Worldwide Genome Engineering Market Key Trends & Industry Forecast 2016 – 2024
Due to the presence of a small number of leading international players and few regional players, the competitive rivalry in the global genome engineering market is expected to remain moderate, reports Transparency Market Research in a new study. The market is dominated by three leading companies, Thermo Fisher Scientific, Inc., Sigma-Aldrich Corporation, and Sangamo Biosciences, Inc. These companies together accounted for 73.5% of the overall global revenue in 2014.
The emergence of small regional players in the genome engineering market has impelled the leading companies to focus on innovative product development. They are also focused on the development of differentiated products to maintain their lead in the global as well as regional markets. To produce innovative and technologically advanced products, companies are entering into agreements with research institutes and laboratories and investing in research and development projects.
With positive factors in dominance, the global genome engineering market is estimated to rise at a CAGR of 14.2% between 2015 and 2023. The global genome engineering market was valued at US$2.30 bn in 2015 and is estimated to touch a valuation of over US$7.21 bn by 2023.
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Increasing Investments by Pharmaceutical and Biotechnology Companies to Boost Adoption of Genome Engineered Techniques
With the emergence of new trends in the treatment of genetic diseases, pharmaceutical and biotechnology firms have realized the need for advanced gene editing technologies for detecting genetic anomalies. Leading firms are focusing on the mutation of cells to curb cell and genetic diseases. According to a TMR analyst, “To gain technology relating to gene editing, pharmaceutical companies are either investing in the ongoing projects of medical organizations or entering into a collaboration with them.”
For instance, in October 2015, in order to develop treatments for human genetic disorders, Vertex Pharmaceuticals a cystic fibrosis drug maker, entered into an agreement with CRISPR Therapeutics, a gene editing tech company.
The increasing funding by governments and non-government organizations for genome research and technological advancements along with investments made by biotechnology and pharmaceutical companies is expected to boost the worldwide adoption of genome engineered techniques.
Rising Ethical Concerns Regarding Genetic Engineering to Hinder Industry Growth
Genetic engineering has been a topic for debate for years now after human germ-line alteration for medical purposes was considered unethical by several social, health, and religious organizations. The U.S. National Institute of Health has prohibited funding for genetic engineering of human embryos arguing against its need as it leads to complications in the human genes. Several social organizations have argued that the alteration in animal genes is likely to affect the genetic makeup of the coming generations of the animal along with reducing the lifespan of an individual genetically engineered animal.
Along with ethical issues, strict regulatory framework regarding the approval for genetically modifying a plant, human or animal genome are likely to impede the growth of the global genome engineering market.
Use of Genome Engineering Technologies for Wide Range of Applications to Provide Lucrative Opportunities to Vendors
Genome engineering technologies are used for various applications such as in crop improvement. It has huge potential in homologous recombination for crop improvement in targeted gene replacement therapy. The companies operating in the global genome engineering market are focusing on capitalizing opportunities arising from the usage of genome engineering techniques in a wide range of applications. They are focusing on the modification of the existing technologies to meet the required standards of the various applications segments and gain advanced genome engineering technologies.
North America is expected to lead the global genome engineering market with revenues amounting to US$3.68 bn by the end of 2023. Cell line engineering is likely to maintain its lead among the applications segments with a revenue of US$3.32 bn by 2023.
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