Genome Editing Market Expected to Reach $36.0 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Genome Editing Market by Application, Technology, and end user: global opportunity analysis and industry forecast, 2021–2030," the global genome editing market was valued at $4.81 billion in 2020 and is projected to reach $36.06 billion by 2030 registering a CAGR of 22.30% from 2021 to 2030.

Gene editing has indicated a good potential for the treatment of genetic disorders, infectious diseases, and cancer. Gene editing is a type of genetic editing where a DNA is inserted, deleted or replaced in the genome of an organism to treat a particular disease using an engineered nuclease or molecular scissor. These nucleases create site-specific double-stranded breaks at desired locations in the genome. The induced double-stranded breaks are repaired through non-homologous end joining or homologous recombination resulting in targeted mutations (edits).

Continuous technological advancements in gene-editing tools is a major factor driving the growth of the market. Furthermore, availability of government funding, growth in the number of genomics projects and rise in prevalence of cancer & other genetic disorders will also drive the market growth. In addition, development of CRISPR-based novel diagnostic tools to mitigate adverse impact of the COVID-19 pandemic also boost the genome editing market growth. Conversely, high cost of genomic equipment and increase in concerns about the risks and ethical issues associated with genome editing are some restraints that hinder the growth of the market to some extent. On the other hand, presence of key players in emerging economies and applications in several drug discovery processes are few factors create lucrative opportunities for the genome editing market in the near future.

The global genome editing market segmented on the basis of application, technology, end user and region. On the basis of application, it is further classified into cell line engineering, genetic engineering, drug discovery, gene modified cell therapy & diagnostics and other applications. By technology, it is divided into CRISPR, TALEN, ZFN and other technologies. Based on end user, it is subdivided into academics & government institutes, biotechnology & pharma companies, and contract research organizations. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on technology, the CRISPR segment accounted for the largest share of the genome editing market in 2020. The large share of this segment can be attributed to the ease of use associated with CRISPR, which gives it a significant advantage over ZFN and TALEN.

By end user, the biotechnology & pharma companies segment accounted for the largest share of the genome editing market in 2020. The increasing prevalence of infectious diseases and cancer is driving research activities worldwide. This is expected to drive the demand for genome editing in biotechnology & pharmaceutical companies.

North America is projected to account for a major share of the global genome editing market during the forecast period. The market in the region is anticipated to grow in the future, owing to development of gene therapy in the U.S., increase in use of genetically modified crops, rise in prevalence of infectious diseases and cancer, and the availability of research grants and funding are propelling the market growth in North America.

KEY FINDINGS OF THE STUDY 

• Based on application, the genetic engineering segment held the largest share in the global market in 2020.
• On the basis of technology, the CRISPR segment held the largest market share in 2020 and is expected to remain dominant throughout the forecast period. 
• On the basis of end user, the biotechnology companies held largest market share in 2020 and is expected to remain dominant throughout the forecast period. 
• Based on region, North America is expected to experience growth at the highest rate, registering a CAGR of 19.90 % during the forecast period. 

Asia-Pacific is projected to account for a major share of the global genome editing market during the forecast period. The market in the region is anticipated to grow in the future, owing to shortage of facilities offering super-specialty care and rise in willingness among parents to seek opinion from super-specialists and increase in availability of developed healthcare infrastructure & continuous research activities for development of advanced technologies and services in the region.