Ocean View, DE -- (SBWIRE) -- 05/07/2020 -- Gene Editing Market will exceed USD 7.5 billion by 2024; as per a new research report.

Rising prevalence of cancer and other genetic disorders coupled with increasing demand for personalized medicine should stimulate gene editing industry expansion. As per WHO 2018 report, cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths. Increasing use of the gene editing tools for treatment of these chronic disorders will favor business growth. Moreover, increased government funding programs will significantly impact industry growth over the forecast timeframe.

Many biopharmaceutical companies are focused on developing innovative drugs for various genetic disorders because of high disease burden across the world and their considerable market potential. Other parameters contributing to the industry growth are increasing demand for synthetic genes, extensive investments in R&D, technological advancements in the field of molecular biology. However, ethical issues regarding misuse of genome editing is a major concern and may hamper the industry growth.

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Animal genetic engineering segment was valued at USD 785.4 million in 2017 and is projected to grow significantly over the forecast timeframe. Growing applications of products obtained from domestic animals has boosted the demand for gene editing technique. In addition, wide applicability of these techniques in animal genetic engineering is also a contributing factor for business growth. For instance, Pigs are susceptible to an infection called Porcine Reproductive and Respiratory Syndrome (PRRS). Gene editing techniques have managed to produce pigs that are resistance to this disease.

Zinc Finger Nucleases (ZFNs) segment will witness 14.5% CAGR from 2018 to 2024. The segment growth is attributed to increasing adoption of these advanced gene editing tools in research institutes and biotech industries. ZFNs technology offers various advantages including, the mutations made by this technology are permeant and heritable. Zinc finger nucleases are useful to manipulate the genomes of many plants and animals and also has important role in gene editing processes.

Research institutes segment accounted for 30.2% revenue share in 2017 owing to increasing focus on developing innovative therapeutics models in CRISPR and ZFN. Moreover, growing incidences of rare genetic diseases has resulted in high demand for research activities for developing new therapies will propel segmental growth over the coming years.

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U.S. gene editing market will witness 14.5% CAGR by 2024 owing to increasing funding for research and development in genetic editing technologies. As per National Center for Advancing Translational Sciences 2018 report, National Institute of Health (NIH) got $86 million funding for improving genome editing techniques. Moreover, rising prevalence of Alzheimer, cancer and infectious diseases in country. As per Alzheimer's association 2018 report, an estimated 5.7 million Americans of all ages are living with Alzheimer's. Increasing patient preference towards advanced gene editing tools such as CRISPR/Cas9 for the treatment of Alzheimer's should drive gene editing business expansion.

China gene editing market was valued at USD 154.6 million in 2017 and is estimated to experience considerable growth due to rising R&D expenditure and growing number of industry players. Moreover, various initiatives taken by the Chinese government for promoting life science research in biotechnology sector will stimulate gene editing market growth in forthcoming years.

Some of the prominent competitors operating in gene editing market include Addgene, Allele Biotech, Bio-Rad, Takara Bio, CRISPR Therapeutics, DNA 2.0, Editas Medicine, Intellia Therapeutics, Integrated DNA Technologies, Juno Therapeutics, OriGene Technologies, Promega, Precision Biosciences and Recombinetics. Industry competitors are mainly focusing on inorganic strategies such as partnership, merger and acquisitions to escalate their market position as well as strengthen product offerings.