Asia Pacific Genome Editing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (CRISPR, TALEN, Antisense, and Other), Application (Cell Line Engineering, Genetic Engineering, Diagnostic Applications, Drug Discovery, and Others), and End User (Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, and Clinical Research Organizations)
The genome editing market in Asia Pacific is expected to grow from US$ 1,051.58 million in 2021 to US$ 3,557.63 million by 2028; it is estimated to grow at a CAGR of 19.0% from 2021 to 2028. Growing developments in the healthcare industry have led to increasing applications of biotechnology. Also, the growing support from governments, rising public-private partnerships, and increasing funding are widely enhancing the growth of the biotechnologies industry in the region. The value of the biotechnology industry is growing rapidly due to the growing demand for biotechnology products to address changing diseases profile. In addition, the countries in the emerging regions serve vital growth opportunities due to the ever-increasing population and geriatric population. The heavy investments for the development of the healthcare sector have encouraged the adoption of advanced technologies. For instance, according to the Organisation for Economic Co-operation and Development (OECD), in 2019, China spent the maximum on R&D. Moreover, the governments in the region offer tax incentives, cheaper land, incubators, and direct investment that have encouraged the local biotechnology companies to expand their abilities and capacities to contribute to improved healthcare services. Countries such as Malaysia, Taiwan, Singapore, India, China, and Japan are the most favorable destinations for the biotechnology industry. Furthermore, the Asian countries are more focused on using genomics, proteomics, next-generation sequencing, CRISPR technologies, and biomarkers for diagnostic and therapeutic applications. Thus, the rising use of biotechnology in genomics is increasing the demand for market growth.
The COVID-19 pandemic created a national emergency that affected the supply chain. The supply chain disruptions and the enormous demand for effective therapies for the treatment of COVID-19 had put the healthcare research industry in a critical situation in the Asia Pacific region. However, many market players realized the importance of gene therapy in the treatment of COVID-19, thereby rising the demand for genome editing during the forecast period.
The Asia Pacific genome editing market is segmented into technology, application, and end user. Based on end user, the market is segmented into pharmaceutical and biotechnology companies, academic and research institutes, and clinical research organizations (CRO's). In 2021, the pharmaceutical and biotechnology companies segment held the largest share in the market. The rise in the market for biotechnological products and various related industries resulted in the enormous market consolidations between biotechnology and pharmaceutical companies for enhanced and better treatment options. The growing investments made by companies have grown the pharmaceutical & biotechnology companies segment in the market. The technological development in molecular biology increased the number of sequencing procedures. The various collaborations, investments made by the companies, and technological advancements have grown the pharmaceutical & biotechnology companies segment in the Asia Pacific genome editing market.
The overall Asia Pacific genome editing market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific genome editing market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and to gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific genome editing market. THERMO FISHER SCIENTIFIC INC., MERCK KGaA, Lonza, Horizon Discovery Group plc., Integrated DNA Technologies, GenScript, New England Biolabs, Eurofins Scientific, and CRISPR Therapeutics are among the leading companies in the market.
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