Albany, NY -- (SBWIRE) -- 05/26/2018 -- In the realm of genome engineering, the process of artificial introduction of modification to the genetic content of an organism through introduction of an artificially constructed piece of DNA of a particular composition into the cell of a recipient cell, has experienced substantial rise in the research activities in the last few years. Undertaken with the view of obtaining larger clarity about the outcome of genome engineering experiments and figuring out newer applications of carefully controlled genetic experiments, there is increased number of such research activities.
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In new market research report by Transparency Market Research, it has been indicated that the degree of competitive rivalry in the international genome engineering market is likely to remain moderate over the period of forecast due to the presence of a limited number of regional and international market players. Sangamo Biosciences Inc., Thermo Fisher Scientific Inc., and Sigma-Aldrich Corporation are amongst the prominent revenue contributors to the said market.
In accordance with the research report on the world market for genome engineering by Transparency Market Research (TMR), it has been estimated that strong growth would prevail in the said market. The world market for genome engineering is expected to reach a market valuation of around US$ 7.21 bn by the year 2023 from an earlier valuation of US$ 2.30 bn in the year 2015, thereby expanding at a remarkable growth rate of 14.2% over the period.
North America is Forecasted to Continue with Regional Supremacy Over the Period of Forecast
The world market for genome engineering has been regionally segmented into the geographies of South America, North America, Asia Pacific, Middle East and Africa, and Europe. The region of North America is one of the most lucrative markets for genome engineering. The region has experienced a substantial rise in the activities of research and development in the field of genetics and its applications across these industries. Over the report's period of forecast, the region of Asia Pacific is anticipated to emerge as a very lucrative regional market for the field of genome engineering.
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Technological Advancement to Encourage Growth of the Market
Pharmaceutical and biotechnology companies across the globe are increasingly recognizing the need for advanced technologies for gene editing for the purpose of detecting genetic anomalies. As a result, the number of activities that pertain to research and development is rising at a significant pace. Large organizations are emphasizing towards cell mutation so as to curb cell and genetic diseases. The rising investments by non-government organizations and governments in genome research and technological advancements together with the funding by biotechnology and pharmaceutical are providing impetus to the world market for genome engineering.
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