by The genome engineering market includes various products and services pertaining to DNA/genome sequencing, gene editing and genetic engineering. Genome engineering techniques are widely utilized in various end use industries such as healthcare, agriculture and others for multiple diagnostic and research purposes. Advancements in next generation sequencing technologies have enabled high-throughput, cost effective and accurate sequencing of genomes to understand genetic variations, helping in target identification and validation for drug discovery and precision medicine. Such rapid developments in sequencing technologies are expected to fuel the demand for genome editing tools that can modify DNA at specific locations.
The global genome engineering market is estimated to be valued at US$ 6.87 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
As highlighted in the heading, next generation sequencing is expected to flourish the genome engineering market during the forecast period. Advancements in sequencing technologies such as third generation sequencing and single cell sequencing have enabled sequencing of whole genomes rapidly and at lower costs. This has increased the understanding of genetic basis of various diseases. Genome editing tools are further required to selectively modify genes identified via sequencing, helping in development of therapeutics. Additionally, rising applications of CRISPR technology for crop improvement in agriculture is also expected to propel the demand for genome engineering tools over the coming years. Other major drivers include increased R&D investments in synthetic biology and growing focus on developing personalized diagnostics and therapeutics.”
Segment Analysis
The genome engineering market is segmented by technology into CRISPR, TALEN, ZFN, and others. Among these, the CRISPR segment dominates the market and accounts for around 50% share of the total market. CRISPR is being increasingly adopted due to its simplicity, versatility and cost-effectiveness as compared to other genome engineering technologies like TALEN and ZFN. The technology provides flexibility to precisely modify genes at specific locations and its adoption is rising rapidly in biological research and therapeutics development.
PEST Analysis
Political: Government support for research in genome engineering through funding is driving the market growth. However, strict regulations for genetic modifications can hamper the development of new therapies.
Economic: Rising incidence of diseases requiring gene and cell therapies is increasing the healthcare burden on economies. Genome engineering provides avenues for new treatments which can boost economic growth.
Social: Increasing scientific literacy and awareness about potential benefits of genome engineering is positively impacting the market. However, ethical issues related to human germline editing can raise social concerns.
Technological: Advancements in genome sequencing, gene synthesis and delivery techniques are expanding applications of genome engineering. Systems biology approaches also help in developing more efficient genome engineering tools.
Key Takeaways
Global Genome Engineering Market Size is expected to witness high growth over the forecast period supported by rising R&D investments and technological advancements.
Regional analysis: The Asia Pacific region is projected to grow at the fastest pace in the coming years led by increasing research spending, emerging biotech hubs and expanding clinical research in China and India.
Key players: Key players operating in the genome engineering market are Accenture, Appian Corporation, Genpact, Infosys Limited (Infosys BPM), Open Text Corporation, Kissflow Inc., Nintex Global Ltd., Software AG, International Business Machines Corporation, Tata Consultancy Services Limited., and Pegasystems Inc. Accenture holds a leading position in the market with comprehensive suite of services for automated workflows and digital transformations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
