What is the global market size of Genome Editing Market?

The Global Genome Editing Market was valued at USD 5.25 Billion in 2021, and it is expected to reach a value of USD 17.02 Billion by 2028, at a CAGR of 18.30% over the forecast period (2022 - 2028). Read More

Global Genome Editing Market Size, Share, Growth Analysis, By Technology(CRISPR, TALEN), By Delivery Method(Ex-vivo, In-vivo), By Mode(Contract, In-house), By End Use(Biotechnology & Pharmaceutical Companies, Academic & Government Research Institutes) - Industry Forecast 2024-2031

Report ID: SQSG35J2001 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 117 | Figures: 77

Global Genome Editing Market Dynamics

Genome Editing Market Driver

Governments in various countries around the world have made significant investments in the field of genomics in recent years, which has played a significant role in the development of new technologies in genome editing. Furthermore, the availability of government funding has enabled academic and government institutes to conduct in-depth genome editing/engineering research. For instance, in March 2020, the Ministry of Innovation, Science, and Industry (Science) announced a USD 15 million grant to Genome Canada to support 11 genomic research projects in the health, agriculture, and environment sectors. Provincial governments, businesses, and research partners will also contribute to these projects, with a total investment of USD 29.7 million. Ovarian and cervical cancer research is among the projects. The number of genomics research projects has increased significantly as a result of significant government investments in genomics. As a result, the genome editing market is expected to grow during the forecast period.
Easy to use CRISPR/CAS9 will propel the growth of the market. This technological segment is simple , inexpensive compared to other genome editing methods.This technology can be used in treatment of cancer through gene editing technology.

Genome Editing Market Restraint

CRISPR-Cas9's off-target effects are a major concern. Though since Cas9 induces double-stranded breaks, any off-target nuclease activity can result in mutations in these genes, possibly causing oncogenesis. CRISPR-Cas9 is capable to withstand one to three mismatches in its target, which can result in off-target nuclease activity. Furthermore, the high frequency of off-target activity (50%)—mutations at sites other than the intended on-target site—is a major area of concern. for instance, CRISPR can target the tumor suppressor genes or activate the cancer-causing gene. Many companies planning clinical trials have encountered difficulties as a result of this unfavorable effect. Clinical trials have been halted, and regulatory authorities are urging additional research to improve the safety of this method.
The advanced functionalities and features of Genomic instruments are a significant reason for its premium pricing. Its pricing ranges between USD 10-20 million. The small and medium sized laboratories and Pharmaceuticals companies cannot afford the equipment at such high cost. which can be the major restraint in the expansion of the market.

Global Genome Editing Market Report Snapshots

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Genome Editing Market size was valued at USD 4.81 billion in 2019 and is poised to grow from USD 5.88 billion in 2023 to USD 36.06 billion by 2031, growing at a CAGR of 22.3% in the forecast period (2024-2031).

The market's various competitors are challenged to provide innovative offerings that enable communication in addressing changing technologies, business practices, and security needs. Partnerships, strategic mergers, and acquisitions are expected to be the most effective ways for industry players to gain quick access to emerging markets while also improving technological capabilities. Custom vectors for cell line editing and engineering are provided by well-established companies such as Merck KGaA and Thermo Fisher Scientific. Such services are anticipated to grow in the coming years, fueling revenue growth. Contract manufacturers would benefit from the rapidly increasing demand from gene therapy Genome Editing Market players. 'Thermo Fisher Scientific Inc.', 'CRISPR Therapeutics AG', 'Editas Medicine, Inc.', 'Intellia Therapeutics, Inc.', 'Sangamo Therapeutics, Inc.', 'Precision Biosciences, Inc.', 'Cellectis S.A.', 'Merck KGaA', 'Lonza Group AG', 'Horizon Discovery Group plc', 'Genscript Biotech Corporation', 'Agilent Technologies, Inc.', 'New England Biolabs, Inc.', 'Takara Bio, Inc.', 'Synthego Corporation', 'OriGene Technologies, Inc.', 'Genewiz, Inc.', 'Eurofins Scientific SE', 'Bio-Rad Laboratories, Inc.', 'Qiagen N.V.'

Governments in various countries around the world have made significant investments in the field of genomics in recent years, which has played a significant role in the development of new technologies in genome editing. Furthermore, the availability of government funding has enabled academic and government institutes to conduct in-depth genome editing/engineering research. For instance, in March 2020, the Ministry of Innovation, Science, and Industry (Science) announced a USD 15 million grant to Genome Canada to support 11 genomic research projects in the health, agriculture, and environment sectors. Provincial governments, businesses, and research partners will also contribute to these projects, with a total investment of USD 29.7 million. Ovarian and cervical cancer research is among the projects. The number of genomics research projects has increased significantly as a result of significant government investments in genomics. As a result, the genome editing market is expected to grow during the forecast period.

The COVID-19 pandemic has prompted major pharmaceutical and biotechnology firms, as well as players in the genomic market, to invest in vaccine research and development. The increased demand for vaccines and antiviral candidates has pushed genome editing/engineering technologies to the forefront, these factors are expected to drive the Genome Editing Market in the upcoming years.

North America dominated the genome editing market in 2021, accounting for 38.4% of total revenue. The dominance of the Genome Editing Market in the region is due to the availability of strong research, as well as a commercial base for advanced therapeutic development, as well as a large number of clinical studies being undertaken for gene and stem cell therapies in the region. On the other hand, the market in the Asia Pacific is expected to expand at a rapid rate over the projected period. China unveiled its 10 most significant agricultural breakthroughs in November 2020, one of which was gene-editing technology, demonstrating strong Genome Editing Market penetration.

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Global Genome Editing Market Size, Share, Growth Analysis, By Technology(CRISPR, TALEN), By Delivery Method(Ex-vivo, In-vivo), By Mode(Contract, In-house), By End Use(Biotechnology & Pharmaceutical Companies, Academic & Government Research Institutes) - Industry Forecast 2024-2031

Global Genome Editing Market Dynamics

Global Genome Editing Market Report Snapshots

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