| Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP
New York, USA, Sept. 12, 2022 (GLOBE NEWSWIRE) — The Global Genome Editing Market was USD 5.06 Billion in 2021 and will reach USD 21.36 Billion in 2030 at a 17.33% CAGR. Genome editing, also known as genome engineering or gene editing, is the method that involves altering genetic materials in an organism’s DNA in order to monitor changes and enhance understanding of diseases and conditions caused by genetic defects, such as cystic fibrosis (CF), single nucleotide polymorphisms (SNPs), sickle cell disease, and hemophilia. The main objective of genome editing is to find ways to treat diseases, increase the effectiveness of Endogenous gene labeling, embryo genome editing, enhance plant health, Targeted transgene addition, and prevent endemic diseases like malaria and diarrhea.
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Genome Editing Market Insights:
Factors influencing the Genome Editing Market growth:
Factors like increased incidence of genetic disorders (i.e., increased investment in the sector and single-gene disorders) are boosting its growth rate.
Genome Editing Market: A thorough Segmentation Analysis
The worldwide Genome Editing Market segmentation has been performed based on Product and Service, Technology, Application, End-user & Geography.
By Product and Service:
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The consumables and reagent segment had the biggest market share based on products and services due to the high sales volume they generated from their widespread use in the industry. Brefeldin A, azidothymidine, nocodazole, and abscisic acid are commonly used reagents in labs and institutes with genetic engineering facilities. Reagents and consumables will be used more frequently as more labs, hospitals, and academic institutions will further support the market’s expansion.
Based on technology, the CRISPR segment dominated the Genome Editing Market. It is primarily due to its increased application in healthcare, biotechnology, and agriculture. Research is being done on CRISPR/Cas9 to find cures for serious illnesses like the human immunodeficiency virus and Huntington’s disease (HIV). According to research, Huntington’s illness is caused by a mutant protein, and with the Use of CRISPR/Cas9 in mouse models, the development of the mutant protein was reduced by about 90%. According to studies, CRISPR/Cas9 has also been successfully used to eliminate the viral infection-causing receptors. With several hundred experiments and studies being performed worldwide using CRISPR techniques, this technology is expected to maintain its dominance in the segment.
Based on application, cell line engineering ruled the market with the maximum share. It is primarily due to its extensive application in agriculture, pharmacology, biology, and other fields. Cell line engineering is creating clusters of cells from a specific tissue type (such as a specific organ or a plant’s xylem) to maintain consistency in the resulting tissue. Cell lines have been commonly applied in drug development, protein synthesis, artificial tissue generation, and vaccine development. Over 36,000 cell lines have been developed for use in academia, healthcare, and pharmacogenomics due to extensive research in the field. Therefore, with numerous research opportunities available using cell lines, the market is expected to experience sustained growth in the coming years.
The biotechnology and pharmaceutical companies shared a dominant position in the market based on end-user. Both companies are using gene editing to generate innovative therapeutics in the healthcare industry. Additionally, gene editing is used by biotech companies to produce GM seeds and transgenic animals. After a ten-year trial period, China recently approved the use of four GM corn varieties and three GM soybean varieties. Over 21% of Australia’s canola is grown with GM seeds. With increased research in the field due to company investments, biotech and pharmaceutical companies will remain dominant in the end-user segment.
Regionally, North America leads the genome editing market owing to numerous R&D centers and headquarters for pharmaceutical and biotech companies.
Additionally, the agriculture and healthcare infrastructures, which are quickly adopting new technologies, help the region sustain its dominant position. According to records, over 2,000 pharmaceutical companies and 6,600 registered biotechnology companies are in the US. More than 50 well-known pharmaceutical companies and more than 1,000 registered biotechnology companies are in Canada. As a result of policies that promote business growth, the number of pharmaceutical and biotechnology companies in the region will continue to grow, boosting overall regional growth.
Key players prevailing in Genome Editing Market:
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