Genome Engineering Market to Surpass US$7.21 bn by 2023 Genome Engineering Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023�, the Genome Engineering Market was valued at US$2.20 bn in 2014 and is projected to expand at a CAGR of 14.2% from 2015 to 2023. Genome engineering refers to the strategies and techniques implemented for the modification of target genetic information of any living organism. Current advances in genome engineering is based on the programmable nuclease's. The global genome engineering market is anticipated to grow at a faster rate due to Increased funding in genomic research, technological developments, rising demand for synthetic genes, and investment by pharmaceutical companies for new product development. Advances in CRISPR-Cas9 genome engineering would positively impact future market growth. For instance, in November 2015, a new CRISPR technology was developed by scientists at the University of Massachusetts Medical School for cell analysis of large population and has most of the applications in gene therapy. The factors hampering the market growth are ethical issues like human germ-line modification, stringent regulatory framework and negative public perception related to genetic research.
The global genome engineering market has been estimated based on technologies, application, end-user and geography. Based on technology, the global market has been segmented into Clustered Regularly-Interspaced Short Palindromic Repeats (CRISPR), Transcription ActivatorLike Effector Nuclease (TALEN), Zinc Finger Nuclease (ZFN) and other technologies. CRISPR technology held the largest share of the market in 2014 and would continue to dominate the market during the forecast period. The segment would also grow at highest CAGR during the forecast period. Based on application, the global genomic engineering market has been segmented into cell-line engineering, animal genome engineering, plant genome engineering and other applications. Cell-line engineering held the largest share of the market in 2014 and would continue to dominate the market during the forecast period. The segment would also grow at highest CAGR during the forecast period. Based on end-users, the global genomic engineering market has been segmented into Pharmaceutical and Biotechnology Companies, Academics and Clinical Research Organizations (CRO).