February 24, 2024
Genome Engineering Market

Growing adoption of genome engineering technologies to accelerate advancement in functional genomics

Market Overview:

Genome engineering enables targeted modifications in DNA sequences by introducing specific alterations into a genome at predetermined locations. Technologies in this field allow modification of genes and cellular functions with high precision and efficiency. Key applications include genetic engineering, gene therapy development, and stem cell research.

Market Dynamics:

Key drivers fueling the growth of the genome engineering market include increasing R&D investments by biopharmaceutical and biotechnology companies and growing prevalence of genetic disorders. Substantial funding from both private and public organizations is encouraging research related to studying gene functions and developing therapies. For instance, the National Human Genome Research Institute invested $662 million in genome science in 2022. Additionally, rising demand for personalized medicine is also propelling the market as genome engineering plays a vital role in developing customized treatment options for various conditions.

Market key trends:

The genome engineering market has been witnessing significant growth in recent years owing to increase in demand for gene therapies for treating illnesses such as cancer. Genome engineering is finding increasing applications in gene therapy development to help target and correct genetic defects and treat a wide range of medical conditions. CRISPR technology has revolutionized the genome engineering space by enabling efficient and precise editing of genes. CRISPR’s simplicity, versatility and lower cost compared to other techniques have attracted interest from pharmaceutical companies and propel the growth of genome engineering market.

SWOT Analysis:

Strength: Therapies derived from genome engineering hold potential to treat previously untreatable diseases.
Weakness: Genome engineering technology is at a nascent stage and associated with risks of off-target effects.
Opportunity: Rising prevalence of genetic disorders and investment in genome engineering research can drive future opportunities.
Threats: Stringent regulations around human genome editing and ethical concerns regarding germline editing pose threats.

Key Takeaways:

The global Genome Engineering Market Demand is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period, due to increasing demand for gene therapies.

Regional analysis:
The US dominates the genome engineering market owing to presence of major players and high R&D investments. However, Asia Pacific is emerging as the fastest growing regional market with countries like China investing heavily in genomics research.

Key players:
Key players operating in the genome engineering market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics, Inc., Editas Medicine, Inc., Sangamo Therapeutics, Inc., Bluebird Bio, Inc., Cellectis S.A., and Merck Group. Companies are focusing on developing CRISPR based therapies and gene-edited cell therapies through clinical trials.

Note:

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