The global Genome Engineering Market is estimated to be valued at US$ 5.96 Bn in 2023 and is expected to exhibit a CAGR of 14.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Genome engineering involves modifying an organism's genetic material to produce genetic changes or targeted genome alterations. This includes gene drives, gene therapies, and genetic engineering for plants and animals. CRISPR/Cas9 technology provides a simple, accurate, and streamlined method for editing genomes. It has revolutionized genetic engineering.
Market key trends:
One of the key trends in the genome engineering market is the rising adoption of CRISPR/Cas9 technology. CRISPR/Cas9 has several advantages over traditional genome editing methods like zinc finger nucleases and transcription activator-like effector nucleases. It is more affordable, easier to use, and highly efficient. The simplified design and targeted editing has allowed more researchers to adopt CRISPR/Cas9 for a wide range of applications including basic research, agriculture, and development of gene and cell therapies. This growing utility of CRISPR/Cas9 is fueling revenue growth in the global genome engineering market.
Segment Analysis
The genome engineering market is segmented by technology into CRISPR, TALEN, ZFN, and others. Among these, the CRISPR segment dominated the market with a share of over 40% in 2023. This is due to its higher accuracy, flexibility, and ease of use compared to other genome editing tools. The fast pace of research and funding for developing CRISPR-based therapies and tools for applications ranging from gene drives to cancer treatment have further increased its adoption in recent years.
Key Takeaways
The Global Genome Engineering Market Size is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period, due to increasing investments in research related to genetic disorders and growing need for developing gene and cell therapies.
Regional analysis: North America dominated the global genome engineering market with more than 35% share in 2023 owing to availability of advanced research infrastructure and presence of major players in the US. Asia Pacific is expected to exhibit the highest growth during the forecast period driven by increasing R&D activities in genetics by China, India and Japan.
Key players: Key players operating in the genome engineering market include 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. The players are involved in new product launches, partnerships and expansion activities to strengthen their presence in the emerging genome engineering market.
Read More: https://www.ukwebwire.com/genome-engineering-market-size-share-and-growth-forecast-2023-2023/
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