Gene Editing Market worth over $10bn by 2026
Published Date: October 1, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Gene Editing Market size is set to surpass USD 10 billion by 2026, according to a new research report by Global Market Insights, Inc. Growth of biotechnology and biopharmaceutical sector and increasing R&D expenditure in genomics are anticipated to develop the market demand for advance gene editing tools.
Growing demand for synthetic genes in developed as well developing economies should boost the market expansion. Over the past few years there has been an increasing demand for genetically modified (GM) crops in developing economies such as China. BT crops have longer shelf life and additional nutritional benefits and hence, are preferred by majority of the population residing in the urban areas. Also, rising Chinese population faces food scarcity that increases the demand for GM crops and vegetables that will ensure high demand for gene editing techniques utilized in producing bioengineered seeds. Additionally, increasing preference for synthetic genes in manufacturing biologics and drug utilized in cancer treatment will accelerate the market value.
Multiple applications of gene editing in animal genetic engineering
The animal genetic engineering segment held around 27% market share in 2019. Increasing consumption of dairy as well as other commercial products obtained from domestic animals has encouraged the demand for gene editing techniques. Animal genetic engineering allows scientists to produce a high-quality animal with desirable breeding traits. Growing demand for products obtained from domestic animals coupled with wide applicability of animal genetic engineering in prevention of various veterinary diseases will contribute towards the market revenue.
Browse key industry insights spread across 141 pages with 103 market data tables & 14 figures & charts from the report, “Gene Editing Market Size By Application (Cell Line Engineering, Animal Genetic Engineering, Plant Genetic Engineering), By Technology (CRISPR/Cas9, Zinc Finger Nucleases (ZFNs), TALENs), By End-User (Biotech and Pharma Companies, Contract Research Organizations (CROs), Research Institutes), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Potential of Zinc Finger Nucleases (ZFNs) to mediate specific and efficient genome editing
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ZFNs gene editing tool accounted for USD 940 million revenue in 2019 owing to its multiple applications and benefits in gene editing. Desired DNA sequences can be targeted using specifically engineered Zinc finger domains and this allows ZFNs to target unique sequences to precisely alter the genomes of higher organisms.
Research institutes will drive the gene editing industry size expansion
The research institutes segment is expected to witness 15% growth rate till 2026. Rising government support and grants for research studies undertaken by scientists have substantially accelerated the segment growth. Also, higher demand for innovations in therapeutic disciplines to treat various genetic as well as rare disorders across the globe will contribute towards the market growth trends.
Growing research studies in the European region will bolster its market revenue
Europe gene editing market size was more than USD 1 billion in 2019 due to strong foothold of eminent industry participants in the region. Increasing support from government to fund research studies regarding advanced gene therapies for genetic disorders in the European region will further favor the industry growth. However, in regard to GM crops, the current interpretation of the European legislation prevents the use of gene editing in the EU over some safety concerns that limits the regional market demand.
Increasing research and development activities to advance gene editing arena
Some of the leading players operating in the market include Allele Biotechnology and Pharmaceuticals, Applied StemCell, Bio-Rad Laboratories, CRISPR Therapeutics, GenScript Corporation, Thermo Fisher Scientific, Integrated DNA Technologies, Agilent Technologies, EMD Millipore (Merck KGAa), Takara Bio, Horizon Discovery, Origene Technologies, Sangamo Therapeutics, and Caribou Biosciences, among others.
These companies are undertaking several initiatives to deliver new and innovative aspects of gene editing tools that will help them to garner major chunk of the market share. For instance, in August 2020, Beam Therapeutics established collaboration with Institute of Molecular and Clinical Ophthalmology Basel for developing precision genetic medicines through base editing. This strategy will assist in expanding the company’s offerings and to sustain the market competition.