The genome editing market size in the Asia Pacific is estimated to be USD 1.96 billion by 2028 and USD 0.94 billion in 2023, growing at a CAGR of 15.66% during the forecast period.
Genome editing is a branch of genetic engineering in which DNA is inserted, deleted, or replaced in the genome of a living organism with the aid of engineered nucleases, which are otherwise known as molecular scissors. They work by creating site-specific double-strand breaks at the desired locations in the genome.
During the forecast period, the APAC genome editing market is expected to see significant growth. Gene editing methods treat diseases that have a genetic basis, such as diabetes and cystic fibrosis. As funding for gene editing research grows, Japan is expected to emerge as a major player in the Asia Pacific region. Various institutions supporting genome editings in Japan, such as research institutes and universities, can be credited to the market's rapid growth. Over the last few years, the industry has been largely driven by the increased deployment of CRISPR genome editing technology and growing synthetic gene demand in various biotechnology fields. The development of CRISPR-based new diagnostic tools to reduce the harmful impact of the COVID-19 pandemic. Nanyang Technological University, for instance, created a CRISPR-based diagnostic tool called VaNGuard. This test may identify altered SARS-CoV-2 strains, boosting CRISPR genome editing technology's acceptance in the diagnostics field.
Due to increased R&D spending, increased government support for genomic research, technical improvements, and increased output of genetically modified crops, the genome editing market is now seeing significant growth. In recent years, companies have made considerable expenditures in R&D to create advanced technologies like CRISPR and TALEN. In the near future, the number of diseases and applications is anticipated to increase, expanding the scope of genome editing. Understanding the function of certain genes and processes in organ-specific stem cells, such as brain stem cells and spermatogonia stem cells, is one example.
The high cost of genomic equipment will restrict the market's expansion. A scarcity of skilled professionals also hinders the business due to medical workers being assigned to covid-19 frontlines. Low public awareness in this region and stringent government rules hinder the APAC genome editing market expansion.
Off-target mutation development, environmental imbalance, and illegal genome editing are among the key ethical issues. The general public has a negative view of gene editing. Several scientists have argued that genome editing should be restricted or banned. This has put a lot of pressure on companies that work with genome editing since they can't locate qualified individuals for clinical studies, slowing down innovation. As a result, it presents a significant impediment to the expansion of the genomic testing business in the Asia Pacific region. In a therapeutic setting, CRISPR genome editing may result in unexpected heritable genetic changes, which might pose long-term risks. All these are the challenges faced by the market.
This research report on the APAC genome editing market has been segmented and sub-segmented into the following categories:
In low- and middle-income countries (LMICs) in the Asia-Pacific region, significant developments in genetic and genomic technology have revolutionized healthcare services. Although genetic services began as population-based disease prevention techniques, they have developed into clinic-based and therapeutic-oriented programs. Many healthcare systems in the region were unprepared for the demands of a clinical genetic program, and they have struggled to deal with both communicable and non-communicable diseases. Due to increased investments by the governments of the different nations in the area, China is anticipated to dominate the Asia Pacific area. The genome editing market is projected to be driven by growing development and research for genome editing and clinical trials throughout the forecast period. Furthermore, India’s measures to promote biotechnology companies are anticipated to boost the country's biotechnology business. As a result of these factors, the country's market growth is expected to contribute the highest share in the Asia Pacific region during the forecast period.
The Chinese genome editing market is projected to have fast growth in this region over the review period, followed by Japan, India, and other countries. The growth of China is attributed to factors such as advanced technologies in developing new novel drugs for genome editing, growing elder people population, and changing lifestyle, which may lead to chronic disorders of this APAC region likely to accelerate market growth. In April 2016, Japan invested nearly USD 76million for the next five years to create Japanese-owned genome editing technologies over the analysis period.
KEY MARKET PLAYERS:
A Few of the notable companies leading the Asia Pacific genome editing market profiled in the report are Thermo Fisher Scientific, Merck KGAA, Horizon Discovery Group Plc, Genscript Biotech Corporation, Sangamo Biosciences, Integrated DNA Technologies, Lonza Group Ltd, New England Biolabs, Origene Technologies, and Transposagen Biopharmaceuticals.
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