Gene Editing Market size is set to surpass USD 10 billion by 2026, according to a new research report by Global Market Insights Inc.
Growth of biotechnology and biopharmaceutical sector and increasing R&D expenditure in genomics are anticipated to develop the market demand for advance gene editing tools.
Increasing demand for synthetic genes in developed as well developing economies should boost the market growth during the forecast timeline. Over the past few years there has been rising demand for genetically modified (GM) crops in developing economies such as China. BT crops have longer shelf life and additional nutritional benefits and hence, are preferred by majority of the population residing in the urban areas. Also, growing Chinese population faces food scarcity that increases the demand for GM crops and vegetables that will ensure high demand for gene editing techniques utilized in producing bioengineered seeds. Also, majority of GM crops, worldwide, are grown in countries such as the U.S., Brazil, Canada and Argentina.
Multiple applications of gene editing in animal genetic engineering will propel the market expansion
The animal genetic engineering segment in the market accounted for around 27% of the market share in 2019. Increasing consumption of dairy as well as other commercial products obtained from domestic animals has encouraged the demand for gene editing techniques. Animal genetic engineering allows scientists to produce a high-quality animal with desirable breeding traits. Growing demand for products obtained from domestic animals coupled with wide applicability of animal genetic engineering in prevention of various veterinary diseases will contribute towards the industry growth.
Browse key industry insights spread across 141 pages with 103 market data tables & 14 figures & charts from the report, “Gene Editing Market Size By Application (Cell Line Engineering, Animal Genetic Engineering, Plant Genetic Engineering), By Technology (CRISPR/Cas9, Zinc Finger Nucleases (ZFNs), TALENs), By End-User (Biotech and Pharma Companies, Contract Research Organizations (CROs), Research Institutes), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Potential of Zinc Finger Nucleases (ZFNs) to mediate specific and efficient genome editing will fuel the market progression
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ZFNs gene editing tool exceeded USD 940 million in 2019 led by its multiple applications and benefits in gene editing. Desired DNA sequences can be targeted using specifically engineered Zinc finger domains and this allows ZFNs to target unique sequences to precisely alter the genomes of higher organisms.
Research institutes will drive the market value
The research institutes end-use segment is expected to expand at 15% growth rate through 2026 owing to the rising government support and grants for research studies undertaken by scientists. Also, higher demand for innovations in therapeutic disciplines to treat various genetic as well as rare disorders across the globe will contribute towards the industry expansion.
Growing research studies in the European region will bolster its market revenue
Europe gene editing market size was over USD 1 billion in 2019 due to the strong foothold of eminent market participants in the European region. Increasing support from government to fund research studies regarding advanced gene therapies for genetic disorders in the European region will further favor the industry value. However, in regard to GM crops, the current interpretation of the European legislation prevents the use of gene editing in the EU over some safety concerns that limits the regional growth.
Increasing research and development activities to advance gene editing arena will serve to the lucrative market growth
Some of the leading companies operating in the market include Allele Biotechnology and Pharmaceuticals, Applied StemCell, Bio-Rad Laboratories, CRISPR Therapeutics, GenScript Corporation, Thermo Fisher Scientific, Integrated DNA Technologies, Agilent Technologies, EMD Millipore (Merck KGAa), Takara Bio, Horizon Discovery, Origene Technologies, Sangamo Therapeutics, and Caribou Biosciences among others. These industry leaders are undertaking several initiatives to deliver new and innovative aspects of gene editing tools that will help them to garner major chunk of the revenue share.