Gene editing market is slated to register a massive double-digit growth rate over the coming seven years. The rising number of biotechnology and pharmaceutical firms will provide heavy revenue generating opportunities for the gene editing industry players over the coming years. Moreover, increasing prevalence of cancer and genetic disorders will further enhance the scope of the gene editing market. According to Global Market Insights, Inc. “Global gene editing market size worth USD 2.17 billion in 2015, is estimated to witness a CAGR of 14% over the period of 2016-2024.”
The rapid technological advancements in healthcare industry will also build a profitable roadmap for the gene-editing industry. Precision medicine market, which is estimated to surpass a revenue of USD 85 billion by 2023, will also promote the gene-industry market trends. The government support and increasing investments in R&D to enhance the technological outlook will also boost the gene editing industry share notably over the coming timeframe. The pharmaceutical industry is also actively collaborating with the gene editing firms to implement the technology use in clinical development. In addition to this, the industry will gain wide acceptance on account of its benefits in the wellbeing of humans, animals, and plant ecosystems.
U.S. Gene Editing Market Size, by Application, 2013- 2024 (USD Million)
Gene editing industry finds a varied set of applications across areas such as oncology, muscular disorders, infectious disease, and hematology. Hematology led the application landscape with a revenue of USD 807 million in 2015. Rising prevalence of infectious diseases such as HIV will promote the gene editing industry size in infectious disease applications, with a revenue estimation of USD 2.5 billion by 2024. Moreover, oncology applications will also exhibit a decent growth rate over the coming seven years, with an annual CAGR of 16% over 2016-2024. The increasing number and types of cancer will primarily contribute towards the application growth.
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CRISPR/Cas9 is the most prominent technology implemented in the gene editing applications and has been the most buzzed topic among the researchers worldwide. The ability of CRISPR/Cas9 technology to enable multiple edits at once has made it a breakthrough in the gene editing technology landscape. Moreover, its simplicity, specificity, and speed will further promote the technology demand over the coming years. CRISPR technology based gene editing market is estimated to exceed a revenue of USD 3 billion by 2024. Other notable technologies deployed in the gene editing industry include TALENS, Mega nucleases, and Zinc Finger Nucleases (ZFNs).
The major end-users participating in the gene editing market include CROs (Contract Research Organizations), Biotech & Pharma companies, and Research Institutes. Biotech and Pharma dominated the end user landscape accounting for 58% of the overall market share in 2015. The growth can be attributed to increasing applications of gene editing in therapeutics and drug discovery. Moreover, enhancements in the field of genetic engineering will further expand the scope of gene editing market in biotech and pharma sector. CROs will also emerge as a prominent revenue generating sector due to increased outsourcing by the pharmaceutical companies for complex drug discovery.
Considering the global trends, US gene editing industry led the global landscape, with a revenue of USD 518 million in 2015. The trend is likely to continue with the rapid expansion of biotech and pharma industry coupled with the rising prevalence of diseases such as Alzheimer, cancer, and other infectious ailments. UK gene editing market is anticipated to surpass USD 744 million by 2024, driven by the growing geriatric population base and frequent occurrence of chronic ailments across Europe. Asia Pacific will also exhibit substantial growth over the coming years. Improving healthcare infrastructure, technological developments in the medical space, rising geriatric population base, and favorable government norms will stimulate the APAC market growth.
Lack of awareness about gene-editing may prove to be a roadblock for the market growth. However, the government support towards spreading awareness will undoubtedly improve the future business scenario. The emerging economies will gain a major traction of the industry players to expand the regional base. Key market participants include Agilent Technologies, AstraZeneca, Allele Biotech, Cellectis, Bio Rad, Editas Medicine, CRISPR Therapeutics, Lonza, GE Healthcare Dharmacon, Recombinetics, Inc., Qiagen, Thermo Fisher Scientific, and Sigma-Aldrich.
Author Name : Shikha Sinha
Precision medicine market to witness a double-digit growth rate over 2017-2024, U.S. to majorly stimulate the regional demand
Japan Precision Medicine Market, By Technology, 2013 – 2024 (USD Million)
As of today, next generation sequencing (NSG) technologies have been making their mark in precision medicine industry, driven by reduced expenditure, understanding of the genetic know-how of diseases, and high throughput sequencing. The prevalence of NSG technologies may specifically have an impact on U.S. precision medicine market, given the vast expanse of the healthcare and medical research verticals across the region. Driven by the substantial adoption of NGS panels in precision medicine, U.S. accounted for the largest regional share of precision medicine market in 2016. The U.S. government has also been enforcing regulatory norms and undertaking favorable initiatives to generate awareness among the populace regarding the benefits of the precision medicine approach which would further help augment U.S. precision medicine market.
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Regional governments have been going the whole hog to promote the usage of precision medicine systems via funding and private-public partnerships. In Australia for example, the government has been providing substantial funding to numerous companies and upcoming entrepreneurs to invest in precision medicine industry and the 3D printing technology. Initiatives of a similar kind undertaken by governmental bodies across numerous geographies are likely to augment the overall precision medicine market. Speaking of which, NanoString Technologies, Novartis, Intomics, Biocrates Life Sciences, Tepnel Pharma Services, Roche, Silicon Biosystems, Ferrer InCode, Novartis, LabCorp, Quest Diagnostics, and Medtronic are some of the names that have been accumulating a commendable share of precision medicine industry.
Research institutes have been giving substantial preference for precision medicine given that the technology helps diagnose children with cancer. The computational approach of precision medicine to share the patient’s database across the globe will transform the healthcare sector over the coming years. In addition, precision medicine has the capability to enhance personalized healthcare through disease detection at an earlier stage and supplying sufficient information regarding the progression of disease. Speaking along the same lines, it is prudent to mention that the quality, affordability, and accessibility of healthcare systems has improved substantially due to the emergence of precision medicine. The surging adoption of this technology for care delivery, clinical outcomes, operational performance, and clinical workflows will thus propel precision medicine industry share in the forthcoming years. According to a precision medicine market research report put together by Global Market Insights, Inc., this business vertical is slated surpass a revenue collection of USD 96 billion by the end of 2024.
Author Name : Sunil Hebbalkar