Reports and Data has released a report predicting that the global Genome Editing Applications Market will reach USD 30.23 billion in 2030, with a CAGR of 18.2% during the forecast period. The growth of the market is driven by factors such as the increasing application of Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) genome in various biotechnology fields and the rising investments made by governments and private investors in biotechnology and biomedical research.
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Genome editing, also referred to as gene editing or genome engineering, enables scientists to modify or alter gene sequences in living organisms. The market for genome editing is extensively utilized by academic government research institutions, biotechnology firms, and pharmaceutical companies. In 2020, the pharmaceutical segment held the largest share of revenue in the global market, owing to the growing use of gene editing technology in pharmaceutical RD activities.
Over the forecast period, the North American region is anticipated to dominate the market in terms of revenue, with the United States and Canada contributing significantly to revenue growth. This can be attributed to factors such as rapid advancements in genome editing technologies, a surge in demand for genetically modified crops, and a growing emphasis on RD activities associated with gene therapy. Europe secured the second-largest revenue share in the global market in 2020, primarily due to increased investments in genome editing technologies driving revenue growth in this region.
The Asia Pacific region accounted for a 23.4% revenue share in the global market in 2020 and is expected to register the fastest revenue CAGR compared to other regional markets over the forecast period. This can be attributed to the rising prevalence of various infectious diseases.
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The market report includes some key highlights such as the launch of Horizon Discovery Group's predesigned synthetic Single Guide RNA (sgRNA) in December 2019. This would enable researchers to obtain reliable gene knockouts in difficult-to-edit, complex cell types, and experimental models. The CRISPR segment accounted for the largest revenue share in the global market in 2020 due to its advantages such as ease of use, enhanced efficacy, and cost-effectiveness.
The market report also includes some players in the market, including Thermo Fisher Scientific, Merck Co, Horizon Discovery Limited, Lonza, GenScript, Eurofins Scientific, Precision Biosciences, Oxford Genetics, Intellia Therapeutics, and Sangamo Therapeutics.
The genome editing market has been segmented by Reports and Data based on technology, product service, application, end-use, and region. The technology segment includes Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR), Zinc-finger Nucleases (ZFNs), Transcription Activator-like Effector Nucleases (TALEN), Antisense, and Others. The product and service segment includes Software Systems, Reagents Consumables, and Services. The application segment includes Cell Line Engineering, Diagnostic Applications, Genetic Engineering, Drug Discovery Development, and Others. Finally, the end-use segment includes Pharmaceutical Companies, Biotechnology Companies, and Academic Government Research Institutes. The regional outlook includes North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
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