According to the new market research report Genome Engineering Market by Technology (CRISPR, TALEN, ZFN), Application (Cell Line Engineering, Animal Genetic Engineering, Plant Genetic Engineering), End User (Biotechnology & Pharmaceutical Companies, CROs) – Global Forecast 2022″, The global genome engineering market is projected to reach USD 6.28 Billion by 2022 from USD 3.19 Billion in 2017, at a CAGR of 14.5% during the forecast period.
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The key factors propelling the growth of this market are rising government funding and growth in the number of genomics projects, high prevalence of infectious diseases and cancer, technological advancements, increasing production of genetically modified crops, and growing application areas of genomics.
CRISPR to account for the largest technology segment in the genome engineering market in 2017
The technology segment of the genome engineering market is classified into CRISPR, TALEN, ZFN, antisense, and other technologies (PiggyBac, Flp-In, Adenine Base Editor (ADE), and Jump-In). The CRISPR segment is expected to command the largest share of the global genome engineering market in 2017. The large share of this segment can be attributed to the potential advantage of CRISPR is its ability to multiplex, that is, to use multiple guide RNAs in parallel to target multiple sites simultaneously in the same cell, making it easier to mutate multiple genes at once or engineer precise deletions in a genomic region.
Cell line engineering to dominate the genome engineering market during the forecast period
By application, the genome engineering market is segmented into cell line engineering, genetic engineering, and other applications (diagnostics and therapeutics). The cell line engineering segment is estimated to account for the largest share of the global market in 2017. Growing industry focus on stem cell research, increasing global awareness about stem cell therapies, and increasing funding from governments and private organizations are driving the growth of the cell line engineering segment.
Biotechnology & pharmaceutical companies to dominate the genome engineering market during the forecast period
By end user, the genome engineering market is segmented into biotechnology & pharmaceutical companies, academic & government research institutes, and contract research organizations. The biotechnology & pharmaceutical companies segment is estimated to account for the largest share of the global genome engineering market in 2017. The increasing prevalence of infectious diseases and cancer are driving research activities worldwide; this is expected to drive the demand for genome editing in biotechnology & pharmaceutical companies.
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North America to dominate the market in 2017
North America is expected to dominate the global genome engineering market in 2017. Factors such as increasing use of genetically modified crops, the development of gene therapy in the US, rising prevalence of infectious diseases and cancer, and rising availability of research grants and funding are propelling market growth in North America.
