- According to Transparency Market Research’s latest report on the global genome engineering market for the historical period 2017–2018 and forecast period 2019–2027, increased funding in genomic research, technological developments, rising demand for synthetic genes, and investment by pharmaceutical companies for new product development are projected to drive the global genome engineering market during the forecast period
- According to the report, the global genome engineering market was valued at US$ 3,685.4 Mn in 2018 and is anticipated to expand at a CAGR of 10.9% from 2019 to 2027
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Increased Funding In Genomic Research: Key Drivers
- Synthetic biology received funding of US$ 430 Mn in the U.S. from 2005 to 2010, which was much higher than US$ 160 Mn in Europe during the same period. The U.K. contributed around US$ 30 Mn. About 4% and 2% funding in the U.S. and Europe, respectively, was spent to explore ethical, social, and legal implications (ELSI) of synthetic biology. Government initiatives are on par with private investments.
- More than $700 million was spent on synthetic biology research, by Department of Energy (DOE). While NIH awarded a grant of $40 million for the same.
- Universities across the globe have provided significant funding for research in synthetic biology. For instance, in 2008, three Dutch universities — Delft University of Technology (Department of Bionanoscience), University of Groningen (Centre for Synthetic Biology), and the Eindhoven University of Technology (Institute for Complex Molecular Systems) — declared they would invest around USD $90 million in synthetic biology research for a period of 5 years to 10 years.
- Application of genome engineering in animals has increased significantly in the past few years. Usage of this technology brings with it ethical issues that relate to animal welfare.
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Investment by Pharmaceutical Companies for Developing New Treatments Boost Market Growth
- Pharmaceutical firms have realized the new trends of treating genetic diseases by gene editing technologies. They are collaborating with gene editing companies to develop treatment option.
- In December 2015, Bayer and CRISPR Therapeutics AG formed a joint agreement, to develop new technology to cure blindness, blood disorders, and congenital heart disease. Bayer would be utilizing the CRISPR-Cas9 gene editing technology and would use its protein-engineering technology for the same. Bayer will contribute a minimum of USD 300 million in R&D investments in this joint venture.
- In January 2015, Novartis formed a collaboration with Intellia and Caribou, which would help Novartis to use CRISPR genome editing technology to engineer chimeric antigen receptor (CAR) T cells and hematopoietic stem cells and also to discover and develop other medicine. This collaboration received an undisclosed amount from Novartis and USD $15 million from both Intellia and Caribou.
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Stringent Regulatory Framework to Hamper Market
- There are various regulatory frameworks for genetically modifying plant genome. Process based regulatory frameworks consider the techniques used to create new crop plant varieties. The regulation is triggered when the plant is developed by using recombinant DNA technology. The definitions and guidelines for regulation was decided by the organizations such as the United Nations Food and Agricultural Organization and treaties such as the Cartagena protocol. The regulation is followed in Europe, Argentina, Brazil, and several other regions. The product based regulatory framework that prevails in the U.S. and Canada primarily focuses on the inherent risk of the final product, rather than the technology used to make it.
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Global Genome engineering Market: Competitive Landscape
- This report profiles major players in the global genome engineering market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
Global Genome engineering Market: Key Developments
- In January 2015, four research collaborations with The Wellcome Trust Sanger Institute, The Innovative Genomics Initiative, California, Thermo Fisher Scientific, Waltham, Massachusetts and Broad Institute/Whitehead Institute, Cambridge, Massachusetts to use CRISPR technology to identify and validate new drugs in preclinical models that would resemble human diseases.
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The report on the global genome engineering market discussed individual strategies, followed by company profile of manufacturer of genome engineering. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global genome engineering market.
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