The global genome engineering market is moderately competitive in nature with the presence of very few players operating in the market, states a new market research report by Transparency Market Research. In 2014, the market was dominated by three players, namely Thermo Fisher Scientific, Inc., Sangamo Biosciences, Inc., and Sigma-Aldrich Corporation, who collectively held a 73.5% share in the global genome engineering market. The focus on new product development and innovation in genome technology is expected to help key players in maintaining their position in the market. The dominance of the leading players is expected to restrict the growth of new entrants in the global market.
According to the research report, the market opportunity for genome engineering is expected to reach a value of US$7.21 bn by the end of 2023. On the basis of geography, North America is projected to lead the global genome engineering market and reach a value of US$3.68 bn by the end of 2023, followed by Europe. The growing research and development activities in this region and significant contribution from the U.S. are some of the primary factors estimated to augment the growth of the North America market in the next few years.
Rising Prevalence of Autoimmune Diseases to Boost Demand for Cell Line Engineering Products
On the basis of application, the cell line engineering segment led the global genome engineering market in 2015 and is expected to remain in the position through the coming years. This segment is projected to reach a value of US$3.32 bn by the end of 2023, owing to the growing prevalence of cancer and other autoimmune diseases across the globe. “The growing need for accurate and cost-effective treatments options is anticipated to boost the demand for cell line engineering products in the coming years,” says a TMR analyst. The advent of novel drugs and combination therapies by cell line engineering techniques to treat colorectal and breast cancers is estimated to augment the growth of the market.
Emergence of New Gene Editing Technologies to Bolster Global Genome Engineering Market
Increasing investments by leading biotechnological and pharmaceutical companies for development of new treatments are driving the genome engineering market across the globe. The emerging trend of treating genetic diseases by using gene editing technologies has encouraged these companies to collaborate with gene editing companies and gain a competitive edge in the global market. Additionally, technological developments in the field of genome engineering are expected to contribute extensively towards the growth of the market.
Furthermore, the rising demand for synthetic genes for diverse applications and increasing funding for such products are propelling the global genome engineering market. The application of genome engineering in animals has increased substantially, thus augmenting the growth of the market.
Ethical Issues Surrounding Use of Genome Engineering to Obstruct Market Growth
A stringent regulatory framework concerning genetic modification in plants is one of the key factors hampering the growth of the global genome engineering market. Tightening government regulations restricting the application of genome engineering in minor crops is expected to impede the market’s growth. In addition, controversies related to the ethical issues for using genome engineering on human germline are estimated to act as a growth barrier in the next few years. Nevertheless, the wide range of applications thanks to constant technological advancements is projected to create several growth opportunities throughout the forecast period.
This information is based on the findings of a report published by Transparency Market Research, titled “Genome Engineering Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
The genome engineering market has been segmented as below:
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