Market Dynamics:
The global genome engineering market is driven by increasing research and development in the field of gene therapy. Genome engineering is used in gene therapy to modify disease-causing genes in order to treat genetic disorders. Additionally, growing adoption of CRISPR/Cas9 technology for its simplicity, versatility and cost-effectiveness is also propelling market growth. CRISPR/Cas9 has gained widespread acceptance among researchers for its ability to precisely edit genomes, which is further augmenting its demand. Moreover, increasing funding from both public and private organizations for stem cell research and gene therapy is favoring the market growth. For instance, in September 2019, Strategic Investment Fund pledged about $120 million for stem cell and gene therapy manufacturing center in Ireland.

Key Takeaways

The Global Genome Engineering Market Size is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period, due to increasing demand for precision medicine and cell therapies. North America is expected to dominate the market during the forecast period due to rising prevalence of chronic diseases and increasing RD expenditure on synthetic biology in the region.

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