by The Genome Engineering Market is estimated to be valued at US$ 5.96 Bn in 2023 and is expected to exhibit a CAGR of 14.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Genome engineering is the direct modification of an organism’s genes. It involves the alteration of DNA using technologies such as CRISPR-Cas9 or zinc finger nucleases. Key applications of genome engineering include genetic engineering, gene therapy, and developing GMO crops. It allows the production of custom-designed organisms for medical and industrial applications such as producing more robust and higher yielding crop varieties.
Market Dynamics:
The growth of the genome engineering market is driven by increasing incidence of genetic disorders and increasing R&D funding for gene therapy research. According to the Global Genes report, every minute a baby is born with a rare disease resulting in over 7000 rare diseases affecting around 400 million people worldwide. Genome engineering tools have the potential to treat many inherited disorders by either correcting the mutated gene or replacing it entirely. Additionally, increasing funding from government and private organizations is fueling the development of new genome engineering technologies. For instance, the National Institutes of Health provided a funding of over $4.5 billion in 2020 for gene therapy and genetic medicine research.
The increasing adoption of CRISPR for genetic modifications is another key factor boosting the market growth. CRISPR/Cas9 has revolutionized genome engineering due to its simplicity, flexibility, and cost-effectiveness compared to earlier nuclease technologies such as ZFNs and TALENs. CRISPR’s ability to multiplex and introduce multiple edits concurrently also allows the development of more effective therapies for complex disorders involving multiple gene mutations.
Segment Analysis
The global genome engineering market is segmented based on technology, application, end user and region. Based on technology, the market is segmented into CRISPR, TALEN, ZFN and others. Among these, the CRISPR segment dominates the market and accounts for more than 60% share due to high accuracy and ease of use compared to other technologies such as TALEN and ZFN. Based on application, the genome engineering market is segmented into cell line engineering, genetic engineering, diagnostic applications and drug discovery & development. Among these, cell line engineering holds the maximum share due to increasing R&D in regenerative medicine and its use in development of new cell lines.
PEST Analysis
Political: Favorable government funding for genome engineering research activities is driving the market growth. For instance, the US government allocated a budget of over US$ 5 billion for human genome project to accelerate precision medicine research.
Economic: Rising healthcare spending worldwide and increasing investment by biotech companies in R&D is fueling the genome engineering market growth.
Social: Increasing awareness about precision medicine and targeted therapeutics is positively impacting the adoption of genome engineering technologies.
Technological: Advancements in genome editing tools such as CRISPR are making the technology efficient, affordable and more accessible to researchers. This is accelerating various applications of genome engineering.
Key Takeaways
The Global Genome Engineering Market Size is expected to witness high growth, exhibiting 14.3% CAGR over the forecast period, due to increasing R&D investment in cell therapy and gene editing applications.
The North America region dominates the global genome engineering market owing to presence of major players, strong government support for research activities and robust funding environment for biotech companies in the US. Asia Pacific is projected to be the fastest growing regional market due to improving healthcare infrastructure, increasing public-private investments in life science research and rising focus on precision medicine in countries such as China and India.
Key players operating in the genome engineering market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics, Inc., Editas Medicine, Inc., Sangamo Therapeutics, Inc., Bluebird Bio, Inc., Cellectis S.A., and Merck Group. These players are focusing on new product launches, collaborations and geographic expansion to improve their market presence. For instance, in January 2022, Thermo Fisher Scientific launched a new genome editing tool called Pattern Plasma for precise non-viral delivery of CRISPR genome engineering reagents into cells.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
