Exploring the Growth Drivers and Opportunities in the Genome Editing Market

Exploring the Growth Drivers and Opportunities in the Genome Editing Market
Genome Editing Market

The global genome editing market is projected to USD 11.7 billion by 2026 from USD 5.1 billion in 2021, at a CAGR of 18.2 % between 2021 and 2026. Recent developments in this field have led to significant improvements in the genome editing capabilities that have enabled the modification of gene sequences of interest in a wide variety of cell types and model organisms. Genome engineering, earlier used by large research organizations, such as academic and government research centers, has now become a potentially transformative diagnostic tool, especially for oncology studies. This shift from academics to clinical and diagnostic laboratories is primarily driven by rapid improvements in gene editing technologies.

The market for genome editing market is highly fragmented, with a large number of small to medium manufacturers competing with established 2-3 players such as Thermo Fisher (US), Merck KgaA (Germany), GenScript (China) that account for a share of approximately 20% to 30% of the market. These competitors are aggressively targeting each other’s market share and pricing their products accordingly. The presence of a large number of companies has increased the intensity of rivalry in this market. Therefore, the intensity of competitive rivalry in the genome editing market is high.

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Thermo Fisher Scientific (US) offers a complete and integrated portfolio of solutions and services for clinical science, laboratory research, and analysis. The company has a strong geographic footprint and operates in more than 150 countries across North America, Europe, Latin America, and Asia. The firm gained more than USD 12 billion in revenue in 2020 from its Life Sciences Solutions segment, which provides genome editing products and services. The company acquired Brammer Bio to increase its global presence in the market with the addition of their expertise in manufacturing vectors for genes and cell therapies. With its strong product portfolio, continuous research and development activities, and wide geographic reach, Thermo Fisher Scientific is expected to grow significantly in the global genome editing/ genome engineering market.

Merck KGaA (Germany) has gained a significant share in genome editing on account of its diversified product portfolio, widespread geographical presence, and focus on strategies such as agreements with other companies. Merck provides gene editing products through their research solutions subsegment of the Life Science segment.  The company primarily focuses on inorganic strategies such as agreements.

In recent times, governments worldwide have demonstrated a strong commitment to advancing genomics through substantial investments. These investments have played a pivotal role in driving the development of novel genome editing technologies. The availability of government funding has facilitated in-depth research endeavors conducted by academic institutions and government organizations, focusing on various aspects of genome editing and engineering.

A noteworthy example of government support in this field can be observed in March 2020 when the Ministry of Innovation, Science, and Industry (Science) announced a significant allocation of USD 15 million for genomic research. This funding was dedicated to supporting 11 genomic research projects spanning the health, agriculture, and environment sectors, facilitated through Genome Canada. Additionally, these projects received substantial investments totaling USD 29.7 million from provincial governments, businesses, and research partners. The research initiatives encompassed a broad range of areas, including the exploration of ovarian and cervical cancer.

The substantial investments made by governments in genomics have resulted in a remarkable increase in the number of research projects focused on this field. This surge in research activities is anticipated to have a positive impact on the growth of the genome editing market during the forecast period. By fostering scientific advancements and breakthroughs, government support has created an environment conducive to innovation, enabling researchers to explore new frontiers in genome editing and drive progress in various sectors.

It is worth acknowledging the instrumental role played by government investments in genomics, which have not only fueled research but also paved the way for transformative applications of genome editing technologies. As governments continue to prioritize genomics research, the genome editing market is poised for significant growth, driven by the advancements made possible through these strategic investments.

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https://www.globenewswire.com/en/news-release/2022/10/13/2533556/0/en/Genome-Editing-Market-Genome-Engineering-Market-worth-11-7-billion-by-2026-Exclusive-Report-by-MarketsandMarkets.html

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