Visiongain has published a new report: Genome Editing Technologies Market Report 2024-2034: Forecasts by Technology (CRISPR, TALEN, ZFN, Meganucleases, Others), by Application (Genetic Engineering (Cell Line Engineering, Animal Genetic Engineering, Plant Genetic Engineering, Others), Drug Discovery & Development, Diagnostic Applications)), by End-users (Biotechnology Companies, Pharmaceutical Companies, Academic & Government Research Institutes, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The genome editing technologies market is estimated at US$6,360.0 million in 2024 and is projected to grow at a CAGR of 17.6% during the forecast period 2024-2034.
Rising Incidence of Genetic Disorders and Chronic Diseases is Boosting Market Growth
The market for genome editing and gene therapy is experiencing rapid expansion and is currently in a high-growth phase. This surge is driven by the increasing incidence of genetic disorders and chronic diseases, which heighten the need for efficient therapies. Genome editing offers the potential for long-term or even permanent treatments for certain illnesses, significantly contributing to industry growth. Research is expanding into various diseases, including cancer, infectious diseases, and rare genetic disorders, as gene therapy applications continue to broaden with advances in genetics and molecular biology. This progress attracts substantial attention and funding, further accelerating market development.
In 2023, the incidence of chronic diseases remains high, with 10 million new cancer cases, 60 million cardiovascular disease cases, 2.5 million lung cancer cases, 2.3 million breast cancer cases, and 0.3 million severe haemoglobin disorder cases. The growing prevalence of chronic conditions like cardiovascular diseases, neurodegenerative disorders, and orthopaedic issues is fueling a substantial demand for genomic research. This market is anticipated to maintain its growth momentum in the coming years, largely due to the increasing number of cancer patients, including those with breast, bone, blood, and skin cancers. As the World Health Organization (WHO) notes, cancer remains a leading cause of death worldwide, highlighting the urgent need for advancements in genomic research and gene therapy..
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How has COVID-19 had a Significant Impact on the Genome Editing Technologies Market?
COVID-19 has significantly impacted the genome editing technologies market by accelerating research and development. The urgent need for rapid diagnostic and therapeutic solutions during the pandemic led to the widespread adoption of CRISPR-based diagnostic tools. These tools have demonstrated the potential of genome editing technologies in providing quick and accurate detection of the virus, thereby increasing their visibility and utility. This heightened focus on CRISPR and other genome editing technologies has spurred further innovations and applications, extending beyond diagnostics to potential treatments and preventive measures for infectious diseases.
Additionally, the pandemic underscored the importance of robust and flexible biomedical research infrastructures, leading to increased funding and investment in genome editing technologies. Governments and private sectors have funnelled substantial resources into genomic research to better understand the virus and develop effective countermeasures. This influx of funding has not only supported immediate COVID-19-related projects but also strengthened the overall capacity of the genome editing field. As a result, the market for genome editing technologies is poised for sustained growth, driven by the advancements made during the pandemic and the broader recognition of their transformative potential in healthcare.
How will this Report Benefit you?
Visiongain’s 311-page report provides 127 tables and 182 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the genome editing technologies market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Genome Editing Technologies. Get financial analysis of the overall market and different segments including scale of operation, size of contract manufacturer, and source of stem cells, type of stem cells, and end-user and capture higher market share. We believe that there are strong opportunities in this fast-growing genome editing technologies market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Expanding Applications of Genomics in Medicine, Agriculture, and Biotechnology Driving Industry Growth
The expanding applications of genomics in precision medicine, agriculture, and biotechnology are driving a significant increase in demand for genome editing technologies. Tools such as CRISPR-Cas9, zinc finger nucleases, and TALENs, allow for accurate DNA sequence modifications, simplifying gene manipulation across various organisms. Continuous scientific advancements in gene-editing technologies are enhancing the market's profitability. Notably, in January 2024, CRISPR Therapeutics received FDA approval for their CASGEVY product to treat thalassemia, following a similar approval in December 2023 for sickle cell disease. The industry is also benefiting from favorable government regulations around synthetic biology, increasing investments from governments and major companies, and the rising demand for modified genes and cells. Additionally, the development and application of novel gene editing techniques have significantly contributed to market growth.
Genome editing technologies have the potential to revolutionize genetic disease treatment by directly targeting and correcting mutations, boosting demand in research and clinical settings. . CRISPR gene editing, especially in human induced pluripotent stem cells (hiPSCs), shows significant promise for stem cell research and treating various illnesses. Cell line engineering is crucial in biotechnology, drug development, and gene therapy, allowing precise genetic modifications. Companies like CRISPR Therapeutics and Editas Medicine are leading the development of genome editing therapies through innovative strategies, clinical trials, and partnerships, driving industry growth.
