Genome Engineering Market - Growing Number of Genomics Projects Drive the Industry Growth
The genome engineering market has been anticipated to experience noteworthy growth opportunities in the forthcoming years. The increasing market growth has been primarily driven by different factors such as the growing number of genomics projects. In addition to this, the easy availability of government funding is also likely to fuel growth prospects in the global market in the upcoming years.
The growing prevalence of infectious diseases and increasing count of cancer patients has also been propelling growth impetus in the global market. Further, growing incidents of preparing personalized or specialized medicines have been estimated to develop innumerable growth avenues in the forthcoming years in the market.
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On the flip side, the high cost of genome equipment is expected to restrict the growth opportunities in the market during the forecast period.
Genome Engineering Market: Key Trends
In the genome engineering market, the pharmaceutical companies segment has accounted for a significant share in the year 2019. This market dominance can be attributed to the rising count of the various research activities due to the increasing cases of infectious diseases and the growing count of cancer patients. These R & D activities are being conducted in order to prepare an antidote for cancer and different infectious diseases. This factor is likely to boost the demand opportunities for genome engineering in the biotechnology and pharmaceutical companies in the market.
But the lack of trained professionals in the market has been estimated to put an adverse impact on the growth prospect in the global market. In addition to this, adverse public perception related to genetic research is also likely to curtail the growth prospects in the market in the years to come.
The increasing incidents of the R & D activities to improve the product efficiency for better treatment options are likely to boost growth prospects in the genome engineering market during the forecast period.
Genome Engineering Market: Competitive Dynamics and Key Developments
The major players serving in the genome engineering market have been applying a number of strategies to improve the growth prospects in the years to come. Strategic collaborations, product approvals, geographical expansion, partnerships, mergers, novel product launches, and acquisitions are used by these major companies to develop expansion opportunities in the market.
For instance, New England has established a collaboration with ERS Genomics in 2020. The objective of this collaboration is the development and commercialization of CRISPR gene editing reagents and tools.
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Thermo Fisher Scientific has Brammer Bio in the year 2019. The aim of this acquisition is to access the vector manufacturing expertise of Brammer Bio for gene and cell therapies.
Some major players in the market of genome engineering market are:
- Sangamo Therapeutics
- Eurofins Scientific
- Horizon Discovery Limited
- Merck & Co.
- Thermo Fisher Scientific
Genome Engineering Market: Regional Assessment
The genome engineering market is spread around various geographical areas in the world such as North America, the Middle East & Africa, Europe, Asia Pacific, and Latin America. Out of these regions, North America has been expected to retain a dominating hold in the market in the forthcoming years. The easy availability of research funding and grants has been contributing to the market growth in the region. In addition to this, increasing cases of infectious diseases, the rising number of cancer patients, and the growing use of genetically modified crops are some other factors that are anticipated to propel growth impetus in the market. Further, the development of gene therapy in the region is also contributing to growth in the genome engineering market.
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