Genome engineering, also known as gene editing, is a type of genetic engineering in which DNA is inserted, deleted, modified or replaced in the genome of a living organism. It offers potential benefits in medicine, industry, and agriculture through the development of novel drugs, biotechnological products and transgenic crops with desirable traits. Growing demand for innovative gene therapies for treating cancer, genetic disorders and infectious diseases is accelerating the development of advanced genome engineering tools and technologies.
The global Genome Engineering Market is estimated to be valued at US$ 6.87 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for gene therapies is one of the major factors driving growth of the genome engineering market. Genome engineering techniques offer potential for development of novel gene therapies for treating various life-threatening genetic disorders and cancers. Advancements in CRISPR/Cas9 technology have enabled efficient and precise genome editing, thereby accelerating research and development of gene therapies. Growing clinical research on in vivo gene therapies using CRISPR/Cas9 is expected to boost adoption of genome engineering solutions during the forecast period.
SWOT Analysis
Strength: Genome engineering technology has expanded scientific understanding of DNA manipulation and it has wide applications in medicine and biotechnology that is driving its adoption.
Weakness: High costs involved in genome engineering projects and regulatory challenges are hindering the adoption of genome engineering technology.
Opportunity: Untapped growth opportunities exist in emerging markets of Asia Pacific and increasing investments in genomics and biotechnology will support the future growth of the genome engineering market.
Threats: Ethical issues related to human genome engineering and lack of skilled workforce to handle complex genome engineering projects pose threats to the market’s growth.
Key Takeaways
The global genome engineering market is expected to witness high growth over the forecast period of 2024 to 2031. Global Genome Engineering Market Size for 2024 is estimated to be US$ 6.87 billion and it is expected grow at a CAGR of 13% during the forecast period.
Regional analysis: North America is currently the dominant region for the genome engineering market and is expected to retain its leading position over the forecast period. Asia Pacific is expected to witness fastest growth due to increasing biotechnology investments and growing genomics adoption in countries like China and India.
Key players analysis: Key players operating in the genome engineering market are Accenture, Appian Corporation, Genpact, Infosys Limited (Infosys BPM), Open Text Corporation, Kissflow Inc., Nintex Global Ltd., Software AG, International Business Machines Corporation, Tata Consultancy Services Limited., and Pegasystems Inc. These players are focusing on new product launches and strategic collaborations to strengthen their market position.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it