Global Genome Engineering Market Propelled by Introduction of Novel CRISPR Technology
Transparency Market Research has recently published a comprehensive research report on the global genome engineering market. The research report, titled “Genome Engineering Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023,” examines the drivers and restraints framing the trajectory of this market. According to the research report, the global genome engineering market stood at US$2.20 bn in 2014 and is expected to expand at a CAGR of 14.2% between 2015 and 2023.
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Genome engineering refers to the artificial modification of the genetic information of a living organism. This branch of biological engineering studies a wide range of possibilities pertaining to human health such as rectifying a harmful gene mutation, generation of new plants, exploring gene function, and many others. Currently, genome engineering allows a certain area of DNA to be modified, which has brought in precision, thereby establishing accurate reproducibility.
The global genome engineering market is segmented on the basis of technology, application, end users, and geography. The technologies available in this market are clustered regularly interspaced short palindromic repeats (CRISPR), zinc finger nuclease (ZFN), transcription activator-like effector nuclease (TALEN), and other technologies. On the basis of application, this market is segmented into animal genome engineering, cell line engineering, plant genome engineering, and other applications. The end users of genome engineering are sectors such as academics, pharmaceutical and biotechnology companies, and clinical research organizations. Geographically, this market is segmented into North America, Asia Pacific, Europe, and Rest of the World.
Out of all the technologies, CRISPR held a dominant share in 2014 in the overall market, whereas TALEN followed this share closely. According to research analysts, the CRISPR segment will grow at a rapid pace due to the high precision and cost-effectiveness of these solutions. Today, CRISPR is widely used for treating diseases and disorders such as sickle-cell anemia, hemophilia, HIV/AIDS, and various types of cancers. Currently, several of these techniques are in various stages of clinical trials to find the right modification of the genetic material of somatic cells.
Geographically, North America held a significant share of 50% in the global genome engineering market in 2014. This dominance can be attributed to the generous funding by governments of North American nations for research and development and a strong presence of important players. Furthermore, Asia Pacific is also showing promise of growth in the coming years as the expenditure on academic research and development is rising.
The important players operating in the global genome engineering market are Horizon Discovery Group Plc, Thermo Fisher Scientific, Inc., Sangamo Biosciences, Inc., Sigma-Aldrich Corporation, Lonza Group Ltd., and Integrated DNA Technologies. The research report thoroughly studies the unique management styles of these companies, the political backgrounds they are operating in, and the technological advancements they are undergoing to evaluate the competitive landscape present in this market. Furthermore, the research report also provides an assessment of financial outlook, research and development strategies, business and development strategies, and expansion plans of these chief operating players in the global genome engineering market.
Full Research Report on Global Genome Engineering Market: