Genome Editing Market to Surpass Market Valuation of USD 31.15 Billion by 2031 | SkyQuest Technology
WestFord, Sept. 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Genome Editing Market will reach a value of USD 31.15 Billion by 2031, with a CAGR of 16.80% during the forecast period (2024-2031). Genome editing has witnessed notable progress in recent years backed by key trends, including a higher focus on therapeutic applications, the growing use of CRISPR technology, and regulatory developments. The market is facing expansion in clinical trials, wherein some are shifting towards commercialization. These trends are aiding the growth of the genome editing market. Besides, the market is also fueled by technological advancements, essentially CRISPR-Cas9 and derivatives and investments from both private and public sectors, speeding up the R&D for novel applications and advancements in existing technologies.
Genome Editing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 8.99 Billion |
| Estimated Value by 2031 | USD 31.15 Billion |
| Growth Rate | Poised to grow at a CAGR of 16.80% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Delivery Method, Mode, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Potentials of Genome Editing for Agricultural Improvements |
| Key Market Drivers | Growing Success in Preclinical Models |
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Genome Editing Market Segmental Analysis
Global Genome Editing Market is segmented by Technology, Delivery Method, Application, Mode, End-use, and region.
Based on Technology, the market is segmented into (CRISPR)/Cas9, TALENs/MegaTALs, ZFN, Meganuclease, and Others.
Based on Delivery Method, the market is segmented into Ex-vivo, and In-Vivo.
Based on Application, the market is segmented into Genetic Engineering, and Clinical Applications. Based on Mode, the market is segmented into Contract, and In-house.
Based on end use, the market is segmented into Biotechnology and pharmaceutical companies, Academic and government research institutes, and Contract research organizations.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
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CRISPR Segment to Hold Major Market Share Owing to Attractive Technological Advantages
By technology, the CRISPR segment registered a notable market share in the past years and is expected to lead in the future as well owing to its technological benefits. CRISPR has transformed the genome editing space, with the advantages comprising guide RNA-specific recovery, targeted gene disruption, and regulation. These advantages have increased the adoption of the CRISPR technology in a comparatively broader application, thus the segment’s growth. On the other hand, the ZFN segment is projected to hold a significant market share over the estimated period owing to its extensive use in the genome editing domain. ZFNs have successfully targeted HIV, HBV, herpes, papillomavirus, human T-cell leukemia virus types, and simplex virus types since they are highly prone to gene disruption by ZFNs.
Biotechnology & Pharmaceutical Companies Segment Leads Market Due to Rising Number of Research Activities
By end use, the biotechnology & pharmaceutical companies segment held a significant market share in 2023 and is projected to lead in future as well owing to the growing number of research taking place for the development of new therapeutic. In addition, pharmaceutical companies on the global scale are joining hands with the developing companies for the development of novel technologies. Conversely, the academic & government research institutes segment will hold a considerable market share in the future since genome editing is prominently used in university projects. Moreover, active participation by several research institutes is also fueling the growth of the segment.
North America to Dominate the Market Owing to Established Research Infrastructure
Geographically, North America dominated the genome editing market in the previous years and will lead in future as well owing to the major growth in investments from private and public sectors aiding the R&D of genome editing tools. Moreover, well-developed research infrastructure in key nations like the United States hold robust network of universities, research institutes, and biotechnology companies, impacting the growth of the market in the region. The regional growth is further impacted by favorable regulatory environment, mainly in the U.S.
Asia-Pacific is expected to grow as the fastest-growing region over the estimated period owing to growth in the adoption of technologies. Most nations in the region are speedily advancing and adopting genome editing tools with major funding in R&D. Moreover, the growth and progresses of the biotechnology in the region along with the remarkable rise in the number of startups and companies concentrating on gene editing is propelling the market growth.
Prominent Players in Genome Editing Market
- Thermo Fisher Scientific Inc.
- CRISPR Therapeutics AG
- Editas Medicine, Inc.
- Intellia Therapeutics, Inc.
- Sangamo Therapeutics, Inc.
- Precision Biosciences, Inc.
- Cellectis S.A.
- Merck KGaA
- Lonza Group AG
- Horizon Discovery Group plc
Genome Editing Market Insight
Drivers:
- Increasing Incidences of Genetic Disorders
- Growth in Agricultural Applications
- Rising Demand for Personalized Medicines
Restraints:
- Regulatory and Ethical Concerns
- Significant Implementation Cost of Genome Editing
- Technical Hurdles like Delivery Challenges
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Key Questions Answered in Global Genome Editing Market Report
- What is the estimated size of global genome editing market by 2031, according to SkyQuest Technology?
- Which is the leading technology segment in the genome editing market and why?
- Which region will lead the genome editing market by 2031?
This report provides the following insights:
Analysis of key drivers (enhanced delivery systems, growing research and development investment, partnerships and collaborations), restraints (growing public skepticism, clinical translation complexity, lack of skilled personnel), opportunities (progressing gene editing domain, training and education, agricultural biotechnology), and challenges (social and ethical concerns, economic downturns, disputes over intellectual property) influencing the growth of genome editing market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the genome editing market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the genome editing market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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