Rise in adoption of genome editing application and technological advancements in gene-editing tools drive the growth of the global genome editing market
PORTLAND, Ore., Aug. 17, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Genome Editing Market by Application (Cell Line Engineering, Genetic Engineering, Drug Discovery, Gene-modified Cell Therapy, Diagnostics, and Other Applications), Technology (CRISPR, TALEN, ZFN, and Other Technologies), and End User (Academics & Government Institutes, Biotechnology & Pharma Companies, and Contract Research Organizations): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global genome editing industry accounted for $4.81 billion in 2020, and is expected to reach $36.06 billion in 2030, growing at a CAGR of 22.3% from 2021 to 2030.
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Drivers, restraints, and opportunities
Rise in adoption of genome editing applications, increase in prevalence of cancer & other genetic disorders, availability of government funding & growth in genomics projects, and technological advancements in gene-editing tools drive the growth of the global genome editing market. However, ethical issues regarding genome editing hinder the market growth. On the contrary, presence of major market players in developing countries and application in various drug discovery processes are expected to open lucrative opportunities in the future.
Covid-19 scenario:
- The covid-19 pandemic disrupted workflow in the healthcare sector. The spread of diseases forced several industries to close their facilities including sub-domains of healthcare.
- However, the use of CRISPR was favored during the pandemic and technologies based on naturally occurring bacterial gene-editing systems played a vital role to come up with the best defense against Covid-19.
- On the other hand, optimum utilization of the workforce and gene editing for human benefit are some of the challenges that researchers face. Thus, CRISPR-based diagnostic tools to reduce the impact of the Covid-19 gained importance.
The CRISPR segment dominated the market
By technology, the CRISPR segment held the largest share in 2020, accounting for nearly three-fifths of the global genome editing market. Moreover, the segment is expected to showcase the highest CAGR of 24.2% during the forecast period, due to ease of use associated with CRISPR. The report includes an analysis of segments such as TALEN, ZFN, and others.
The biotechnology & pharma companies held the largest share
By end user, the biotechnology & pharma companies dominated the market in terms of revenue in 2020, contributing to nearly two-thirds of the global genome editing market. This is due to rise in prevalence of infectious diseases and cancer. However, the academics and government institutes segment is expected to register the highest CAGR of 22.8% during the forecast period.
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North America held the lion's share
By region, the global genome editing market across North America held the largest share in 2020, contributing to nearly half of the market. This growth is due to development of gene therapy in the U.S., surge in use of genetically modified crops, and increase in prevalence of infectious diseases coupled with availability of research grants and funding. However, the market across Asia-Pacific is expected to register the highest CAGR of 25.2% during the forecast period, owing to rise in funding for genome editing and medical genetics in developing countries in the region.
Major market players
- Agilent Technologies
- Danaher
- CRISPR Therapeutics
- Editas Medicine
- Eurofins Scientific
- Horizon Discovery Limited
- GenScript
- Merck
- Thermo Fisher Scientific.
- Lonza
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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