The market growth is largely driven by factors such as the rise in government funding, technological advancements, growth in the number of genomics projects, high prevalence of infectious diseases and cancer, 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 USD 11.2 billion in 2025, at a CAGR of 17.0 % during the forecast period.
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. The CRISPR technology segment accounted for the largest share of the genome editing/genome engineering industry in 2019. Another potential advantage is its ability to multiplex.
Based on application, the genome editing/genome engineering market is segmented into genetic engineering, cell line engineering, diagnostic applications, 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.
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