Genome Editing Market to reach $5 billion by 2021 from $2 billion in 2016
The genome editing/engineering market is projected to scale $5 billion by 2021 from the 2016 figure of $2 billion, growing at a compound annual growth rate (CAGR) of 14%, according to a researchnreport.com study report.
Cell Line Engineering Segment
Global Genome Editing Market is segmented into cell line engineering, animal genetic engineering, plant genetic engineering, and other applications (diagnostics and therapeutics). The cell line engineering segment is estimated to account for the largest share of the global Genome Editing Market in 2016, the report said.
This segment is also projected to have the highest growth rate in the forecast period. A number of factors such as increasing funding from governments and private organizations, growing industry focus on stem cell research, and increasing global awareness about stem cell therapies through various organizations are driving the growth of the cell line engineering applications segment.
Burgeoning Research
The report further said the field of Genome Engineering, the process of artificially introducing the modification to the genetic content of an organism by introducing an artificially constructed piece of DNA of a specific composition into a recipient cell, has witnessed a significant rise in research activities in the past few years. Undertaken with the view of gaining larger clarity about the outcome of genome engineering experiments and finding newer applications of carefully controlled genetic experiments, the number of such research activities is rising at an immense pace.
Factors Driving Demand for Medical Devices
The global Genome Editing/Genome Engineering market holds a core aspect of its demand scales on the rate of patients falling ill or suffering trauma or injuries. Of these, the accelerating spread of contagious diseases is the top factor driving the demand for medical devices. A more specific device type segment of the global market being affected by this rise is in vitro diagnostic devices. Among the number of device types categorized in the market, in vitro diagnostic devices are among the leading ones dominating the market. This is partly due to the growing demand for non-invasive diagnostic practices, of which in vitro devices form a key part of, and partly due to the significantly higher rate of improvement and advancement of technologies in this segment.
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