption in the coming years. The development of therapeutics models in genome engineering technology such as CRISPR technology and HIV using ZFN has impelled genome engineering companies to invest in advanced researches focusing on developing innovative techniques for genetic engineering.

Academics emerged as the second largest segment in terms of application. Studies and research programs being conducted by academic institutions regarding the use of genome engineering techniques to treat genetic disorders and produce mutants has helped in the progress of the segment. Thus, the academics segment is anticipated to maintain stable growth in the forecast period.

The leading players in the global genome engineering market are Inc., Sigma-Aldrich Corporation, Thermo Fisher Scientific, Sangamo Biosciences, Inc., Horizon Discovery Group Plc, Lonza Group Ltd., and Integrated DNA Technologies, Inc.

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