Recent developments in this field have led to significant improvements in the genome editing capabilities that have enabled the modification of gene sequences of interest in a wide variety of cell types and model organisms. Genome engineering, earlier used by large research organizations, such as academic and government research centers, has now become a potentially transformative diagnostic tool, especially for oncology studies. This shift from academics to clinical and diagnostic laboratories is primarily driven by rapid improvements in gene editing technologies.
According to the new market research report Genome Editing Market is projected to USD 11.7 billion by 2026 from USD 5.1 billion in 2021, at a CAGR of 18.2 % between 2021 and 2026.
The genome engineering market is highly fragmented, with a large number of small to medium manufacturers competing with established 2-3 players such as Thermo Fisher (US), Merck KgaA (Germany), GenScript (China) that account for a share of approximately 20% to 30% of the market. These competitors are aggressively targeting each other’s market share and pricing their products accordingly. The presence of a large number of companies has increased the intensity of rivalry in this market. Therefore, the intensity of competitive rivalry in the genome editing market is high.
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- In October 2021, Merck KGaA licensed its patented CRISPR-Cas9 technology to Cellecta for the development of next-generation treatments, which has allowed researchers and scientists to advance treatments for genetic blood disorders, cancers, and ophthalmological diseases.
- In May 2019, Thermo Fisher Scientific acquired Brammer Bio to increase its global presence in the market with the addition of the expertise of Brammer Bio in the manufacturing of vectors for genes and cell therapies.
Thermo Fisher Scientific (US) is the leading player in the global genome editing market. The company operates in over 50 countries across North America, Europe, Asia, and Latin America. The company’s business segments include Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products Services. To maintain its position and increase its customer base in the Genome Engineering Market, the company mainly focuses on expanding its market presence by adopting growth strategies, such as acquisitions, partnerships, and collaborations.
Merck KGaA (Germany) has gained a significant share in genome editing on account of its diversified product portfolio, widespread geographical presence, and focus on strategies such as agreements with other companies. Merck provides gene editing products through their research solutions subsegment of the Life Science segment. The company primarily focuses on inorganic strategies such as agreements.
Recent developments in this field have led to significant improvements in the genome editing capabilities that have enabled the modification of gene sequences of interest in a wide variety of cell types and model organisms. Genome engineering, earlier used by large research organizations, such as academic and government research centers, has now become a potentially transformative diagnostic tool, especially for oncology studies. This shift from academics to clinical and diagnostic laboratories is primarily driven by rapid improvements in gene editing technologies. The growth of the gene editing market is expected to be driven by the rise in government funding and growth in the number of genomics projects, increased application areas of genomics, and the introduction of CRISPR-Cas9 for genome engineering. On the other hand, the off-target effects of CRISPR technology and high equipment costs may hinder the growth of the genome editing market share.
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The genome editing market is divided into five major regions—North America, Europe, Asia Pacific, Latin America (LATAM), and the Middle East and Africa (MEA). North America accounted for the largest share of this market, followed by Europe in 2020. The key factors driving the growth of the market in North America include the investment in research and development of gene therapy, increased use of GM crops in recent times, and tremendous changes in terms of technological changes, fueled by grants and funds from various government institutions in the US.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]
Press Release: https://www.prnewswire.com/news-releases/genome-editinggenome-engineering-market-worth-11-7-billion-by-2026–exclusive-report-by-marketsandmarkets-301428916.html