Market Overview:
Genome engineering refers to the direct manipulation of an organism’s genome using biotechnology tools such as zinc finger nucleases (ZFNs), transcription activator-like effector nucleases (TALENs), and clustered regularly interspaced short palindromic repeats (CRISPR)-Cas9 system. Genome engineering finds applications in development of genetically modified crops, DNA sequencing, biomedical research, and development of cell and gene therapies. In the therapeutics segment, genome engineering tools such as CRISPR-Cas9 system are being widely used to develop new therapies for genetic disorders including sickle cell disease, cancer, HIV/AIDS, and other chronic illnesses.
Market Dynamics:
Growing adoption of genome engineering technology in therapeutics development is expected to drive the growth of global genome engineering market during the forecast period. Genome engineering tools enable precise modifications to DNA and are emerging as a revolutionary technology for treating several genetic disorders. For instance, CRISPR-Cas9 based therapies are being investigated for disorders such as sickle cell disease, beta-thalassemia, and HIV/AIDS. In addition, high investments by both public and private players in genome engineering research and development is also expected to propel the market growth. Major players such as Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, and Editas Medicine, Inc. have significantly increased their R&D spending over the past few years to develop novel genome engineering tools and therapies.
Segment Analysis
The global Genome Engineering Market Demand is segmented based on technology into CRISPR, TALEN, ZFN, and others. Among these, CRISPR technology dominates the market and accounted for over 50% share of the global market in 2022. CRISPR is dominating as it provides flexibility and ease of use compared to other genome editing technologies. CRISPR has enabled access to genome engineering across a wide range of labs, which is also boosting its adoption.
PEST Analysis
Political: The government regulations related to clinical research and genome editing plays a major role in market growth. However, favorable regulations regarding clinical trials and product approvals are supporting the market.
Economic: Increasing pharmaceutical R&D investment and rising healthcare spending globally is fueling the growth of the genome engineering market.
Social: Growing awareness about precision medicine and genome editing therapies for rare diseases is driving the adoption.
Technological: Advancements in gene editing technologies such as CRISPR are improving their precision and versatility in addressing various genetic disorders. Development of more efficient delivery systems are also supporting the market growth.
Key Takeaways
The global genome engineering market is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period 2023-2030, due to increasing R&D investment by pharma companies and rising prevalence of genetic diseases.
Regionally, the US dominated the global genome engineering market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to presence of major players, higher healthcare spending, and availability of research funding.
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. Major players are focusing on new product launches, acquisitions, and facility expansion to gain a competitive edge in the market.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
