Genome engineering involves targeted modifications of an organism's genome using technologies like CRISPR/Cas9 or TALENs. These modifications include alterations of DNA sequence, deletion of mutations and insertion of genes. Genome engineering products find applications in gene therapy, drug discovery and development of tailored therapeutics. They help in manipulation of organisms for food & agriculture, environmental remediation and industrial purposes. The increasing prevalence of chronic diseases and growing focus on genetic-based treatment is driving the demand for genome engineering tools.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Novel disease treatment presents a major opportunity in the genome engineering market. Genome engineering technologies have opened up possibilities for treating several genetic diseases that were previously untreatable. Products in this market are being utilized to develop gene therapies targeting cystic fibrosis, cancer, hemophilia, sickle cell disease and others. With continuous research, more such therapeutic applications would emerge. This would significantly boost the demand for genome engineering tools in drug discovery and development. Genome editing products are allowing manipulation of DNA to remove mutations causing diseases or replace aberrant genes. Their role is crucial in developing cures that target the underlying causes of illnesses rather than just symptoms. The opportunity for treating previously incurable diseases through advanced genome engineering is attracting vast investments and R&D efforts in this domain.
Porter's Analysis
Threat of new entrants: The genome engineering market requires substantial R&D investments and clinical trials which acts as a barrier for new companies.
Bargaining power of buyers: The presence of several genome engineering solution providers gives buyers a variety of options to choose from.
Bargaining power of suppliers: A few key technology players dominate the genome engineering market, giving them significant influence over pricing and product development.
Threat of new substitutes: Due to advances in CRISPR and other gene editing technologies, newer and better solutions can replace existing tools relatively fast.
Competitive rivalry: Major players focus on expanding their product portfolios and geographic reach through strategies like collaborations and acquisitions.
SWOT Analysis
Strength: Genome engineering tools enable cost-effective genomic modifications and have diverse applications in disease modeling, drug discovery and agricultural biotechnology.
Weakness: Ethical concerns around human genome editing and regulatory hurdles for clinical translation of therapies are challenges faced.
Opportunity: Increasing R&D investments and focus on precision medicine offer potential opportunities for market growth.
Threats: Concerns around off-target effects and uncertain long-term safety profile of gene editing technologies act as threats.
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.
Regional analysis suggests North America will continue dominating the market during the forecast period. Significant funding for genomic research along with presence of key industry players and academic institutes drive the region's large market share. However, Asia Pacific is poised to grow at the fastest pace attributable to rising healthcare investments, lower manufacturing costs and growing genomics adoption in countries like China.
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 companies focus on expanding their product and service offerings through strategic collaborations.
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According to research report the global Genome Engineering Market is projected to reach USD 6.28 billion by 2022 from USD 3.19 billion in 2017, at a CAGR of 14.5% during the forecast period.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=231037000The key factors propelling the growth of this genome editing market are rising government funding and growth in the number of genomics projects, high prevalence of infectious diseases and cancer, technological advancements, increasing production of genetically modified crops, and growing application areas of genomics.In 2017, North America is projected to have the highest growth rate during the forecast period.
Factors such as the development of gene therapy in the US, increasing use of genetically modified crops, rising prevalence of infectious diseases and cancer, and rising availability of research grants and funding are propelling market growth in North America.The global genome editing market, by application, is segmented into cell line engineering, genetic engineering, and other applications (diagnostics and therapeutics).
The cell line engineering segment is estimated to register the highest growth rate during the forecast period.
Factors such as increasing funding from governments and private organizations, growing industry focus on stem cell research, and increasing global awareness about stem cell therapies through various organizations are driving the growth of the cell line engineering segment.Based on end user, the global genome engineering market is segmented into biotechnology & pharmaceutical companies, academic & government research institutes, and contract research organizations.
The biotechnology & pharmaceutical companies’ segment is estimated to register the highest growth rate during the forecast period.
The increasing prevalence of infectious diseases and cancer are driving research activities worldwide; this is expected to drive the demand for genome editing in biotechnology & pharmaceutical companies.Based on technology, the genome engineering market is segmented into CRISPR, TALEN, ZFN, antisense, and other technologies (PiggyBac, Flp-In, Adenine Base Editor (ADE), and Jump-In).
Transparency Market Research (TMR) has published a new report titled, ‘Genome engineering Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.
Current advances in genome engineering is based on the programmable nucleases.The genome engineering market is witnessing significant growth due to increase in the R expenditure, rising government funding for genomic research, technological advancements, and increasing production of genetically modified cropsLarge number of manufacturers operate in the genome engineering market.
Industry would be controlled manufacturer s with large-scale manufacturing facilities and who would be willing to invest more on Research and Development.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=4671Technological Developments to Drive MarketCompanies have made significant investments in R in the past few years to develop cutting technologies such as CRISPR and TALEN.
For instance, Thermo Fisher Scientific is investing adequately in research to develop its CRISPR technology for providing better efficiency and accuracy in research, and also to fulfil the unmet demands in research and therapeutics.
It can be used for cell analysis of large population and has most of the applications in gene therapy.Plant genome editing is likely to witness a number of technological developments such as safe harbour integration, localized trait stacking, non-integrative editing, and epigenetics.Request COVID Analysis on Genome Engineering Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=4671CRISPR Segment to Dominate MarketBased on treatment type, the global genome engineering market has been divided into CRISPR, TALEN, ZFN and the other technologies includes rAAV technology and antisense technologies.
The CRISPR is the widely used technology, while the usage of Zinc Finger Nuclease (ZFN) technology is decreasing steadily.The CRISPR segment accounted for a major share of the global genome engineering market in 2018 and is poised to expand at a highest CAGR during the forecast period.
