Genome Engineering Market Poised To Expand At A Robust Pace Over 2023
“To develop innovative, technologically advanced and differentiated products, the leading companies are banking on agreements with laboratories and research institutes and pouring funds into ongoing research and development projects,” says the author of the report. The Global Genome Engineering Market is anticipated to reach a valuation of US$7.21 bn by 2023 from US$2.30 bn in 2015, expanding at a remarkable CAGR of 14.2% from 2015 to 2023.
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North America to Remain Ahead through 2023, thanks to Upswing in Research and Development Activities
By end user, the market will be dominated by the biotechnology and pharmaceutical companies throughout the forecast period. The growth of the segment can be attributed to the rising use of genome engineering technologies in drug discovery and therapeutics. North America will continue to be the frontrunner in the global arena until 2023, rising to a valuation of US$3.68 bn. The widening applications of genome engineering resulting from the increasing research and development activities are contributing to the growth of the region. Asia Pacific will be the most promising regional market, thanks to the increasing government incentives.
Increasing Funding by Biotechnology and Pharmaceutical Organizations to Augment Genome Engineering Market
Pharmaceutical and biotechnology companies worldwide are increasingly realizing the need for advanced gene editing technologies for detecting genetic anomalies. As a result, the number of research and development activities is rising at a significant pace. Large organizations are focusing towards cell mutation to curb genetic and cell diseases. “To encourage the development of technologies relating to gene editing, pharmaceutical companies are either funding ongoing projects of medical firms or entering into a collaboration with them,” says a TMR analyst. Therefore, the increasing research and development activities in the field of gene editing is paving for genome engineered techniques.
The growing investments by governments and non-government organizations in genome research and technological advancements along with the funding by pharmaceutical and biotechnology are providing a fillip to the global genome engineering market.
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Rising Opposition on Ethical Grounds to Hamper Growth Prospects
Over the past few years, genetic engineering has received a lot of opposition on ethical grounds from several health, social, and religious organizations. According to the U.S. National Institute of Health (NIH), genetic engineering of human embryos leads to complications in human genes and has, therefore, prohibited its funding. In addition, various social organizations are persistent about the ban of genetic engineering as the alteration in animal genes can adversely affect the genetic makeup of the coming generations of the animal along with hampering the lifespan of the genetically engineered animal.
Along with the rising ethical concerns, the stringent regulatory framework for the approval of genetic modifications in plants, animals, and human genome are acting as a major bottleneck in the growth of the global genome engineering market. Nevertheless, the growing adoption of genome engineering technologies in agriculture for crop improvement is opening new avenues for players in the market.
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