“To develop innovative, technologically advanced and differentiated products, the leading companies are banking on agreements with laboratories and research institutes and pouring funds into ongoing research and development projects,” says the author of the report. The global Genome Engineering Market is anticipated to reach a valuation of US$7.21 bn by 2023 from US$2.30 bn in 2015, expanding at a remarkable CAGR of 14.2% from 2015 to 2023.
A new study by Transparency Market Research indicates that the degree of competitive rivalry in genome engineering rivalry market is likely to remain moderate over the forecast period owing to the presence of a limited number of international and regional players. Sigma-Aldrich Corporation, Thermo Fisher Scientific Inc., and Sangamo Biosciences Inc. are among the prominent revenue contributors to the market. The entry of small regional players in the arena is prompting global players to pay high attention to product innovation.
By end user, the market will be dominated by the biotechnology and pharmaceutical companies throughout the forecast period. The growth of the segment can be attributed to the rising use of genome engineering technologies in drug discovery and therapeutics. North America will continue to be the frontrunner in the global arena until 2023, rising to a valuation of US$3.68 bn. The widening applications of genome engineering resulting from the increasing research and development activities are contributing to the growth of the region. Asia Pacific will be the most promising regional market, thanks to the increasing government incentives.
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Pharmaceutical and biotechnology companies worldwide are increasingly realizing the need for advanced gene editing technologies for detecting genetic anomalies. As a result, the number of research and development activities is rising at a significant pace. Large organizations are focusing towards cell mutation to curb genetic and cell diseases. “To encourage the development of technologies relating to gene editing, pharmaceutical companies are either funding ongoing projects of medical firms or entering into a collaboration with them,” says a TMR analyst. Therefore, the increasing research and development activities in the field of gene editing is paving for genome engineered techniques.
The growing investments by governments and non-government organizations in genome research and technological advancements along with the funding by pharmaceutical and biotechnology are providing a fillip to the global genome engineering market.