Genome Editing Market Trends

Growth Drivers

• Increasing Oncology Spending -The economic expenditure on cancer treatment and genome editing development is increasing year by year in various healthcare fields around the world. Global oncology spending in the year 2021 was found to be around USD 185 billion. For comparison, six years ago oncology spending was about USD 85 billion.
• Rise in Research Spending - the global market is expected to grow due to increased investment in research and development activities aimed at finding more effective solutions for genome editing such as Cancer Biomarkers. According to research reports, global spending on R&D has increased more than threefold in real terms since 2000, with the amount rising from roughly USD 680 billion to over USD 2.5 trillion in 2019.
• Prevalence of Cancer Worldwide -In the year 2019, 18 million new cancer cases and 10 million cancer deaths were observed worldwide. Population growth and aging worldwide alone are expected to result in 27.5 million new cancer cases and 16.3 million cancer deaths.

Challenges

• High Cost of Genome Editing Systems - Genome editing systems are specialized technologies used to precisely modify genetic material in living organisms. However, their high cost can hinder market growth.
• Lack of skilled professionals.
• The growing concern over risks and ethical issues associated with genome editing.