Global Genome Editing Market Size & CAGR (2021 to 2026)
The size of the global genome editing market is estimated to be growing at a CAGR of 14.42% from 2021 to 2026 and worth USD 4.24 billion in 2021 and USD 8.33 billion by 2026.
Impact of COVID-19 on the global genome editing market:
The industry is being driven by the development of CRISPR-based innovative diagnostic tools to minimize the negative effects of the COVID-19 pandemic. For instance, a Nanyang Technological University researcher created a diagnostic test based on CRISPR technology called VaNGuard (Variant Nucleotide Guard) in March 2021. This test may detect altered SARS-CoV-2 strains, promoting the use of CRISPR genome editing technology in diagnostics. In addition, the COVID-19 pandemic has fueled interest in developing rapid molecular diagnostic tools that rely on gene editing by biotechnology companies.
During the COVID-19 pandemic, researchers are looking into the capabilities of gene-modification techniques such as CRISPR as a possible fast-evaluation remedy for the COVID-19 genome. When SARS-COV-2 was discovered, it was proclaimed a global pandemic. COVID-19 disease is being combated using various fields, including medication development, human genome engineering, and genome editing technology. Many scientists focused their research on the unique virus and the disease it produces. Gene-editing methods based on technology are critical in the fight against the virus. As a result, the market has had a good impact in combating COVID-19, and the genome editing market is expected to develop in the next few years.
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KEY DRIVING FACTORS:
Y-O-Y growth in the fundings from the governments for genome editing is expected to accelerate the market’s growth rate.
The market for genome editing is predicted to rise in the near future due to the market’s growth element, which is an increase in funding. Various governments in various countries are boosting their funding and awards for genome editing research. The increased funding will aid researchers in developing and researching gene-editing technologies and products for efficient and effective genome editing. In addition, biopharmaceutical and pharmaceutical businesses will use the funds to build technology for gene-editing medicines to treat and detect chronic diseases. Many governments are increasing their financing and grant support for genome editing research. Because of the advantages of genome editing, several governments are funding public and private research, as well as academic institutes, to expand genome editing and genetic engineering research.
High costs associated and the restrictions on genome editing are anticipated to hamper the market’s growth rate.
The general population has a negative opinion about gene editing. As a result, several scientists have proposed a ban or restriction on genome editing. This has put a lot of pressure on genome editing firms since they can’t find competent people to participate in clinical trials, which has hindered innovation. In addition, the worldwide genome editing market’s growth may be hampered by the high cost of genome editing equipment and ethical concerns about manipulating an organism’s DNA.
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KEY MARKET INSIGHTS:
- Based on the Application, in 2020, cell line engineering will be at the lead. This can be attributable to the field of gene therapy, which is quickly expanding.
- Based on Technology, in 2020, the CRISPR segment dominated the market. With its technical benefits, this approach has transformed the genome editing area. Targeted gene disruption, recovery in a guide RNA-specific way, and regulation are among the benefits. These benefits have pushed up the deployment of CRISPR technology in a variety of applications. Owing to various uses such as a tailored choice relevant to the patient’s mutations for diseases such as cystic fibrosis, among others.
- Based on End-user, in 2020, the biotechnology and pharmaceutical companies segment dominated the market. The existence of an increasing number of research efforts for the development of innovative therapeutics is a significant contributor to segment revenue growth. Furthermore, to create advanced technologies, large pharmaceutical corporations are cooperating with developing companies.
- Based on region, North America dominated the global genome editing market in 2020. The region’s dominance is due to the presence of excellent research and a commercial base for advanced therapeutic development, as well as a high number of clinical testings for gene and stem cell therapies in the region. In addition, the growing number of patents granted to key businesses based in the United States has hastened the adoption of these tools in the country, resulting in significant market growth. Merck KGaA, for instance, recently announced the approval of two of its CRISPR gene-editing patents in the United States.
- Companies are profiting from new research focusing on developing editing tools as the use of CRISPR and ZFN grows. Mergers and acquisitions, strategic alliances for R&D outsourcing, and manufacturing operations are among the essential methods industry players use to propel the genome editing market forward. Thermo Fisher Scientific, Merck, Horizon Discovery Limited, Lonza, GenScript, Eurofins Scientific, Sangamo Therapeutics, Editas Medicine, CRISPR Therapeutics, Precision Biosciences, and others are the leading companies in the market.
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RECENT MARKET DEVELOPMENTS:
- In 2020, New England Biolabs and ERS Genomics partnered to develop and market CRISPR gene editing reagents and procedures.
- Caribou Biosciences, Inc. and AbbVie signed a licensing deal for CAR-T treatment research and development in February 2021. Under the terms of the agreement, Abbvie will exploit Caribou’s CRISPR genome editing technology.
- Inscripta’s Onyx CRISPR-based genome editing platform was installed at the University of Liverpool in April 2021. These kinds of activities are projected to have a favorable impact on market growth.
- Thermo Fisher Scientific acquired Brammer Bio in March 2019 to obtain entry to Brammer Bio’s expertise in manufacturing vectors for gene and cell treatments.
SEGMENTS COVERED IN THE REPORT:
- Cell Line Engineering
- Animal Genetic Engineering
- Plant Genetic Engineering
- Other Technologies
- Biotechnological & Pharmaceutical Companies
- Academic and Government Research Institutes
- Contract Research Organizations
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
BROWSE RELATED REPORTS:
- North America Genome Editing Market
- Europe Genome Editing Market
- APAC Genome Editing Market
- Latin America Genome Editing Market
- MEA Genome Editing Market
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