PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532883
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532883
Genome Engineering Market size was valued at USD 6,102.32 million in 2023, expanding at a CAGR of 15.90% from 2024 to 2032.
Genomic engineering involves the creation of complete chromosomal DNA through synthetic means, drawing heavily from natural genomic sequences. This process can entail alterations at the level of a single base pair (A-T or C-G), the removal of a DNA segment, or the addition of a new DNA segment. For instance, genetic engineering might entail the introduction of a gene from one species into an organism from another species to confer a specific trait. Widely utilized in both research and industrial settings, genetic engineering has found applications in the development of cancer treatments, the creation of specialized brewing yeasts, the engineering of genetically modified crops and livestock, and various other fields.
Genome Engineering Market- Market Dynamics
Increased funding in genomic research and rising demand for synthetic genes are expected to drive the growth of the market
Various entities such as governments, private institutions, and biotech companies are making substantial investments in genomic research. The demand for synthetic genes is rising due to their wide-ranging applications in pharmaceuticals, agriculture, and biotechnology. Synthetic genes play a crucial role in the development of new treatments, the creation of genetically modified organisms (GMOs) to enhance crop yields, and the production of bioengineered products. As biomedical research initiatives and large-scale collaborations expand rapidly, the volume of genomic data produced is also increasing, with an estimated 2 to 40 billion gigabytes of data generated annually. Moreover, the influx of funding from governments, venture capitalists, and biotech companies is fueling research and development in genome engineering, leading to novel discoveries and opportunities for commercialization. Nevertheless, concerns related to technical aspects and safety may pose challenges to market growth.
Genome Engineering Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 15.90% over the forecast period (2024-2032)
Based on Technology segmentation, CRISPR was predicted to show maximum market share in the year 2023
Based on Application segmentation, Genetic Engineering was the leading Technology in 2023
Based on End-User segmentation, Pharmaceutical & Biotechnology Companies was the leading Technology in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Genome Engineering Market is segmented based on Technology, Application, End-User, and Region.
The market is segmented into three groups according to Technology: CRISPR, ZFN, TALEN, and Others. CRISPR holds the largest market share. CRISPR is utilized in a variety of therapeutic uses, such as gene therapy for genetic disorders, cancer treatment, and infectious disease research.
The market is segmented into two categories according to Application: Cell Line Engineering, Genetic Engineering, and Others. Genetic Engineering holds the largest market share. The genome engineering market, which includes genetic engineering technologies, is witnessing strong growth due to progress in gene editing tools, expanding applications across different sectors, and rising investments in genomic research.
The market is segmented into two groups according to End-User: Pharmaceutical & Biotechnology Companies, Academic & Research Institutions, and Others. Pharmaceutical & Biotechnology Companies lead the market. These entities are leading the way in utilizing genome editing technologies to develop groundbreaking therapies, advance drug discovery, and enhance biotechnological procedures.
Genome Engineering Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. The market is predominantly led by North America, driven by the widespread adoption of genetically modified crops, and the growing incidence of infectious diseases, and cancer. Particularly in the United States, North America has been a pioneer in the adoption of genetically modified (GM) crops to boost agricultural output. The high cancer rates in North America have spurred extensive research in genome engineering to develop targeted cancer treatments. As per the American Cancer Society, it is estimated that there will be around 1.9 million new cancer cases and 609,360 cancer-related deaths in the United States in 2022. Europe follows as the second-largest region for market growth, attributed to increased funding from governments, venture capitalists, and biotech companies.
The genome engineering market is highly competitive, with numerous pharmaceutical and biotechnology companies vying for a leading position in this innovative industry. These firms are investing heavily in research and development to create revolutionary gene editing tools and therapies. Their main focus is on advancing cutting-edge genome editing technologies such as base editing and prime editing, which enable more precise and effective modifications. Through embracing innovation, establishing strategic partnerships, and making progress in clinical applications, companies are working towards maintaining a competitive edge. Going forward, it will be crucial to tackle regulatory, ethical, and affordability challenges to promote sustainable growth and widespread acceptance of genome editing technologies.
On June 23, 2021, Merck, a prominent science and technology company, disclosed that the Japanese Patent Office had officially approved the company's patent application for its proxy-CRISPR technology. This approval signifies Merck's second CRISPR patent in Japan.
On June 18, 2024, New England Biolabs (NEB) and Inorevia partnered to create automated processes that enhance the quality of data through the preparation of sequence-ready libraries from difficult samples. This will be achieved by utilizing NEBNext library preparation reagents on Inorevia's Magelia automation platform.
GLOBAL GENOME ENGINEERING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Thermo Fisher Scientific Inc.
CRISPR Therapeutics AG
Intellia Therapeutics, Inc.
Editas Medicine, Inc.
Bluebird Bio, Inc.
Cellectis S.A.
Merck KGaA
New England Biolabs
Agilent Technologies, Inc.
Genscript
Synbio Technologies
Creative Biogene
Eurofins Scientific
Regeneron Pharmaceuticals Inc.
Others