Gene Editing Market to grow at CAGR of 15.3%, market value to reach USD 9.2 billion by 2026
Acumen Research and Consulting
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Gene Editing Market size to grow at CAGR of 15.3% with market value USD 9.2 billion by 2026 as per research conducted by Acumen Research and Consulting, as per market research firm?Acumen Research and Consulting. Among the many applications of genomics include the identification of human genetics abnormalities, drug research, forensics, agriculture, and veterinary sciences. With the introduction of Next Generation Sequencing technology, the use of genomics in the forensic studies has grown substantially. Genome editing technology is critical in drug development as well as the diagnosis and treatment of human genetic disorders. DNA analysis and characterization and NGS, as well as animal and plants genetic engineering, all make use of the genome editing. As a result of the expanding application areas of genomics, demand for the genome editing technologies is predicted to rise globally during the forecast period. Future genomic engineering trends include the use of genomic engineering in marine engineering for uses such as the creation of nutraceutical from algae. Other emerging use areas include forensic sciences and customized medicine.?
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Dynamics of the Genome Editing Market?
The gene editing technology has numerous applications ranging from disease treatment to research, as well as in the agricultural industry where it is capable of increasing the crop yield after modification of genetic structure. Advancements in gene editing technology help to develop efficient techniques to treat genetic diseases as compared to conventional therapies. For instance, recently developed CRISPR-Cas9 systems are being used extensively as it is more accurate, efficient than the existing methods, and economical. Such advancements in biotechnological field are anticipated to propel the market for the forecast period.?
There is an increase in the demand for the synthetic genes in North America and in the Asia Pacific region, with many countries and organizations investing heavily in the research and development of gene editing. Genetic research involves the study of genes at the molecular level. The data obtained during research can be useful in the process of gene editing that proves beneficial for the growth of the industry. With strict government regulations, the growth of this market could see some slowdown.?
Gene Editing Market?Regional overview
North America currently holds the largest share in the gene editing market, it is estimated to maintain its position for the forecast period. Given the presence of big market players, early adoption of latest technology of gene editing, and bigger benefits awareness about the association with gene editing.?
Moreover, the high government and private firms' investments and funding by market players for research and developmental activities on the genetic modification further drive up the market. The Asia Pacific is expected to expand at a stable rate due to slow adoption of technology and disorganized regulatory environment across countries. However, government funding, an increasing number of laboratories, and investment by market players are expected to propel the market growth. China dominates the market due to high penetration and more research. Patent applications from China for CRISPR have climbed rapidly in the last few years, and hence the country dominates in the industrial and agricultural fields.?
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