Dublin, May 27, 2024 (GLOBE NEWSWIRE) -- The "Global Gene Editing Tools Market" report has been added to ResearchAndMarkets.com's offering.
The global gene editing tools market accounted for USD 0.574 billion in 2023 and is expected to reach USD 3.83 billion by 2034 with a CAGR of 18.84% during the forecast period 2024-2034.
Rising applications of genomics, breakthroughs in CRISPR technology, an expanding pipeline for gene therapy, more government funding and support, a growing focus on food security and sustainable agriculture, and increased awareness of genetic illness will all fuel market expansion.
Gene editing technologies play an important role in the evolution of precision medicine, which seeks to customize medical treatments to individual patients based on their genetic composition. The capacity to accurately modify the genome provides potential therapeutic interventions for genetic abnormalities, cancer, and other diseases, increasing demand for gene editing technology. For instance, in February 2024, Intellia Therapeutics and Regeneron Pharmaceuticals formed a strategic cooperation to explore gene editing treatments.
By product, the clustered regularly interspaced short palindromic repeats (CRISPR/Cas9) segment accounted for the highest revenue-grossing segment in the global gene editing tools market in 2023 owing to the highly efficient and precise gene editing capabilities, widespread adoption across research and industry, and continuous advancements in CRISPR-based technologies. For instance, in March 2024, CRISPR Therapeutics launched a clinical trial for a CRISPR-based gene therapy for cystic fibrosis. Additionally, the viral systems segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for viral vectors in gene therapy applications, advancements in viral delivery systems, and increasing research and development activities in viral-based gene editing techniques.
By application, the cell line engineering segment accounted for the highest revenue-grossing segment in the global gene editing tools market in 2023 owing to the growing demand for cell-based therapies, advancements in genome editing techniques for cell line development, and expanding applications in biopharmaceutical production and regenerative medicine. For instance, in January 2022, the United Kingdom government stated that gene editing would result in the production of climate crisis-resistant crops. Additionally, the biosensing development segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing focus on point-of-care diagnostics, demand for rapid and sensitive detection methods, and advancements in biosensor technology enabling gene editing detection and monitoring applications.
By end-user, the biotech and pharma companies segment accounted for the highest revenue-grossing segment in the global gene editing tools market in 2023 owing to the significant investments in gene editing research and development, extensive pipelines for therapeutic applications, and strategic collaborations driving innovation and commercialization efforts. For instance, in January 2022, Pfizer, a multinational pharmaceutical and biotechnology business headquartered in the United States, inked a four-year contract for $300 million with Massachusetts-based Beam Therapeutics, a pioneer in the creation of CRISPR editing technologies. Additionally, the contract research organizations segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising outsourcing trends in biopharmaceutical research and development, increasing demand for specialized gene editing services, and cost-effective solutions offered by contract research organizations.
North America is anticipated to have the highest revenue share during the forecast period owing to the presence of major biotechnology and pharmaceutical companies, robust research infrastructure, supportive regulatory environment, and significant investments in gene editing technologies and applications.
Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding biotechnology and healthcare sectors, increasing investments in research and development, rising adoption of gene editing technologies, and growing focus on personalized medicine and agricultural innovation. For instance, in March 2024, Intellia Therapeutics dosed the first patient in a Phase 3 clinical trial assessing NTLA-2001, a single-dose CRISPR therapy for transthyretin amyloidosis with cardiomyopathy.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product, Application, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Company Profiles of the Top 10+ Major Market Players
Report Segmentation
Gene Editing Tools Market Analysis & Forecast by Product
- Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR/Cas9)
- Zinc Finger Nucleases (ZFNs)
- Transcription Activator-Like Effector Nucleases (TALENs)
- Viral Systems
- Transposon Systems
Gene Editing Tools Market Analysis & Forecast by Application
- Veterinary Medicine
- Cell Line Engineering
- Bioremediation
- Food and Brewing Development
- Food Waste Management
- Biosensing Development
Gene Editing Tools Market Analysis & Forecast by End-User
- Biotech and Pharma Companies
- Contract Research Organizations
- Academic and Research Institutes
- Food Industry
Companies Featured
- Thermo Fisher Scientific Inc.
- Merck KGaA (EMD Millipore)
- CRISPR Therapeutics
- Editas Medicine
- Intellia Therapeutics
- Sangamo Therapeutics
- Lonza Group
- Horizon Discovery Group plc
- Takara Bio Inc.
- Synthego Corporation
- Cellectis
- New England Biolabs
- OriGene Technologies Inc.
- Integrated DNA Technologies Inc. (IDT)
- Precision Biosciences Inc.
For more information about this report visit https://www.researchandmarkets.com/r/k217bm
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