The global Genome Editing Market Market is expected to reach USD 30.23 billion in 2030 and register a CAGR of 18.2% over the forecast period, according to the latest report by Reports and Data. Key factors such as the rising application of Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) genome in different fields of biotechnology and increasing investments by governments and private investors in biotechnology & biomedical research are driving the market revenue growth. Genome editing, commonly known as gene editing or genome engineering is a process that allows researchers to change or modify gene sequences of living organisms.
Genome editing is widely used by pharmaceutical companies, biotechnology companies, and academic & government research institutes. The pharmaceutical companies segment accounted for the majority revenue share in the global market in 2020. The increasing use of gene-editing technology in pharmaceutical research & development activities is a major factor driving revenue growth of this segment.
Based on regional analysis, North America is expected to account for the largest revenue share over the forecast period. Major revenue growth contributors in this region are the United States and Canada. Factors such as rapid advancements in genome editing technologies, high demand for genetically modified crops, and increasing focus on R&D activities associated with gene therapy are expected to drive revenue growth of the market in this region.
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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as the rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, increasing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Some Key Highlights From the Report:
- In December 2019, Horizon Discovery Group launched its predesigned synthetic Single Guide RNA (sgRNA). It would enable researchers to obtain reliable gene knockouts in difficult-to-edit, complex cell types, and experimental models.
- Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) segment accounted for the largest revenue share in the global market in 2020. CRISPR has various advantages such as ease of use, enhanced efficacy, and cost-effectiveness. Therefore, it is extensively used by researchers in gene alteration processes.
- Asia Pacific accounted for a 23.4% revenue share in the global market in 2020 and is expected to register the fastest revenue CAGR compared to other regional markets over the forecast period. This can be attributed to the rising prevalence of various infectious diseases.
Top Players in the Global Genome Editing Market Market:
Thermo Fisher Scientific, Merck & Co, Horizon Discovery Limited, Lonza, GenScript, Eurofins Scientific, Precision Biosciences, Oxford Genetics, Intellia Therapeutics, and Sangamo Therapeutics.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on the development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
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Genome Editing Market Market Segmentation:
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)
- Zinc-finger Nucleases (ZFNs)
- Transcription Activator-like Effector Nucleases (TALEN)
Product and Service Outlook (Revenue, USD Billion; 2019-2030)
- Software & Systems
- Reagents & Consumables
Application Outlook (Revenue, USD Billion; 2019-2030)
- Cell Line Engineering
- Diagnostic Applications
- Genetic Engineering
- Drug Discovery & Development
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Pharmaceutical Companies
- Biotechnology Companies
- Academic & Government Research Institutes
Global Genome Editing Market Market Report: Regional Segmentation
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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