Growth of the genome editing market is driven by increase in adoption of genome editing applications. Moreover, development of CRISPR-based novel diagnostic tools to mitigate the adverse impact of the COVID-19 pandemic also boost the genome editing market growth.
Growth of the genome editing market is driven by increase in adoption of genome editing applications. Moreover, development of CRISPR-based novel diagnostic tools to mitigate the adverse impact of the COVID-19 pandemic also boost the genome editing market growth
The global genome editing industry accounted for $4.81 billion in 2020, and is expected to reach $36.06 billion in 2030, growing at a CAGR of 22.3% from 2021 to 2030.
Rise in adoption of genome editing applications, expansion in pervasiveness of disease and other genetic disorders, accessibility of government financing and development in genomics projects, and mechanical headways in gene-editing tools drive the development of the global genome editing market. Nonetheless, moral issues with respect to genome editing prevent the market development. Actually, presence of significant market major parts in agricultural nations and application in different medication revelation measures are relied upon to open rewarding open doors later on.
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Covid-19 scenario:
- The covid-19 pandemic disrupted workflow in the healthcare sector. The spread of diseases forced several industries to close their facilities including sub-domains of healthcare.
- On the other hand, optimum utilization of the workforce and gene editing for human benefit are some of the challenges that researchers face. Thus, CRISPR-based diagnostic tools to reduce the impact of the Covid-19 gained importance.
- However, the use of CRISPR was favored during the pandemic and technologies based on naturally occurring bacterial gene-editing systems played a vital role to come up with the best defense against Covid-19.
The report offers detailed segmentation of the global genome editing market based on technology, end user, and region.
Based on technology, the CRISPR segment accounted for the largest share of the genome editing market in 2020. The large share of this segment can be attributed to the ease of use associated with CRISPR, which gives it a significant advantage over ZFN and TALEN.
By end user, the biotechnology & pharma companies segment accounted for the largest share of the genome editing market in 2020. The increasing prevalence of infectious diseases and cancer is driving research activities worldwide. This is expected to drive the demand for genome editing in biotechnology & pharmaceutical companies.
By region, the global genome editing market across North America held the largest share in 2020, contributing to nearly half of the market. This growth is due to development of gene therapy in the U.S., surge in use of genetically modified crops, and increase in prevalence of infectious diseases coupled with availability of research grants and funding. However, the market across Asia-Pacific is expected to register the highest CAGR of 25.2% during the forecast period, owing to rise in funding for genome editing and medical genetics in developing countries in the region.
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The Major Key Players Are:
Agilent Technologies, CRISPR Therapeutics, Danaher, Eurofins Scientific, Editas Medicine, GenScript, Horizon Discovery Limited, Lonza, Merck and Thermo Fisher Scientific.
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