Increasing Demand for Genome Editing Technology in Emerging Markets is Propelling Market Expansion
Singapore, Russia, Brazil, India, China, Mexico, South Africa, South Korea, Indonesia, and Turkey are key emerging economies in the genome editing technologies industry. In China, significant investments and advancements in genome editing have positioned the country as a leader in global research and application. Pioneering CRISPR-Cas9 technology efforts by institutions like BGI Genomics and Huada Genomics Institute have led to breakthroughs in human health and agriculture, addressing critical issues such as food security and sustainability.
The Chinese market presents a substantial and attractive long-term growth opportunity for life science research, driven by the increasing health demands of an aging population. According to the National Bureau of Statistics, China's R&D spending in 2023 exceeded US$458.5 billion, an 8.1% increase from the previous year. The Chinese government promotes scientific and technological innovation as a core element of long-term socioeconomic development through funding, reform, and societal recognition. China's 14th Five-Year Plan (2021-2025) emphasizes innovation-driven development, aiming for R&D spending to grow by more than 7% annually.
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Where are the Market Opportunities?
Strong Product Pipeline with Genome Editing Technology is Expected to Offer Lucrative Growth Prospects
The expanding gene therapy pipeline in the gene editing industry holds the potential for significant advancements in treatments for genetic abnormalities and other diseases. Gene therapy entails introducing therapeutic genes into a patient's cells with the help of gene editing tools to correct genetic mutations or restore normal gene function. In February 2023, GenScript, a company based in China, announced the expansion of its facility in Singapore to improve its high-end gene synthesis services.. This expansion has substantially increased the company's gene-synthesis capabilities, enabling the development of innovative vaccines and treatments in the life sciences.
Advancements in delivery technologies are expected to enhance the safety and efficacy of gene therapies. Investing in advanced delivery systems such as lipid nanoparticles, exosomes, and viral vectors will allow gene therapy to target more challenging diseases and improve patient outcomes. Additionally, combining gene therapy with other therapeutic modalities, like chemotherapy, immunotherapy, or targeted therapy, can address complex disorders with multifactorial etiologies and enhance therapeutic effectiveness. For instance, the first-in-human trial combining gene therapy and immunotherapy, scheduled for September 2023, is anticipated to improve the survival rate of patients with malignant brain gliomas. These developments are expected to drive product growth during the forecast period.
Collaboration and Partnerships Among Key Players
Collaboration between healthcare providers and medical device manufacturers enhances patient outcomes that drives market growth. By partnering with healthcare providers, manufacturers can better understand clinical needs, refine device designs, and ensure effective integration within healthcare systems. These collaborations also facilitate clinical trials, evidence generation, and reimbursement support for genome editing technologies.
Recent developments highlight the significance of these partnerships. In April 2024, Agilent Technologies and the University of California San Diego established the Agilent Center of Excellence in Cellular Intelligence. In March 2024, GenScript Biotech Corporation partnered with Roche, and Lonza acquired a major biologics site in the U.S. from Roche. Additionally, Sophia Genetics integrated its DDM bioinformatics platform with Agilent Technologies' new SureSelect Cancer Comprehensive Genomic Profiling assay kit in March 2023. In September 2023, Tecan and PacBio collaborated on genomics research, demonstrating the ongoing trend of strategic alliances in the industry.
Competitive Landscape
The market for genome editing technologies is highly fragmented, with numerous companies actively participating. Major players, including Thermo Fisher Scientific Inc., GenScript, CRISPR Therapeutics, Revvity, Agilent Technologies Inc., Merck KGaA, Sangamo Therapeutics Inc., Lonza, Tecan Trading AG, Editas Medicine, and Precision Biosciences, collectively accounted for major share in the global market n 2023. Leading firms including Thermo Fisher Scientific Inc. and CRISPR Therapeutics are at the forefront of developing advanced genome editing technologies, such as CRISPR-Cas9 systems, engineered nucleases, and innovative delivery methods. Their commitment to innovation is driving the market's evolution and setting new standards for technological advancements.
Recent Developments
- In May 2024, Editas Medicine disclosed a two-year extension of its collaboration with Bristol Myers Squibb. This agreement allows the parties to continue their joint efforts in researching, developing, and potentially commercializing autologous and allogeneic alpha-beta T cell therapies for the treatment of cancer and autoimmune disorders. Moreover, the extension includes provisions for the possibility of further extending the collaboration for up to an additional two years.
- In April 2024, Cellectis launched new TALEN editing processes that are efficient in HSPCs correction and insertion of genes.
- In March 2024, Integrated DNA Technologies, a subsidiary of Danaher Corporation launches a new tailored vector onboarding tool for gene synthesis optimization.
- In February 2024, Integrated DNA Technologies collaborated with Element Biosciences for Element’s AVITI System.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Viral Vectors & Plasmid DNA Manufacturing Market Report 2024-2034
- Artificial Intelligence (AI) in Genomics Market Report 2023-2033
- Gene Therapy R&D Market Report 2022-2032
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