The market growth is largely driven by factors such as the growth in the number of genomics projects, rise in government funding, high prevalence of infectious diseases and cancer, technological advancements, increasing production of genetically modified crops, and growing application areas of genomics. However, the high cost of genomic equipment will restrain the growth of this market.
According to the new market research report Genome Editing Market is projected to reach $11.2 billion in 2025, at a CAGR of 17.0 % during the forecast period.
The CRISPR technology segment accounted for the largest share of the genome editing market in 2019. The large share of this segment can be attributed to the ease of use associated with CRISPR, which gives it a significant advantage over ZFN and TALEN. Another potential advantage is its ability to multiplex.
Based on application, the genome editing market is segmented into cell line engineering, diagnostic applications, genetic engineering, drug discovery & development, and other applications. A number of factors, such as the growing industry focus on stem cell research, increased funding from governments and private organizations and global awareness are driving market growth in this segment.
The increasing prevalence of infectious diseases and cancer are driving research activities worldwide. Pharmaceutical companies accounted for the largest share of the genome engineering industry, by end user, in 2019. This, in turn, is expected to drive the demand for genome editing in pharmaceutical companies.
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