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(IT-NEWSWIRE.COM, March 09, 2021 ) According to research report the global Genome Editing Market is projected to reach USD 6.28 billion by 2022 from USD 3.19 billion in 2017, at a CAGR of 14.5% during the forecast period.
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Market growth is largely driven by factors such as the rise in government funding, growth in the number of genomics projects, 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.
Major companies in the market include Thermo Fisher Scientific (US), Merck (Germany), Horizon Discovery Limited (UK), Lonza (Switzerland), GenScript (US), Eurofins Scientific (Luxembourg), and Sangamo Therapeutics (US).
Merck (Germany) held the second-largest share in the Genome Editing Market. Its prominence in the market can be attributed to its diversified product portfolio, widespread geographical presence, and focus on strategies such as expansions. Merck manufactures and sells organic chemicals & biochemical products, assay kits, and services under the Sigma-Aldrich Corporation division. The company focuses on R&D activities to develop technologically advanced products for this market. Merck is a leading company that offers a broad range of genome editing tools. The company primarily pursues expansions to strengthen its business.
Thermo Fisher Scientific (US) is the leading player in this market. Under its life sciences segment, the company offers a variety of instruments and reagents used for the analysis of DNA that have applications in research and clinical purposes. Moreover, the company invests in R&D activities to increase its capabilities. It primarily focuses on inorganic growth strategies such as agreements, collaborations, and partnerships for increasing its share in the market. The company has succeeded in creating a strong foothold in the market owing to its diversified product portfolio, wide geographic reach, and focus on inorganic growth.
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In 2017, North America is projected to have the highest growth rate during the forecast period. Factors such as the development of gene therapy in the US, increasing use of genetically modified crops, rising prevalence of infectious diseases and cancer, and rising availability of research grants and funding are propelling Genome Editing Market growth in North America.
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