Global Genome Editing Market is witnessing a high CAGR growth of 18.3% and is expected to reach USD 15.8 Bn by 2027
The global genome editing market is growing significantly due to an increase in applications of genome editing in DNA sequencing and rising demand for personalized medicine. Moreover, ongoing research on pharmacogenomics and growing need for specific targeted drug delivery is expected to boost the growth of genome editing market across the world. Rising application of genome editing in optimizing pharmacokinetics and metabolism of the drugs to reduce side effects is expected to uplift the genome editing demand in the market. In addition, ongoing research, and development in programmable nucleases such as Zinc-finger Nuclease (ZFNs), TALENs, and CRISPR has immensely accelerated the progress of gene editing in clinical practices which trigger the growth of the ecosystem. On the contrary, genome editing provokes challenges such as causing tumors, targeting wrong cells, and generation of unintended consequences hinders the growth of genome editing market.
Increasing number of start-ups in the ecosystem is expected to change the future of biotech and medicine. For instance, INSCRIPTA (US) founded in year 2015 developed MAD7™ nuclease to promote adoption of CRISPR tools in academic and commercial settings. The emergence of new entrants into the market is expected to propel the growth of the industry across the globe. In October 2021, Inscripta, Inc., granted a non-exclusive license for Hunterian Medicine®, a gene-therapy and gene editing company for access MAD7™ nuclease which is one of the CRISPR nucleases in Inscripta MADzymes™. Increasing development in gene editing process is expected to uplift the growth of genome editing demand across the world. Moreover, ongoing discoveries on CRISPR as a precise genome editing tool are expected to result in several CRISPR-based companies across the globe.
Covid-19 pandemic has positively impacted the growth of the genome editing market due to a rise in research activities from the companies for the development of covid-19 therapies. Moreover, there is an increase in demand for genome editing technology after the pandemic for development of covid therapy. Rising need for virus identification protocols, diagnostic procedures of virus strain identification, and ongoing evolution of use of CRISPR methodologies for covid-19 vaccine are expected to propel the growth of the industry during the forecast period.
Global Genome Editing Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, Asia-Pacific market is expected to witness the highest growth during forecast period due to penetration of technologies for gene therapy in countries such as India, China, and Mexico. Moreover, growing applications of gene editing in agriculture is expected to fuel the growth of the market during the forecast period. Presence of strong government support in terms of funding for research activities and growing healthcare infrastructure are expected to boost the growth of the genome market during forecast period.
The Global Genome Editing Market Segmentation:
Global Genome Editing Market by Product & Services Type Outlook (Revenue, USD Million, 2021-2027)
Global Genome Editing Market by Technology Type Outlook (Revenue, USD Million, 2021-2027)
Global Genome Editing Market by Applications Type Outlook (Revenue, USD Million, 2021-2027)
Global Genome Editing Market by End Users Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the genome editing market are: