The genome engineering market involves the modification of cellular DNA or RNA to facilitate potential medical treatments. Genome engineering utilizes technologies such as CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats), TALENs (Transcription Activator-Like Effector Nucleases), and zinc finger nucleases to alter the DNA of living organisms. These technologies hold promise in applications including treating genetic diseases, developing enhanced gene or cell therapies, gene drives for suppressing diseases transmitted by mosquitoes, and improving agricultural crops and livestock. The global genome engineering market offers advantages such as enhanced agriculture yields, disease treatment prospects, as well as economic opportunities for developing nations.
Global genome engineering market is estimated to be valued at USD 6.71 Bn in 2024 and is expected to reach USD 17.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.5% from 2024 to 2031.
Key Takeaways
Key players operating in the genome engineering market are: Crispr Therapeutics, Editas Medicine, Intellia Therapeutics, Caribou Biosciences, and Egenesis.
Growing Genome Engineering Market Trends for advanced gene and cell therapies for treating cancer, genetic disorders, and infectious diseases is fueling investments towards developing newer genome engineering technologies. Several clinical trials are ongoing to demonstrate the efficacy and safety of genome engineered therapies.
Leading genome engineering companies are also collaborating with global research institutions and expanding their R&D centers across Asia, Europe and North America to cater to the widening scope of applications and patent opportunities.
Market Key Trends
One of the important trends gaining momentum in the genome engineering market is the integration of artificial intelligence tools to advance personalized medicine. Computational genomics assisted by machine learning is being leveraged to analyze huge volumes of genetic data, facilitate drug discovery from genomes, as well as design optimal CRISPR therapies. Startups focused on genome editing assisted by AI are emerging and attracting venture funding. This convergence of genome engineering and AI poses opportunities to develop digital therapeutics with potential to transform healthcare management in the coming years.
Porter’s Analysis
Threat of new entrants: High startup costs and intellectual property protection create barriers.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over technology providers.
Bargaining power of suppliers: Few biotech firms dominate tools supply increasing supplier bargaining power.
Threat of new substitutes: Emerging gene therapies provide substitutes though high R&D costs limit threats.
Competitive rivalry: Intense competition between technology leaders to gain advantage in patents and partnerships.
Geographical Regions
North America currently holds the largest share of the Genome Engineering Market Regional Analysis, primarily due to growing R&D expenditure by biotech and pharmaceutical companies. The presence of major players in the region and availability of advanced technologies and trained workforce has also boosted market growth.
The Asia Pacific region is expected to witness the highest growth during the forecast period, attributed to increasing government support for genomics research, growing academic & research collaborations, and rising healthcare expenditure in countries such as China and India. Growing biotech industry, improving research infrastructure, and expanding patient pool make Asia Pacific an attractive market for genome engineering companies.
Get More Insights on- Genome Engineering Market
For Deeper Insights, Find the Report in the Language that You want:
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)