ALBANY, New York, June 10, 2020
ALBANY, New York, June 10, 2020 /PRNewswire/ -- Genome editing technologies and techniques are increasingly utilized in therapeutics and diagnostics of human diseases and in plant biology research. New approaches have come to the fore for programmable nucleases, fueling recent strides in genome engineering market.
Worldwide, prominent research centers in collaboration with industry players have been pouring in dollars to develop novel systems in gene editing.
Currently the genome engineering market stood at US$ 3,685.4 Mn in 2018 and is projected to clock a CAGR of 10.9% from 2019 to 2027.
Analysts at Transparency Market Research opine that advances in CRISPR-Cas9 genome engineering will be a key accelerator of growth in the genome engineering market.
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Key Findings of Genome Engineering Market Report
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Genome Engineering Market: Key Driving Factors and Promising Avenues
Past few years have seen extensive research in gene therapies, evident in the growing popularity of CRISPR-Cas9 gene editing technology. A number of biotech, pharmaceutical, and agrochemical companies are increasing their stakes in gene engineering market. The potential of gene modification techniques for addressing several human diseases has motivated them to adopt various approaches in genome therapies.
Research in recombinant DNA technologies and cell line engineering has led to breakthroughs in gene therapies, spurring new applications in the genome engineering market.
In recent years, players in the genome engineering market has seen the use of gene editing tools in plant biology research. An important example is the use of CRISPR/Cas9 in plant genome engineering.
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Key Impediments for Genome Engineering Market Players
The unprecedented potential of gene therapies notwithstanding, the regulatory frameworks in numerous key markets is not yet developed and hence unfavorable. A few regulations such as Cartagena Protocol on Biosafety and norms made by United Nations Food and Agricultural Organization are in place. Nevertheless, the regulations do not encompass gene editing technologies; rather they focus on products.
Another key constraint is developing economies lack research funding, so that commercialization of gene editing platforms take time. Societal and ethical issues related to animal welfare also need to be taken into account for industry stakeholders willing to increase their footprints in the global genome engineering market.
Global Genome Engineering Market: Competitive Landscape
Several players in multinational pharmaceutical companies, biotech companies, and agrochemical players have increased their stake by entering into strategic collaborations and partnerships. They are harnessing the potential of modern gene editing tools for stem cell research and drug formulations. Globally prominent life sciences companies are proving their might with large-scale manufacturing facilities, and are leaning to addressing the need for disease diagnostics and therapeutics.
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Global Genome Engineering Market: Segmentation
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Active Pharmaceutical Ingredients (API) Market – According to Transparency Market Research's latest report on the global active pharmaceutical ingredients market for the historical period 2017–2018 and forecast period 2019–2027, increase in abbreviated new drug applications (ANDA) in the past few years and rise in government prioritization for biomedical innovation are projected to drive the global active pharmaceutical ingredients (API) market during the forecast period
Stem Cells Market – In the last few years, stem cells therapy has been gaining traction worldwide. A significant rise in the number of clinical application of stem cells and the advent of new treatments for chronic diseases are estimated to enhance the growth of the global stem cells market in the next few years. In addition to this, the rising investment by public as well as private organizations for research activities are likely to supplement the overall market growth in the near future.
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