July 13, 2024
Genome Engineering Market

Rapid Development Of CRISPR Technology Is Projected To Boost The Growth Of Genome Engineering Market

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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Genome engineering is a technique used to modify an organism’s genetic material and help in treating various medical conditions. Genetic modification helps in inserting or deleting genes in living cells and organisms, which results in altered traits. Genome engineering finds applications in biomedical research, genetic research, and crop sciences. It helps in developing crops with enhanced traits like insect and herbicide resistance. In biomedical research, genome engineering aids in developing animal models of human disease, cellular reprogramming, and stem cell engineering for regenerative medicine.

Market key trends:

One of the key trends in the genome engineering market is the rapid development of CRISPR/Cas9 technology. CRISPR/Cas9 allows simple and precise genetic modifications in different organisms like mice, crops and human cells. CRISPR has streamlined genome engineering process making it faster and more efficient compared to previous technologies. Researchers are focusing on leveraging CRISPR to develop targeted gene therapies for various genetic conditions. Also, the reduced cost and simplification of genome editing processes using CRISPR are facilitating its adoption across biotechnology and pharmaceutical industries. This widespread use of CRISPR will propel the growth of the global genome engineering market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the genome engineering market requires high R&D investments and advanced technologies to develop novel genome engineering products.

Bargaining power of buyers: The bargaining power of buyers is low to moderate as the availability of substitutes is limited and customized services add more value.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers and the switching cost for buyers is low.

Threat of new substitutes: The threat of new substitutes is low as genome engineering tools are continuously improving and have significant advantages over traditional methods.

Competitive rivalry: The competitive rivalry is high among existing players to gain more market share through new product launches and technological advancements.

Key Takeaways

The Global Genome Engineering Market Size is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing applications in genetic diseases and cell line engineering.

North America dominated the genome engineering market in 2023, with the largest market share owing to the strong presence of key players, availability of research funds, and increasing adoption. However, Asia Pacific is expected to grow at the fastest pace during the forecast period.

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. Key players are focusing on new product launches and strategic collaborations to expand their market share.

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