SELBYVILLE, Del., Oct. 5, 2020 /PRNewswire/ — According to the latest report “Genome Editing Market by Application (Cell Line Engineering, Animal Genetic Engineering, Plant Genetic Engineering), Technology (CRISPR/Cas9, Zinc Finger Nucleases, TALENs), End-user (Biotech and Pharma Companies, Contract Research Organizations, Research Institutes), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of genome editing will cross $10 billion by 2026. Increasing government support for the better treatment of genetic diseases will enhance the market growth.
Growing R&D expenditure by pharmaceutical and biopharmaceutical companies as well as research institutes will positively impact the market revenue. Several biopharmaceutical firms have raised their R&D operations and expenditures that enables the availability of technologically advanced gene-editing techniques at a lower cost. Furthermore, the considerable growth of the biotechnology sector in developed countries will provide numerous opportunities for market expansion.
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The TALENs technology segment size was around USD 650 million in 2019. TALENs offers high target site specificity that enables researchers in making precise genetic modifications, surging its adoption rate. TALENs pair can be targeted to any genome site, providing more flexibility and freedom in target site selection. Also, TALENs genome editing tool is used to correct the genomic errors that can cause various disorders including xeroderma pigmentosum, sickle cell disorder and epidermolysis bullosa. The plant genetic engineering application held over 19% of the market share in 2019 due to the availability of technologically advanced genome editing procedures utilized in modifying plant genome coupled with a surging preference for genetically modified crops. Genetically modified crops have several benefits in terms of raising agricultural productivity as well as reducing the need for environmentally harmful pesticides.
The contract research organizations (CROs) segment in the genome editing market accounted for USD 900 million in 2019. Several CROs are trying to develop advanced gene-editing tools such as TALENS and CRISPR/Cas9. PSI, Med pace and ACF Bio services are some of the major CROs working on developing advanced genome editing tools. Additionally, CROs have experts with in-depth knowledge of the developments and regulations related to advanced genome therapy products, fostering the segment growth.
Asia Pacific genome editing market will showcase the growth of 15% during the forecast period owing to the increasing number of genetic research organizations in emerging economies that are working on the development of innovative gene-editing tools. Surging research activities for genome editing in developing countries such as India, Japan and others will prove beneficial for the regional market progression.
Some of the prominent players operating in the genome editing market are Integrated DNA Technologies, Horizon Discovery, Agilent Technologies, Takara Bio, Sangamo Therapeutics, Thermo Fisher Scientific, Precision Biosciences, Inc., EMD Millipore (Merck KGAa), Origene Technologies, Caribou Biosciences, and Beam Therapeutics.
These companies are implementing various growth strategies such as collaborations and partnerships, mergers, novel product launch, in order to increase their market share. For instance, in May 2019, Integrated DNA Technologies launched ultra-high performance CRISPR Cas12a enzyme known as Alt-R Cas12a (Cpf1) ultra. The system makes it easier to attain precision genome editing at novel sites across genomes. This launch helped the company to expand their business portfolio.
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Table of Contents (ToC) of the report:
Chapter 3. Genome Editing Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls and challenges
3.4. Growth potential analysis
3.4.1. By application
3.4.2. By technology
3.4.3. By end-user
3.5. COVID-19 impact analysis
3.6. Competitive landscape, 2019
3.6.1. Strategy dashboard, 2019
3.7. Porter’s analysis
3.8. PESTEL analysis
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Global Gene Editing Market growth predicted at over 14.9% through 2026: GMI
Prominent gene editing market players are Integrated DNA Technologies, Horizon Discovery, Agilent Technologies, Takara Bio, Sangamo Therapeutics, Thermo Fisher Scientific, Precision Biosciences, Inc., EMD Millipore (Merck KGAa), Origene Technologies, Caribou Biosciences, and Beam Therapeutics.
SOURCE Global Market Insights, Inc.