The global 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 a type of genetic engineering in which DNA is inserted, deleted, modified or replaced in the genome of a living organism. Genome engineering helps in development of useful microorganisms to produce biofuels, food products and medicines. It also finds application in gene therapy for treating diseases like cancer.
Market key trends:
One of the key trends in the genome engineering market is the increasing adoption of CRISPR/Cas9 technology. CRISPR/Cas9 has revolutionized genome engineering owing to its simplicity of design and high efficiency and precision as compared to earlier techniques like ZFNs and TALENs. CRISPR/Cas9 provides faster, cheaper and more versatile genome editing capabilities. It has wide range of applications in gene therapy, drug discovery and development of transgenic crops and organisms. Several market players are investing in development of improved CRISPR/Cas9 genome engineering tools to accelerate research and development in life sciences.
SWOT Analysis
Strengths: CRISPR’s simplicity and precision make it a powerful tool for genome engineering. It has significantly reduced the time and cost of genetic modification experiments.
Weaknesses: Off-target effects continue to be a challenge for applications related to human therapeutics. Ethical issues also arise due to the possibility of editing human reproductive cells.
Opportunities: Genome engineering market offers huge opportunities for development of new gene therapies and gene-edited crops. CRISPR can play a major role in developing treatments for incurable diseases. Growing R&D investments are supporting advancement of technologies.
Threats: Strict regulations around genome editing and associated ethical concerns pose risks. Intellectual property disputes between key players may negatively impact advancement.
Key Takeaways
The Global Genome Engineering Market Size is expected to witness high growth, exhibiting a CAGR of 14.3% over the forecast period 2023 to 2030, due to increasing investments in biomedical research and CRISPR advancements.
Regional analysis: North America currently dominates the global genome engineering market owing to heavy biotechnology research investments and presence of key industry players in the US.Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising R&D spending and expanding biotech industry in countries like 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. Intellia and CRISPR Therapeutics continue to spearhead clinical development of CRISPR-based therapies. Editas and Sangamo are also advancing promising genome engineering technology platforms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
