Genome Editing Market: Increase in Funding for the Genome Editing
The global genome editing market is expected to reach US$ 10,691.0 million by 2025 from US$ 3,210.1 million in 2017; it is estimated to grow at a CAGR of 17.0% from 2018 to 2027.
Genome editing is a technique that is utilized for the changes that are to be done in the DNA of a cell or an organism. The technique involves cutting DNA sequences for the addition or removing the DNA in the genome. The changes in the genome are done for the required characteristics of the cell. Genome editing is done for the research purpose, the treatment of the diseases, and the biotechnological purpose. Factors such as Increase in funding for the genome editing, rising prevalence of the genetic disorders, rise in the advancements for genome editing technology and rise in the production of genetically modified crops are the driving factors for the growth of the market. However, the growth of the market is restrained by various factors such as perception of the people for genetic alteration and stringent regulation.
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Key Findings from The Genome Editing Market
- Based on technology, the genome editing market is segmented into transcription activator-like effector nucleases (TALENS), clustered regularly interspaced short palindromic repeats (CRISPR), zinc finger nucleases (ZFNs), antisense RNA and others. In 2017, the CRISPR segment held the largest share of the market, by technology owing to the applications and its benefits offered. The TALENs segment is expected to grow at the fastest rate during the coming years.
- Based on application, the genome editing market is segmented into genetic engineering, cell line engineering and others. In 2017, cell line segment held the largest share of the market, by application. Moreover, the genetic engineering segment is expected to grow at the fastest rate during the coming years owing to its sub segments such as animal genetic engineering and plant genetic engineering that are being carried out extensively.
- The market is dominated by the biotechnology & pharmaceutical companies and is expected to surge significantly during the forecast period from 2017 to 2025. The biotechnology & pharmaceutical companies segment is expected gain its market share during the forecast period.
- Key industry players operating in the field of genome editing across the globe include Transposagen Biopharmaceuticals, Inc., Integrated DNA Technologies, Inc., Thermo Fisher Scientific Inc., GenScript, Lonza, Horizon Discovery Group plc, Sangamo Therapeutics, Inc., New England Biolabs, Editas Medicine, Merck KGaA.
Increase in Funding for the Genome Editing
The market for genome editing is expected to grow in the coming near future due to the growth factor that is driving the market is the increase in the funding. The different government in the different regions are increasing their funds and grants to develop genome editing research. Owing to genome editing's advantages, the various government is supporting their public and private research and academic institutes for increasing the research activities for the genome editing and genetic engineering.
Across the world, funding is being provided by every nation. However, the more funds, for instance, in January 2018 US government announced donating US$ 190 million for research for the next six years. Also, the government is hoping to develop therapies to treat cancer and other diseases using gene editing. In addition, the National Institutes of Health (NIH) has kept approximately US$ 45.5 million aside for the next four fiscal years for the Somatic Cell Genome Editing program. Moreover, in the Asia Pacific region, the countries are also investing more in the development of genome editing technology for two-three years back. For instance, in April 2016, Japan invested approximately US$76million for the five years for the creation of Japanese owned genome editing technologies.
Furthermore, the investments are made for private companies operating for genome editing. For instance, in August 2015, Editas Medicine is a company at the forefront of developing the gene-editing technology CRISPR has received US$ 120 million to create a new treatment for the conditions which include cancer, retinal diseases, and sickle cell anemia. Therefore, the rise in the funding for genome editing is likely to drive the market for genome editing in the forecast period. The rise in the funding will enhance the research and development of the gene-editing technologies and products for the researchers for efficient and effective genome editing. The funding will also enable the biopharmaceutical and pharmaceutical companies to develop technologies for the therapies using gene editing to treat and diagnose chronic diseases.
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