Genome Engineering Market to Expand at a Modest CAGR of 14.20% by 2023
Posted: Oct 15, 2018
Global Genome Engineering Market: Snapshot
The rising use of genome engineering in personalized medicine has been supporting the growth of the global market in the last few years. The innovations and developments in this field and the rising opportunities in the developing economies are projected to enhance the growth of the global genome engineering market in the next few years.
As per the market research study by Transparency Market Research, in 2015, the global market for genome engineering was worth US$2.30 bn and is estimated to reach a value of US$7.21 bn by the end of 2023. The market is likely to register a promising 14.20% CAGR between 2015 and 2023.
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Technological Developments to Drive Global Genome Engineering Market
The increasing government funding and the rise in the number of genome projects are considered as the major factors that are projected to encourage the growth of the global genome engineering market in the next few years. The rising number of applications of genomics and technological advancements are estimated to accelerate the growth of the market in the near future. In addition to this, the rising prevalence of cancer and other infectious diseases is projected to boost the demand for genome engineering in the near future.
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On the flip side, the lack of trained professionals and the adverse public perception regarding genome engineering are projected to hamper the growth of the overall market in the coming few years. Nonetheless, the rising production of genetically modified crops and the increasing opportunities in several developing economies are estimated to encourage the growth of the global genome engineering market in the next few years.
North America to Hold Major Share of the Global Genome Engineering Market
The global genome engineering market has been categorized on the basis of geography into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these, North America is projected to lead the global genome engineering market, accounting for a large share of the market. The rising adoption of the advanced techniques in the research institutes, especially in the U.S. are some of the key factors that are projected to accelerate the growth of the overall market in the next few years. In addition to this, the rising incidence of monogenic diseases is another factor that is likely to enhance the growth of the market in the near future. On the other hand, the rising research activities in the field of personalized medicine and biotechnology is projected to encourage the growth of the Asia Pacific market for genome engineering in the next few years.
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The global market for genome engineering is highly competitive in nature with a presence of several players operating worldwide. With the rising number of players that are likely to enter the market is expected to strengthen the competitive scenario of the overall market in the next few years. The leading market players are focusing on the research and development activities in order to maintain their position in the market. In addition to this, the expansion of the product portfolio and innovations are estimated to enhance the growth of the market in the near future. Some of the key players operating in the genome engineering market across the globe are Horizon Discovery, Integrated DNA Technologies, Lonza Group, Sigma-Aldrich Corporation, Transposagen Biopharmaceuticals, Thermo Fisher Scientific, GenScript USA, New England Biolabs, and Sangamo Biosciences.
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My name is Pragya Tripathi and I work with the Digital Marketing and Editorial team of Transparency Market Research, a market intelligence firms based in India & Usa.