The North American Genome Editing Market size is forecasted to be USD 3.70 billion by 2028 and USD 1.92 billion by 2023, growing at a CAGR of 13.98% during the forecast period.
Genome editing can be categorized based on whether they result in loss or gain of function. In the former, functional forms of a genome are removed, and the effect is studied, and in the following new active ways of the genome are introduced, and the result is studied. Some common examples of genome editing are target validation, drug repurposing, studying modulators of gene transcription, and identifying lethal synthetic interactions.
The key drivers of the Genome Editing Market in North America include the development of gene therapy in the U.S. and increasing the use of GM crops. Other factors driving the market include the high incidence of Alzheimer's disease, dementia, cancer, and infectious diseases. The growing availability of research grant funding and the numerous workshops and conferences on genome editing standards drives the market.
The invention of a novel CRISPR gene-editing technique that identifies the Sars-CoV-2 or COVID-19 indicates the North American gene editing market's rapid expansion. Due to increased R&D spending, increased government support for genomic research, technological advancements, and increased production of genetically modified crops, the genome editing market is currently experiencing significant growth. Over the last few years, the industry has been primarily driven by increased deployment of CRISPR genome editing technology, growing synthetic gene demand in various biotechnology fields, and developing CRISPR-based new diagnostic tools to reduce the harmful impact of the COVID-19 pandemic.
Understanding the function of specific genes and processes in organ-specific stem cells, such as brain stem cells and spermatogonia stem cells. Shortly, the number of diseases and applications is anticipated to increase, widening the scope of genome editing. A significant driver predicted to drive the genome editing market in North America during the forecast period is an increase in drug research and development efforts and increased government initiatives to assist small and start-up firms in the biotechnology and life sciences industry.
Despite the numerous drivers, the market is hampered by concerns such as the ethicality of genome editing, brought up by human and animal rights activists. Additionally, the market is restrained by toxicity due to nucleases affecting non-target DNA sequences. A lack of public awareness in emerging nations and strict government regulations further hampers industry expansion. The high cost of genomic equipment will limit the market's expansion. Medical staff being assigned to the Covid-19 frontlines has resulted in a shortage of competent experts, which is expected to hamper the market's growth. The general public has a negative view on gene editing. Several scientists have argued that genome editing should be restricted or banned. CRISPR genome editing may result in unexpected heritable genetic changes, which might pose long-term risks. These are the challenges faced by the North America Genome Editing Market.
This research report on the North America Genome Editing Market has been segmented and sub-segmented into the following categories:
Regionally, the North American genome editing market is presently dominating the global market. The rising production of genetically modified crops is escalating the market's growth rate in this region. The U.S. and Canada are significant countries contributing to the highest shares of the market. The dominance of the market in the region is due to the availability of solid research and a commercial base for advanced therapeutic development, as well as a large number of clinical trials being performed for gene and stem cell therapies in the region. The approval of Bacillus thuringiensis (Bt) crops for commercial production and distribution in countries such as the United States has been a significant growth driver for the industry because of characteristics like longer shelf life and high nutritional value. In addition, the growing number of patents issued to essential businesses in the United States has expedited using these tools, resulting in considerable market growth. Merck KGaA, for instance, recently reported that two of its CRISPR gene-editing patents had been granted in the United States. Canada has seen increased research activities and technical achievements in gene editing for a few years. According to the findings, CRISPR/ Cas9 might be used to change a specific gene in nerve cells in the human brain, therefore decreasing the formation of beta-amyloid peptide, which is related to Alzheimer's disease.
The genome editing market in the U.S. is expected to record the highest growth rate over the coming years in North America due to heightened awareness of genetic diseases and the increasing prevalence of genetic disorders like cancer and Alzheimer's. Also, the issues related to genome editing are being reduced and are witnessing higher growth in the forecast period. Big agricultural and biotechnology companies invest in research and development, which is anticipated to grow the U.S. genome editing market. Rising incidents of infectious diseases and dementia are also boosting the demand in the market.
The Canadian genome editing market was the second leading nation in the North American market in 2022, followed by the United States. The government of Canada focussed on gene editing tools s which can develop desirable traits in animals and plants. Canada is in partnership with Health Canada, which orders the entry of modified animals into the environment. Also, the rising scale of research centers with advanced technology is fuelling the market's growth rate.
KEY MARKET PLAYERS:
A few of the noteworthy companies leading the North American Genome Editing Market profiled in this 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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