Genome Engineering Market Growth

Posted 2023-10-23 10:47:07

Market Overview:
Genome engineering, also known as genetic engineering, involves modifying the genetic structure of an organism to remove undesirable traits or introduce desirable ones. This revolutionary technology allows genetic material to be added, removed, or altered in living organisms using technologies like CRISPR, TALENs, zinc finger nucleases and more. These tools accelerate biomedical research by enabling rapid genome-wide screening and precise alterations of the genome. The ability to edit genes has applications in treating genetic diseases, improving crop yield, and developing pathogen resistant plants and livestock.

Market key trends:
A major trend in the genome engineering market is the advancement of CRISPR technology. CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) is a family of DNA sequences found within the genomes of prokaryotic organisms such as bacteria. It acts as an adaptive immune system providing resistance to foreign genetic elements like those present within plasmids and phages. The development of CRISPR-Cas9 genome editing technology has revolutionized biomedical research enabling facile, precise manipulation of genomes. CRISPR technology offers several advantages over conventional nuclease mediated genome engineering methods including zinc finger nucleases and TALENs such as simplicity and ease of use at a lower cost. CRISPR's programmable nature has enabled wide applications in biomedical research, agriculture, and industrial biotechnology.

Porter's Analysis

Threat of new entrants: The Genome Engineering Market Demand requires high R&D investment and strict regulatory protocols. These factors pose high entry barriers for new players.

Bargaining power of buyers: Individual consumers have low bargaining power due to the specialized nature of genome engineering products and services. However, large pharmaceutical companies may exert some pricing pressure.

Bargaining power of suppliers: A few global players dominate the genome engineering technology supply chain, giving them moderate bargaining power over buyers.

Threat of new substitutes: No close substitutes exist for genome engineering due to its unique capabilities in gene editing and modification.

Competitive rivalry: The presence of global giants has intensified competitive rivalry in the market. Players compete based on technological innovations, cost effectiveness, and service offerings.

Key Takeaways

The global genome engineering market is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period, due to increasing R&D investments and advancement of CRISPR technology.

The US dominates the global genome engineering market, owing to presence of key players, strong biotechnology sector, and high healthcare spending. Asia Pacific is expected to be the fastest growing region due to rising diagnostics and research activities in countries such as China and India.

Key players operating in the genome engineering market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics, Inc., Editas Medicine, Inc., Sangamo Therapeutics, Inc., Bluebird Bio, Inc., Cellectis S.A., and Merck Group. Players are focusing on expanding their product portfolios and strengthening distribution networks to consolidate their market positions.