Global Genome Engineering Market Propelled by Introduction of Novel CRISPR Technology
Genome engineering synthetically modifies chromosomal DNA by using molecular scissors. The latest advances introduced in the field of genome engineering are based on programmable nucleases that enable modifying eukaryotic genomes. Driven by these advances and as funding in genome research increases, the global genome engineering market will grow exponentially. The market for genome engineering is also gaining momentum with the introduction of the latest technological developments, growing demand for synthetic genes, and rising investment by pharmaceutical companies for novel product development. Furthermore, the market will capitalize on advances in CRISPR-Cas9 genome engineering as well.
Market Gains Impetus from Launch of Novel Technologies
A new CRISPR technology was developed in November 2015 by scientists at the Massachusetts Medical School. This new technology enabled the cell analysis of a large population and boasts wider applications in gene therapy. However, ethical issues such as stringent regulatory frameworks, human germ-line modification, and growing negative perception among the general public pertaining to genetic research are the key challenges that enterprises operating in the global genome engineering market will have to face and address for a sustainable growth.
In its latest report, Transparency Market Research pegs the overall value of the global genome engineering market at US$2.20 bn in 2014. Between 2015 and 2023, the market is expected to exhibit an impressive CAGR of 14.5%.
CRISPR Emerges as Most Prominent Technology Segment
The global genome engineering market can be segmented based on application, end user, technologies, and geography. In terms of technology, the market is segmented into transcription activator-like effector nuclease (TALEN), zinc finger nuclease (ZFN), clustered regularly-interspaced short palindromic repeats (CRISPR), and others. Of these, CRISPR accounted for the largest share in the market in 2014 and is expected to continue dominating the market in the forthcoming years. Based on application, the market is segmented into plant genome engineering, animal genome engineering, cell-line genome engineering, and others. Cell line engineering emerged as the largest application segment in 2014 and will continue to exhibit a high CAGR over the next few years.
High Demand from Pharmaceutical and Biotechnology Companies Bolsters Global Genome Engineering Market
In terms of end user, the global genome engineering market is segmented into academics, pharmaceutical and biotechnology companies, and clinical research organizations (CRO). Among these, the largest share of the market was held by the pharmaceutical and biotechnology companies in 2014. The academics segment is expected to exhibit the fastest CAGR in the near future.
North America Emerges as Largest Regional Market
Regionally, the global genome engineering market is spread across Asia Pacific, Europe, North America, and Rest of the World. Among these regions, North America held the largest share of the global genome engineering market in 2014, trailed by Europe. North American countries not only substantially contribute to the funding for genome research, but a majority of the key players are located in the U.S. Asia Pacific has emerged as the third-largest market for genome engineering; however, in the forthcoming years, the region is likely to exhibit the highest CAGR. Increase in funding for academic research spending will also boost the market in the near future.
Browse Full Global Genome Engineering Market Report With Complete TOC @ https://www.transparencymarketresearch.com/genome-editing-engineering-market.html
7 of 10 large enterprizes view our ToC to take the right decision.Get In Touch