Market Is Estimated To Witness High Growth Owing To Advancements In CRISPR Technology & Increasing Research Activities

Market Overview:
Genome engineering involves modification of a genome using techniques like gene silencing, gene editing, and genetic engineering. It is used for developing disease models, research in synthetic biology, and developing therapies. CRISPR-Cas9 technology has emerged as a breakthrough tool for precisely editing genomes and modifying gene function. It offers advantages like being simpler, faster, cheaper and more accurate compared to earlier genome editing techniques.

Market Dynamics:
Growing advancements in CRISPR technology have boosted the efficiency and affordability of genome engineering applications. Development of more precise and versatile CRISPR gene editing tools is expected to further drive the market. Increasing investments from public as well as private sectors for genomics research are also fueling the demand for genome engineering techniques. As per the Genomic England Limited, UK government has invested over £300 million for whole genome sequencing to enable a worldwide genomic medicine programme. Rising research activities related to understanding genetic diseases and developing therapies are also propelling the genome engineering market growth over the forecast period. The two drivers explained above are estimated to witness high growth in the Genome Engineering Market during the forecast period.

SWOT Analysis
Strength: Genome engineering promises more efficient, faster and cheaper ways to modify DNA compared to traditional methods. It enables making subtle genetic changes like gene knockout or targeted insertions without disrupting the genome. Genome engineering tools like CRISPR are easy to design, use and are highly specific which accelerates biomedical research.
Weakness: Off-target effects continue to be a challenge with precision of CRISPR. Ethical and regulatory issues around human genome editing still needs to be addressed comprehensively. Intellectual property disputes around CRISPR technology can slow down its advancement.
Opportunity: Genome engineering offers potential to develop gene and cell therapies for currently incurable genetic diseases. It provides tools for improving productivity in agriculture and livestock. Advancements in delivery systems and gene drives expands the scope of applications to fields like biological control of invasive alien species and disease vectors.
Threats: Limited understanding of human genetics and intended/unintended consequences of genome engineering poses risks. Biosecurity and biosafety issues around possible development of biological weapons using these tools needs oversight. Strict regulations around clinical trials and products could dampen commercialization.

Key Takeaways
The global Genome Engineering Market Demand is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period, due to increasing demand for precision medicine and cell therapies. North America dominates the market currently due to strong biotech industry and increasing funding for genomic research from government and private investors in the region.

Regional analysis: North America is expected to continue dominating the global genome engineering market during the forecast period. This can be attributed to the growing presence of top biotechnology companies and research institutes in the region conducting research related to genomic engineering. Additionally, increasing government funding for genomic research in the US and Canada is positively impacting the regional market growth. Asia Pacific region is anticipated to emerge as the fastest growing market owing to rising geriatric population, increasing healthcare expenditure, and growing collaborations between global players and local laboratories to facilitate technology transfer in the region.

Key players: Key players operating in the genome engineering market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics, Inc., Editas Medicine, Inc., Sangamo Therapeutics, Inc., Bluebird Bio, Inc., Cellectis S.A., and Merck Group.

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