Genome Editing Market Growth Analysis by 2025
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The increase in the R&D expenditure in industrial and life sciences sector is expected to bolster the demand for genome editing technique, especially in the agriculture and industrial enzymes sector. Technical advancements and collaborations among companies and academic institutions for development of new technology and better portfolio management by life sciences companies for development of new products are expected to boost revenue growth of the genome editing market over the forecast period. However, even though the genome editing industry is expected to witness substantial growth over the forecast period some factors like concerns related to genetically modified crops and animals witness adoption issues among end users and emerging ethical issues may hinder the growth of the market. Moreover the lack of knowledge and expertise among emerging countries may reduce the pace of revenue growth over the forecast period.
Increasing applications and adoption of this technique for production of several products is expected to boost the genome editing market over the forecast period. Moreover with for development of new technology by various life sciences companies is expected to drive the genome editing market during the forecast period.
Geographically the genome editing market is segmented into five key regions: North America, Latin America, Europe, Asia-Pacific and MEA region.
North America is expected to account for the largest market share in the genome editing market, trailed by Europe and Asia-Pacific owing to larger patient pool. North America is expected to register significant growth rate over the forecast period due to the factors such as the increasing prevalence and high awareness of genetic diseases such as Alzheimer’s disease, cancer, increasing prevalence of infectious diseases and dementia. Availability and acceptance of research grants and government funding, to increase adoption of GM crops, and development of gene therapy is expected to boost the growth of genome editing market in North America. Asia Pacific is also expected to witness significant growth over the forecast period owing to genome editing conferences, and workshops, government funded programs. Global players are willing to enter into APAC market especially in agriculture sector which is expected to drive growth of genome editing market over the forecast period. Latin America and MEA regions are expected to boost the demand for genome editing techniques owing to economic and social development in these regions.
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Some players in the global genome editing market are Thermo Fisher Scientific, Inc., Merck & Co., Bio-Rad Laboratories, Inc., Origene Technologies, Transposagen, Clontech Laboratories, Astra Zeneca, Agilent Technologies Inc. and others
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