Gene Editing Market size is set to exceed USD 7.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing R&D expenditures in biotechnology sector should boost the gene editing industry growth in coming years. Due to growing incidences of rare genetic diseases, there is an increase in the demand for developing medications and vaccines utilized in treatment of these diseases. Government in developed economies also take initiatives to facilitate the research processes required for developing new drugs and targeted gene therapies. In drug discovering, gene editing tools such as CRISPR/Cas9 and Zinc Finger Nucleases (ZFNs) are extensively used that should surge the gene editing market growth significantly. However, stringent regulatory landscape may hamper the industry growth to some extent.
Rising demand for genetically modified products will positively influence the industry growth. People in developed economies prefer genetically modified products such as crops, and dairy products derived from biotechnologically engineered animals and plants. GM crops such as rice and soybean offer more nutritional benefits compared to crops grown by traditional farming methods. Moreover, genes in domestic animals are altered to gain large quantities of milk that is utilized in manufacturing other commercial dairy products. Gene editing has been extensively utilized in altering the genome of organisms that will propel the gene editing market growth over forthcoming years.
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Plant engineering segment was valued at USD 549.1 million in 2017 and is predicted to have considerable revenue size over the forecast timeframe. Growth of segment can be attributed to growing demand for genetically modified (GM) crops. Plant engineering technique have growth opportunity in countries with high population that face scarcity of food. Genetic modifications in the crops ensure consistency and high yield. Food supplies become predictive and the genetically modified crops as well as vegetables have longer shelf life that increases their preference thereby, stimulating the segment growth.
CRISPR/Cas9 segment will experience 14.7% CAGR during the forecast timeframe. Increasing demand for CRISPR/Cas9 in altering the genome of organisms to manufacture commercially viable products will drive the segment growth. CRISPR/Cas9 is the latest technology and possess high efficiency. Modifications by using CRISPR/Cas9 can be directly introduced in the RNAs encoding Cas protein that increases process specificity. Therefore, CRISPR/Cas9 is highly preferred in research processes escalating the segment growth.
Biotech and Pharma companies segment accounted for 46% in 2017 owing to the high adoption of gene editing techniques for developing targeted therapies for chronic diseases such as cancer. Growing prevalence of cancer has fostered the demand for targeted gene therapy that is effective in its treatment. Usually leading biotech and pharmaceutical companies involved in manufacturing new drugs and therapies make huge investments in R&D that further triggers the segmental growth.
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Germany gene editing market witnessed 14.4% CAGR in from 2018 to 2024 and is expected to grow significantly over forecast timeframe. Rising prevalence of cancer that increases the demand for targeted gene therapy proves beneficial for the industry growth. Moreover, high awareness regarding availability of genetically modified products will trigger the country growth during the analysis period.
Major industry players in genome editing market includes Addgene, Allele Biotech, Bio-Rad, Takara Bio, CRISPR Therapeutics, DNA2.0, Edits Medicine, Intellia Therapeutics, Integrated DNA Technologies and others. These Industry players adopt strategies such as acquisitions, mergers, and new product launch to sustain industry competition. For instance, in May 2015, Juno Therapeutics and Editas announced collaboration. Editas is one of the leading companies in gene editing and this collaboration has proven beneficial for both the companies as it has provided them with sustainable profits.