New York, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global genome editing market size is slated to expand at ~21.1% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 69.6 billion by the end of 2036, up from a revenue of ~USD 7 billion in the year 2023.The market's growth is primarily due to the high prevalence of cancer around the globe. In 2020, the World Health Organization reported that approximately 10 million people succumbed to cancer worldwide. The most common types of cancer that caused fatalities were lung cancer, which accounted for 1.8 million deaths, colon and rectal cancer with 916,000 deaths, liver cancer with 830,000 deaths, stomach cancer with 769,000 deaths, and breast cancer with 685,000 deaths. Furthermore, diseases like human papillomavirus (HPV) and hepatitis have been found to cause about 30% of cancer cases in low- and middle-income countries.
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The market is growing due to advancements in gene editing tools, government funding, and an increase in genomics projects. The rise in cancer and genetic diseases and the development of CRISPR-based diagnostic tools for COVID-19 are also contributing. CRISPR-Cas9 dominates with 65% revenue share, expected to reach 70% by 2025. High device costs and ethical concerns hinder growth, but emerging markets and drug discovery opportunities hold promise. Genome editing technologies have gained significant attention and investment in recent years due to their potential to revolutionize various industries.
Increasing Oncology Spending across the Globe to Boost Market Growth
The economic expenditure on cancer treatment and genome editing development is increasing year by year in various healthcare fields around the world. Global oncology spending in the year 2021 was found to be around USD 185 billion. For comparison, six years ago oncology spending was about USD 85 billion. The global market is expected to grow due to increased investment in research and development activities aimed at finding more effective solutions for genome editing such as Cancer Biomarkers. According to research reports, global spending on R&D has increased more than threefold in real terms since 2000, with the amount rising from roughly USD 680 billion to over USD 2.5 trillion in 2019. In the year 2019, 18 million new cancer cases and 10 million cancer deaths were observed worldwide. Population growth and aging worldwide alone are expected to result in 27.5 million new cancer cases and 16.3 million cancer deaths. Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) and CRISPR-associated (Cas) proteins are used to edit genes in various organisms. The simplicity and precision of the CRISPR-Cas9 system have made it one of the most widely adopted genome editing tools.
Genome Editing Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Clinical Applications to Drive the Market Growth in North America Region
The genome editing market in North America region is estimated to garner the largest revenue by the end of 2036. The well-established biotechnology and pharmaceutical sector in North America serve as a major catalyst for the market's growth. Leading pharmaceutical companies and innovative startups are actively investing in genome editing technologies to develop novel therapies, thereby driving market expansion. The presence of a highly skilled workforce and advanced research infrastructure further propels this growth driver. The North American biotechnology and pharmaceutical industry is one of the largest in the world, with a size estimated at over USD 1 trillion. A substantial increase in R&D investments, both from the government and private sector, has significantly accelerated genome editing research in North America. This investment enables the development and refinement of cutting-edge genome editing technologies and applications, fostering the growth of the market. The growing number of clinical trials and successful applications of genome editing in the treatment of genetic disorders and various diseases are driving commercial adoption. The promising results from these trials indicate the market's potential for revolutionary therapies, which attract investors and stakeholders.
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Increasing Research and Development Investments to Propel the Growth in the Asia Pacific Region
The Asia Pacific genome editing market is estimated to garner the highest CAGR by the end of 2036. The substantial growth in R&D investments, both from governments and private entities, is accelerating genome editing research and application in Asia Pacific. These investments are fostering innovation, facilitating collaborations, and driving the development of cutting-edge genome editing technologies. In the year 2021, Asia Pacific countries collectively spent over USD 150 billion on life sciences research and development. The increasing focus on genomic medicine and the development of genome-edited therapies are pivotal drivers for the genome editing market in Asia Pacific. A growing number of clinical trials and successful applications in treating genetic diseases and cancer have piqued the interest of investors, driving market expansion. Government support in the form of funding, policy incentives, and streamlined regulatory pathways has played a crucial role in advancing genome editing research and applications. These initiatives have attracted both domestic and international investors, fostering innovation and market growth.
Genome Editing, Segmentation by Application
- Cell Line Engineering
- Genetic Engineering
- Drug Discovery
- Gene-modified Cell Therapy
- Diagnostics
Amongst these segments, the genetic engineering segment in genome editing market is anticipated to hold the largest share over the forecast period. One of the foremost drivers of genetic engineering's growth is the rapid evolution and refinement of gene editing technologies, particularly CRISPR-Cas9. These technologies offer precise and efficient tools for modifying DNA, fostering research in various sectors, including medicine, agriculture, and biotechnology. The surge in biotechnology investments and research funding provides a fertile ground for genetic engineering. This infusion of capital fuels innovative projects, ranging from developing gene therapies for rare diseases to creating genetically modified crops, ultimately driving the expansion of the genetic engineering segment. In 2021, global biotechnology R&D spending reached over USD 200 billion, with steady growth projected. Genomic medicine, which relies on genetic engineering techniques, is at the forefront of personalized healthcare. With the promise of tailored treatments for various diseases, including cancer and genetic disorders, the demand for genetic engineering has intensified, spurring market growth.
Genome Editing, Segmentation by End Users
- Academics & Government Institutes
- Biotechnology & Pharma Companies
- Hospitals
Amongst these segments, the hospitals segment in genome editing market is anticipated to hold a significant share over the forecast period. Hospitals are increasingly adopting state-of-the-art medical equipment and procedures, which improve patient outcomes, reduce recovery times, and enhance the overall quality of healthcare. The integration of technologies like robotic surgery, telemedicine, and advanced diagnostic imaging systems drives the growth of this segment. The global medical equipment sales are expected to reach USD 60 billion by 2027. The continuous increase in healthcare expenditure reflects a commitment to providing better healthcare services. This financial commitment enables hospitals to expand their facilities, invest in cutting-edge technologies, and attract top-tier medical professionals, ultimately contributing to the growth of the hospitals segment. Healthcare spending in the United States reached approximately USD 4.1 trillion in 2020. The demographic shift toward an aging population has led to a higher prevalence of chronic diseases and an increased demand for healthcare services. Hospitals play a critical role in managing and treating these conditions, necessitating the growth and expansion of the healthcare sector. Hospitals dedicated to specialty care areas, such as cancer treatment, cardiology, and orthopedics, have witnessed significant growth. The pursuit of excellence in specialized care, coupled with the continuous advancement of medical research, positions hospitals at the forefront of innovation in patient treatment and management.
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Few of the well-known industry leaders in genome editing market that are profiled by Research Nester are Merck KGaA, Horizon Discovery Ltd., Lonza Group Ltd., Twist Bioscience Corporation, Akron Biotech., CRISPR Therapeutics, Sangamo Therapeutics, Editas Medicine, Intellia Therapeutics, Inc., Setsuro Tech Inc., and other key market players.
Recent Development in the Genome Editing Market
- Merck acquired AmpTec, a Hamburg-based mRNA contract development and manufacturing organization (CDMO).
- Gibco CTS TrueCut Cas9 Protein enables genome editing for research and manufacturing, including CAR T-cell therapy.
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