Gene Editing Market size will reach USD 7.5 billion by 2024; as per a new research report by Global Market Insights, Inc.
Increasing prevalence of cancer and other genetic disorders coupled with growing preference for personalized medicine will stimulate global genome editing market size. Furthermore, improved healthcare infrastructure, introduction of novel treatment alternatives and rising R&D spending by pharma and biotech companies should propel industry growth.
Global gene editing market size may be hindered by stringent government regulations for approval to gene mutation projects and lack of awareness among people regarding the safety of genetic interventions.
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Laminated Gene Editing market will generate over USD 9 billion valuation by Hematology led the genome editing market share with over USD 807 million in 2015. Infectious diseases will grow at 15.1% CAGR during the forecast period due to growing use of gene editing techniques for detection of infectious diseases such as HIV.
Biotech and pharma sectors dominated the industry with over USD 1,278 million revenue for 2015, owing to several applications in drug discovery and therapeutics. With the increasing use of CRISPR and ZFN, companies are capitalizing on innovative researches focusing on development of engineering techniques. CROs will see strong growth due to the significant trend of outsourcing complex drug discovery processes by pharmaceutical companies.
U.S. gene editing market share led the global industry with USD 518.5 million in 2015 owing to advancement in biotechnology and pharmaceutical industry and rising prevalence of Alzheimer, dementia, cancer and infectious diseases.
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China gene editing market size will witness robust growth over forecast period due to rising R&D expenditure and growing number of gene editing companies. China will show significant growth during the forecast period due to various initiatives taken by the Chinese government for promoting life science research in biotechnology sector.
Key insights from the report include:
Global gene editing market size will reach USD 7.5 billion by 2024 growing at 14.9% CAGR from 2016 to 2024, owing to rising demand for synthetic genes and increased production of genetically modified crops and organisms.
CRISPR technology is the fastest growing segment with business revenue expected to exceed USD 3 billion by 2024 owing to wider applications in genetic engineering and the speed and specificity of edits carried out using it. The technology received the U.S. approval for human trial to treat certain cancers such as myeloma, melanoma and sarcoma.
Oncology will witness robust 15.9% CAGR over forecast period. Cancer will remain one of the leading causes of death globally. The business segment should exceed USD 874 million by 2024 owing to growing prevalence of various types of cancers.
UK genome editing market share accounted for over 41% of regional revenue size growing at 14.9% to reach USD 744 million by 2024. Increasing geriatric population along with growing prevalence of chronic diseases will fuel business growth.
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Related Reports: –
Global Gene Editing Market Size, Status and Forecast 2022
This report studies the global Gene Editing market, analyzes and researches the Gene Editing development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like – RGen Solutions, New England Biolabs Inc, GeneCopoeia, Inc.
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