Genome Editing Market Global Industry Analysis and Forecast to 2022
According to research report the global Genome Engineering Market is projected to be valued at USD 3.19 Billion in 2017 and is expected to grow at a CAGR of 14.5% to reach to USD 6.28 Billion by 2022. Lucrative North America markets to offer significant growth opportunities for the genome editing market in the coming years. This can be attributed to the development of gene therapy, increasing use of genetically modified (GM) crops, and rising availability of research grants and funding in the U.S., and government initiatives and the intensification of genomics R&D in Canada.
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Companies in the U.S. are developing their own gene therapies. For instance, in May 2015, Bluebird Bio began seeking approval for LentiGlobin, a gene therapy for beta-thalassemia, a blood disorder. These treatments are expected to be the first gene therapies approved in the U.S. Cold Genesys, Amgen, VBL Therapeutics, Advantagene, and UniQure are other companies developing gene therapies. Additionally, U.S. is the world’s largest producer of GM crops (Source: Worldwatch Institute). According to the Center for Food Safety (Washington, D.C.), in 2015, up to 92% of corn, 94% of soybeans, and 94% of cotton was genetically engineered (GE) in the U.S. Moreover, the adoption of herbicide-resistant corn has also grown significantly, reaching 89% in 2015 (Source: U.S. Department of Agriculture (USDA).
Government institutes like the CDC and the National Human Genome Research Institute (NHGRI) have provided funds and grants to support research in this field. For instance, in November 2014, the CDC funded USD 1.4 million to state health departments in Connecticut, Michigan, Oregon, and Utah to support cancer genomics for cancer diagnosis. Each department will receive USD 325,000 to 350,000 each year for five years (Source: CDC)
Furthermore, NHGRI also funds programs and projects as a part of its strategic plans. Some of the funded programs and projects including USD 1,000 Genome (for the structure of genomes), 1,000 Genomes Project (for the structure of genomes), and The Cancer Genome Atlas (TCGA) (for the biology of diseases. Industry players in the U.S. are focusing on collaboration, acquisition, partnerships, and agreements, among other strategies, to enhance their market shares. This has contributed directly to the overall development—and subsequently, the growth—of the U.S. market. For instance, in March 2016, Thermo Fisher (U.S.) acquired Affymetrix, Inc. (U.S.), a provider of technologies that enable multiplex and parallel analysis of biological systems at the cell, protein, and gene levels. The acquisition integrated Affymetrix’s major product groups into Thermo Fisher Scientific’s existing businesses.
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The Canadian government has undertaken various initiatives to boost the gene engineering market in the country. In July 2016, Genome Canada funded genomic research projects across health, agriculture and agri-food, forestry, fisheries and aquaculture, environmental, energy, and mining, among other sectors. Additionally, Canada initiated a strategic plan towards funding genomics-based downstream research and development (R&D) projects. This includes the Genomic Applications Partnership Program (GAPP), initiated by the Ontario Genomics Institute (OGI). Furthermore, according to the Canadian Cancer Society, 196,900 new cancer cases were diagnosed in 2015, as opposed to 191,300 in 2014. Cancer is the largest cause of mortality in Canada, having caused 78,000 deaths in 2015—30% of the total deaths. The rising incidence of cancer, which will augment the need for diagnostic procedures, is likely to boost the growth of the genome editing market in Canada