The Genome Engineering Market is estimated to be valued at US$ 5.96 Bn in 2023 and is expected to exhibit a CAGR of 14.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Genome engineering involves targeted modifications of the DNA of living cells and organisms which have applications for improving human health. Genome engineering tools such as CRISPR are used for precision medicine which involves developing treatments tailored to individual patient’s genetics. It is used for developing treatments for diseases such as cancer, genetic disorders etc. Precisely modifying genomes holds promise to treat or cure genetic disorders.

Market key trends:

One of the major trends driving the growth of genome engineering market is increased focus on precision medicine. Precision medicine refers to the ability to classify individuals into subpopulations that differ in their susceptibility to a particular disease, in the biology and/or prognosis of those diseases they may develop, or in their response to a specific treatment. Precision medicine is transforming disease prevention and treatment with more targeted therapies guided by a person's genes, lifestyle and environment. Genome engineering tools such as CRISPR are enabling researchers to understand the molecular mechanisms of diseases and developing personalized treatment strategies. Several pharmaceutical companies are investing in precision medicine and genome engineering to develop more effective targeted therapies. This is expected to drive significant growth of genome engineering market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as it requires huge capital investments and infrastructure to enter in this market. Additionally, the IP protection and regulations related to genome engineering also poses challenges for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate to high as there are many players operating in this market providing similar products and services. Buyers can negotiate on the price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are many suppliers for raw materials used in genome engineering techniques. Switching costs are also low for buyers.

Threat of new substitutes: Threat of new substitutes is low as currently there are no major substitutes available for genome engineering techniques.

Competitive rivalry: High due to presence of many global and regional players.

SWOT Analysis

Strength: Availability of advanced genome engineering tools and technologies. Growing investments by market players in R&D.

Weakness: High costs associated with genome engineering techniques. Regulatory and ethical issues related to genome editing.

Opportunity: Increasing applications in disease treatments, drug discovery, and development of new transgenic crops. Growing healthcare expenditure.

Threats: Risk of off-target mutations. Concerns regarding safety and precision of genome engineering.

Key Takeaways

The Global Genome Engineering Market Size is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period, due to increasing R&D investments for development of precision genome editing tools and growing application areas of genome engineering.

Regionally, North America dominated the global genome engineering market in 2023, with largest market share owing to presence of major market players and availability of advanced healthcare facilities in the US and Canada. However, Asia Pacific is expected to exhibit promising growth over the forecast period owing to increasing government support for life science research and growing healthcare expenditure in emerging economies like China and India.

Key players operating in the genome engineering market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics, Inc., Editas Medicine, Inc., Sangamo Therapeutics, Inc., Bluebird Bio, Inc., Cellectis S.A., and Merck Group. Major players are focusing on new product launches, collaborations and acquisitions to strengthen their market position.

Read More: https://www.rapidwebwire.com/genome-engineering-market-demand-growth-and-regional-outlook-by-2030/