Increasing genomic research across the globe coupled with high incidence of target diseases is expected to stimulate market growth
Market Size – USD 3.8 billion in 2018, Market Growth - CAGR of 14.8%, Market Trends – Partnerships and research for advanced genetic engineering technologies
NEW YORK, Feb. 27, 2019 (GLOBE NEWSWIRE) -- The global is expected to reach USD 10.1 billion by 2026, according to a new report by Reports and Data. Genome editing refers to a genetic engineering method used for insertion, deletion, or modification in the genome of any organism. Genome editing has come up as promising tool with wide scale application of established genetic engineering technologies such as TALEN and introduction of new methods such as CRISPR technology.
The market is driven by the increasing incidence of genetic diseases, favorable funding scenario for research & development in the field of genetic engineering, technological advancements in genetic engineering such as developments in CRISPR technology, increasing focus of food industry on genetically modified organisms, and rising awareness about efficacy as well applications of genetic engineering methods. For instance, globally over 175 million hectares of land is used for GM crops production. However, stringent regulatory scenario and ethical concerns for gene editing research and applications and concerns among end users regarding use of gene alteration therapies are likely to hinder the market growth during the forecast period.
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Further key findings from the report suggest
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For the purpose of this report, Reports and Data has segmented the Genetic Editing market on the basis of type, application, end user and region:
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