February 22, 2019
WELLESLEY, Mass., February 22, 2019 – Despite its controversy, genome editing—a type of genetic engineering where DNA is inserted, replaced or removed from a genome by using artificially engineered nucleases—is solidifying itself as a promising tool researcher can use to understand and treat a variety of genetic diseases, alter crops and more. Thanks to the discovery of genome editing technology called CRISPR-Cas, which performs a cut-and-paste function to delete, edit or replace DNA, more industries are becoming interested in genome editing, creating significant opportunities for growth in the global market over the next five years.
The global market for genome editing was valued at roughly $1.4 billion in 2018 and is expected to reach approximately $4.4 billion in 2023 at a compound annual growth rate (CAGR) of 25.7%, according to a new report by BCC Research, "Genome Editing: Technologies and Global Markets."
Top competitors in the industry include a mix of life science tools companies, genetic engineering startups, biotech companies, and more, including Thermo Fisher Scientific (TMO), MilliporeSigma, 2Blades Foundation and ABclonal.
“Genome editing is revolutionizing many biology-related areas where a wide range of applications are driving the growth of the genome editing market,” said BCC Research analyst Mike Fan. “Currently, this market is continuing its rapid exponential growth. All major regional markets in the world will quickly grow.”
Barriers to Market Growth
Is it ethical to alter human life? What are the consequences of reshaping human beings? These are just a few of the questions that researchers must consider when exploring genome editing, and questions that slow the growth of the global market. Other barriers to the market’s growth include stringent regulatory requirements on clinical applications that slow the approval process, patent disputes, differing governmental policies and regulations, and ambiguous regulations around using genome editing techniques to develop economically useful crop traits.
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Genome Editing: Technologies and Global Markets( BIO146B )
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