July 25, 2024
Genome Engineering Market

Incorporating Genome Engineering Market is Powered by Advancements in Gene Editing Tools

Genome engineering technologies have revolutionized drug discovery and clinical research applications due to their ability to modify genes and correct genetic defects. Genome engineering tools allow scientists to introduce gene mutations that help study gene functions and modify traits in organisms. As a key driver, recent advancements in gene editing technologies such as CRISPR/Cas9 have enabled targeted changes to the genome with unprecedented precision and efficiency. CRISPR/Cas9 has significantly reduced both the time and cost for making genetic changes compared to previous 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.

Genome engineering is broadly utilized for developing disease models for target validation, safety assessment, and understanding biological functions. Genome editing also fuels development of cell and gene therapies by correcting pathogenic genes and introducing therapeutic genes inside cells. Additionally, these techniques support discovery of therapeutic and diagnostic targets through systematic studies of gene function and regulation. The global application of genome engineering tools is increasing for tackling complex diseases, improving crop yields, and developing humanized models to facilitate drug discovery and development. The market is gaining recognition as these techniques shed light on disease mechanisms at the molecular level.

Market key trends:
One of the major trends in the genome engineering market is the shift towards CRISPR/Cas9 from other technologies. Earlier genome engineering relied on Zinc finger nucleases (ZFNs) and Transcription activator-like effector nucleases (TALENs). However, these methods were difficult, expensive and time consuming to design. CRISPR/Cas9 uses RNA-guided nuclease and a simple design process making it affordable and simple to use. Therefore, CRISPR has emerged as the method of choice and market growth will be driven by wider adoption and new applications of this technology.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate since genome engineering requires specialized skills and laboratories which require huge capital investments to set up. However, new entrants can partner with existing players to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high as genome engineering technologies are complex in nature. Buyers can demand value-added services and customized solutions at competitive prices from existing players in this fragmented market.
Bargaining power of suppliers: Suppliers have moderate bargaining power as genome engineering requires specialized raw materials and equipment from a limited number of suppliers. Switching costs are also moderate.
Threat of new substitutes: Threat of new substitutes is low as genome engineering enables highly specialized applications that are difficult to substitute.
Competitive rivalry: The genome engineering market is competitive with the presence of both international and local players focusing on new product launches and M&A activities.

Key Takeaways

Global Genome Engineering Market Size is expected to witness high growth over the forecast period supported by increasing R&D investments in genomics and cell therapies.

Regional analysis: North America dominated the global market in 2021 due to presence of major players in the US and high healthcare expenditure. Asia Pacific is expected to grow at the fastest CAGR during the forecast period backed by improving infrastructure, increasing patient population, and rising healthcare spending in countries such as India and China.

Key players: Key players operating in genome engineering 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. Platforms offered by these players enable enterprises to automate various business processes and improve operational efficiency.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it