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(IT-NEWSWIRE.COM, September 07, 2018 ) Market growth factors
The key factors propelling the growth of this market are rising 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. Base year considered for the report is 2016 and the forecast period is 2017–2022.
What experts says about the growth of this market?
The global genome editing 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.
Genome Editing/Genome Engineering Market by Technology (CRISPR, TALEN, ZFN), Application (Cell Line Engineering, Animal Genetic Engineering, Plant Genetic Engineering), End User (Biotechnology & Pharmaceutical Companies, CROs) - Global Forecast 2022
By technology, the genome editing/genome engineering 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 account for the largest share of the market in 2017. Owing to the factors such as the ease of use associated with the CRISPR technology and the ability of CRISPR to multiplex.
On the basis of application, the genome editing/genome engineering market is segmented into cell line engineering, genetic engineering, and other applications (diagnostics and therapeutics). The cell line engineering segment is expected to account for the largest share of the market in 2017.
(Source: MarketsandMarkets™)
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Key players
Thermo Fisher Scientific (US) is the leading player in the global genome editing market. The company operates in over 50 countries across North America, Europe, Asia, and Latin America. The company’s business segments include Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products & Services. To maintain its position and increase its customer base in the genome editing/engineering market, the company mainly focuses on expanding its market presence by adopting growth strategies, such as acquisitions, partnerships, and collaborations.
Merck (Germany) held the second-largest in the genome editing market. The company has gained a major share in the market on account of its diversified product portfolio, widespread geographical presence, and focus on strategies such as expansions.
Horizon Discovery Group (UK) is another prominent player in the global genome editing market. The company is a leading supplier of genetically defined cell lines, reporter gene assay kits, genomic reference standards, and contract research services.
Other prominent players include GenScript (US), Sangamo BioSciences (US), Integrated DNA Technologies (US), Lonza Group (Switzerland), New England Biolabs (US), OriGene Technologies (US), Transposagen Biopharmaceuticals (US), Editas Medicine (US), and CRISPR Therapeutics (Switzerland).
Know the strategies adopted by market players
Geographic Overview
In 2017, North America is expected to account for the largest share of the genome editing/genome engineering market, followed by Europe. 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 market growth in North America.
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