Gene Editing Market size worth over $7.5bn by 2024: Global Market Insights Inc. Gene Editing Market size was valued at over USD 2.17 billion in 2015 and will grow at over 14% CAGR from 2016 to 2024; as per a new research report by Global Market Insights, Inc. Increasing prevalence of cancer and other genetic disorders coupled with growing preference for personalized medicine will stimulate global genome editing market size. Furthermore, improved healthcare infrastructure, introduction of novel treatment alternatives and rising R&D spending by pharma and biotech companies should propel industry growth. Global gene editing market size may be hindered by stringent government regulations for approval to gene mutation projects and lack of awareness among people regarding the safety of genetic interventions. Hematology led the genome editing market share with over USD 807 million in 2015. Infectious diseases will grow at 15.1% CAGR during the forecast period due to growing use of gene editing techniques for detection of infectious diseases such as HIV.
Biotech and pharma sectors dominated the industry with over USD 1,278 million revenue for 2015, owing to several applications in drug discovery and therapeutics. With the increasing use of CRISPR and ZFN, companies are capitalizing on innovative researches focusing on development of engineering techniques. CROs will see strong growth due to the significant trend of outsourcing complex drug discovery processes by pharmaceutical companies. U.S. gene editing market share led the global industry with USD 518.5 million in 2015 owing to advancement in biotechnology and pharmaceutical industry and rising prevalence of Alzheimer, dementia, cancer and infectious diseases. China gene editing market size will witness robust growth over forecast period due to rising R&D expenditure and growing number of gene editing companies. China will show significant growth during the forecast period due to various initiatives taken by the Chinese government for promoting life science research in biotechnology sector.
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