Newark, NJ, Feb. 17, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global genome editing market is expected to grow from USD 5.37 billion in 2020 to USD 17.36 billion by 2028, at a CAGR of 15.8% during the forecast period 2021-2028.
Some of the factors that drive the growth of the global genome editing market are expanding genetic research funding in North America, rising synthetic gene demand in North America & Asia Pacific regions, growing R&D expenditure for biotechnology, technological developments in gene editing, presence of strong pipeline products, increasing application fields of genomics, and rising production of GM crops. New products are being developed to assist in improving DNA targeting, with better flexibility, higher specificity, and enhanced AAV packaging.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the genome editing market. With less disposable income and broken supply chains, the market's growth is expected to slow down. A shortage of skilled professionals due to medical workers being shifted to covid-19 frontlines also negatively impacts the market. Other market growth hindering factors are low public awareness in underdeveloped nations and strict government regulations.
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Key players operating in the global genome editing market include Thermo Fisher Scientific, Horizon Discovery Limited, GenScript, Eurofins Scientific, Editas Medicine, CRISPR Therapeutics, Oxford Genetics, Synthego, Vigene Biosciences, Integrated DNA Technologies, OriGene Technologies, Transposagen Biopharmaceuticals, Agilent Technologies, Genecopoeia, and Precision Biosciences, among others. To gain a significant market share in the global genome editing market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Thermo Fisher Scientific and Horizon Discovery Limited are some of the biggest players in the global genome editing market.
- Horizon Discovery Limited introduced the predesigned synthetic single-guide RNA (sgRNA) in 2019 to help researchers achieve their target gene knockouts and conduct DNA-free gene editing.
- Thermo Fisher Scientific purchased Brammer Bio in 2019 to utilize Brammer Bio's manufacturing expertise for cell therapies & genes.
CRISPR/Cas9 segment dominated the market and held the largest market share of 32.8% in the year 2020
The technology segment consists of ZFN, TALENs/MegaTALs, CRISPR/Cas9, and others. The CRISPR/Cas9 segment dominated the market and held the largest market share of 32.8% in the year 2020. This is primarily due to CRISPR's better ease of use as compared to TALEN & ZFN, and patient-specific treatment characteristics for illnesses like cystic fibrosis.
Ex-vivo segment dominated the market and held the largest market share of 55.3% in the year 2020
Based on delivery method, the global market has been divided into in-vivo and ex-vivo. Ex-vivo segment dominated the market and held the largest market share of 55.3% in the year 2020. The large share of this segment is attributed to key factors such as control ease in DNA modification, and precise regulation of nuclease expression for highly accurate gene editing.
Cell line engineering segment dominated the market and held the largest market share of 34.1% in the year 2020
The application segment includes cell line engineering, plant genetic engineering, animal genetic engineering, and other applications. Cell line engineering segment dominated the market and held the largest market share of 34.1% in the year 2020. Some of the vital factors that drive market growth in this segment are rising government as well as private funding, increasing global awareness, and expanding industry attention on stem cell research.
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Biotechnology & pharmaceutical companies segment dominated the market and held the largest market share of 45.3% in the year 2020
Based on end-use, the genome editing market has been segmented into contract research organizations, academic & government research institutes, and biotechnology & pharmaceutical companies. Biotechnology & pharmaceutical companies segment dominated the market and held the largest market share of 45.3% in the year 2020. The large share of this segment can be attributed to factors like rising prevalence of cancer & other diseases, and the increasing number of gene engineering research projects being carried out for advancement in novel therapeutics.
In-house segment dominated the market and held the largest market share of 60.9% in the year 2020
Based on service, the market has been divided into in-house and contract. The in-house segment dominated the market and held the largest market share of 60.9% in the year 2020. Large companies like Sigma Aldrich Corporation and Thermo Fisher engineer cell lines in-house due to the availability of financial resources, technology, and facilities.
Regional Segment Analysis of the Genome Editing Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global genome editing market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 48.2% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as R&D activities in gene therapy, increasing cases of cancer & other diseases, increasing funding & research grants, and rising usage of GM (genetically modified) crops in the region. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like advancing medical science and rising disposable income.
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About the report:
The global genome editing market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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