Global Gene Editing Market Set to Double by 2028, Fueled by Rising Government Funding and Genomics Projects

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Aug 24, 2023, 10:15 ET

DUBLIN, Aug. 24, 2023 /PRNewswire/ -- The "Global Gene Editing Market by Product & Service (Reagents, Consumables, Systems, Software), Technology (CRISPR, TALEN, ZFN, Antisense), Application (Cell Line Engineering, Genetic Engineering, Drug Discovery), End User (Pharma, Biotech) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The gene editing market is on the brink of remarkable growth, projected to surge from USD 5.3 billion in 2023 to a whopping USD 10.6 billion by 2028, marking an impressive Compound Annual Growth Rate (CAGR) of 15.0%. This phenomenal growth is attributed to the escalating government funding and proliferation of genomics projects, which are poised to significantly impact the market.

Government Funding and Genomics Projects Propel Growth

March 2022 witnessed a substantial boost in gene editing research as the US National Institutes of Health (NIH) expanded funding with a USD 89 million allocation for new projects. Simultaneously, the European Union initiated the Horizon 2020 program, a significant financial resource dedicated to advancing genomics research and gene editing ventures. Additionally, global players like China, Japan, and South Korea have established robust national genomics programs, fueling the advancement of gene editing technologies.

Gene Editing Services Lead the Surge

Intriguingly, gene editing services are predicted to witness the highest growth during the forecast period. The gene editing market is segmented into reagents & consumables, software & systems, and services. Notably, gene editing services encompass sequencing services, data analysis, bioinformatics services, and more. Service providers also offer tailored sequencing services, amplifying the demand for genomic sequencing in biomedical applications, consequently spurring growth in the gene editing market.

Pharmaceutical & Biotech Companies Dominate

Pharmaceutical & biotechnology companies took the lead in the global gene editing market in 2022. This dominance is attributed to the burgeoning demand for gene editing in pharmaceutical applications, especially in pharmacogenomics. Biomarkers' growing significance has driven the adoption of genomic systems and services, as they find versatile applications in drug development. Moreover, biotech companies are proactively building genomic databases to innovate and develop new therapeutics.

Asia Pacific: A Gene Editing Powerhouse

The Asia Pacific (APAC) region emerges as the epicenter of gene editing growth, expected to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period. The region's surge is powered by substantial research investments and increasing applications of gene synthesis for engineering cells and tissues of organisms. Amidst this growth, Japan is grappling with cancer as a leading cause of death, prompting government initiatives such as the Japan Regenerative Medicine Project and Japan Cancer Research Project. Collaborations between local organizations and global giants also contribute to this dynamic landscape.

Key Market Dynamics

Drivers:

Rising Government Funding and Number of Genomics Projects
Growing Applications of Genomics
Introduction of Crispr-Cas9

Restraints:

Off-Target Effects of Crispr Technology

Opportunities:

Extensive Use of Genome Editing in Personalized Medicine
Expanding Pipeline for Gene Therapy

Challenges:

High Equipment Costs

Key Players Paving the Way

The gene editing market is propelled by key players such as:

Agilent Technologies
Amsbio
Beam Therapeutics
Bluebird Bio Inc.
Caribou Biosciences
Cellectis SA
Creative Biogene
Crispr Therapeutics AG
Editas Medicine
Genscript
Inscripta
Intellia Therapeutics
Lonza
Mammoth Biosciences
Merck KGaA
New England Biolabs
Origene Technologies
Perkinelmer
Precision Biosciences
Regeneron Pharmaceuticals Inc.
Sangamo Therapeutics
Synthego Corporation
Tecan Life Sciences
Thermo Fisher Scientific

Unveiling the Future

With a promising forecast, the gene editing market is poised for transformative growth. Government funding, technological advancements, and strategic collaborations are igniting this revolution. The gene editing realm promises not only groundbreaking scientific progress but also a landscape ripe for innovation and opportunity.

For more information about this report visit https://www.researchandmarkets.com/r/5s464h

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