Jul 14, 2023

| MarketsandMarkets News provided by Share this article Share this article CHICAGO, July 14, 2023 /PRNewswire/ -- In the near future, the gene editing industry holds immense promise in revolutionizing healthcare and addressing genetic disorders. Advances in technologies like CRISPR-Cas9 have paved the way for precise and efficient gene editing, offering the potential to correct genetic mutations and modify disease-causing genes. This transformative field will enable scientists and researchers to develop targeted therapies and personalized treatments for a wide range of genetic conditions. As gene editing techniques become more refined and accessible, we can anticipate breakthroughs in treating diseases such as cancer, genetic disorders, and hereditary conditions. Additionally, the potential applications of gene editing extend beyond therapeutic interventions, including agricultural improvements, bioengineering, and disease prevention. While ethical and regulatory considerations remain crucial, the near future holds immense opportunities for the gene editing industry to unlock innovative solutions that have the potential to profoundly impact human health and well-being. Gene Editing Market  in terms of revenue was estimated to be worth $5.3 billion in 2023 and is poised to reach $10.6 billion by 2028, growing at a CAGR of 15.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The key driving factors of the gene editing market include expanding applications of genomics, robust funding initiatives by government for genomics projects, and the introduction of CRISPR-Cas9 for genome editing. High costs associated with gene editing equipment pose challenge to the market growth. The rise in government funding and the growth in genomics projects have profoundly impacted the gene editing market. Increased financial support has enabled researchers and scientists to explore new applications, refine existing technologies, and overcome technical challenges. In August 2022, MedGenome (India) announced a USD 50 million investment led by Novo Holdings, an international leader in life science investing. Moreover, in April 2020, MedGenome (India) raised USD 55 million with the help of LeapFrog Investments (UK) to make genetic testing services more accessible and affordable in India. This investment is also expected to help create genetically diverse data sets and support the discovery of new drug targets across the globe. Browse in-depth TOC on "Gene Editing Market" 194 - Tables Key Market Drivers Growing applications of genomics The reagents and consumables segment accounted for the largest share of the gene editing market in 2022 Based on product & service, the gene editing market is segmented into reagents & consumables, software & systems, and services. The reagents & consumables segment accounted for the largest share in 2022, particularly due to the frequent purchase of reagents in gene editing protocols coupled with high demand for genetic sequencing and editing. Reagents and consumables include various products, such as purification, library preparation, and target enrichment kits. Target enrichment kits allow researchers to target human or non-human DNA sequences of interest through custom-designed gene panels or focused exomes. A target enrichment kit consists of master-mix reagents and assays for isolating genomic regions of interest. These kits are used for editing exome sequences. The CRISPR segment is expected to grow at the highest CAGR from 2023 to 2028 Based on technology, the gene editing market is segmented into CRISPR, TALEN, ZFN, antisense, and other technologies. The CRISPR segment accounted for the largest share of the gene editing market in 2022. Several factors such as ease of use, technical advantage over ZFN and TALEN, capability of generating large set of vectors to target numerous sites or genome-wide libraries have contributed to the dominance of the CRISPR segment in the market. The pharmaceutical & biotechnology companies segment accounted for the largest share of the global gene editing market in 2022 The gene editing market is segmented into pharmaceutical & biotechnology companies, academic & research institutes, and other end users based on the end user. Pharmaceutical & biotechnology companies accounted for the largest share of the gene editing market in 2022. The large share of this segment can be attributed to the rise in the use of CRISPR technology, which is expected to increase the applications of gene therapies and provide remedies for genetic disorders, such as sickle-cell anemia. North America dominates the global gene editing market throughout the forecast period The gene editing market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2022, North America accounted for the largest share in the gene editing market, which is attributed to the technological advancements, established research infrastructure, and demand for precision medicine. Gene Editing Market Dynamics: Opportunities: Expanding pipeline for gene therapy Challenges: Key Market Players: The prominent players in the global gene editing market include Merck KGaA (Germany), Thermo Fisher Scientific, Inc. (US), GenScript (China), Agilent Technologies (US), PerkinElmer (US), Lonza (Switzerland), Tecan Life Sciences (Switzerland), Sangamo Therapeutics (US), Editas Medicine (US), CRISPR Therapeutics AG (Switzerland), Precision Biosciences (US), Cellectis (France), Intellia Therapeutics (US), Bluebird Bio, Inc. (US), Regeneron Pharmaceuticals (US), AMSBIO (England), Creative Biogene (US), Synthego Corporation (US), and Beam Therapeutics Inc. (US). Recent Developments: In February 2023, GenScript (China) announced the expansion of its Singapore facility to provide a premium gene synthesis service. This marks a significant expansion of the company's advanced gene-synthesis capability and enables GenScript to provide the service levels required for novel vaccine and therapeutics development in life sciences. In November 2022, Thermo Fisher Scientific (US) announced the launch of Gibco CTS AAV-MAX Helper-Free AAV Production System, an all-in-one solution suitable for commercial and clinical applications associated with AAV-based gene therapies. In June 2022, Lonza (Switzerland) and Adva entered into a license agreement that will allow Adva to develop innovative solutions for the cell and gene therapies industry. Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=231037000 Gene Editing Market Advantages: Precise and Targeted Modifications: Gene editing technologies, such as CRISPR-Cas9, enable precise modifications of the DNA sequence. This level of specificity allows scientists to target and edit specific genes, correcting genetic mutations and altering disease-causing sequences. The ability to make precise changes in the genome opens up new possibilities for developing targeted therapies and personalized medicine. Potential for Treating Genetic Diseases: Gene editing holds the promise of treating a wide range of genetic diseases. By correcting disease-causing mutations, gene editing technologies can potentially provide curative treatments for genetic disorders that were previously untreatable or had limited therapeutic options. This advancement has the potential to significantly improve the lives of individuals living with genetic conditions and their families. Accelerated Drug Development: Gene editing allows for more efficient and accelerated drug development processes. By modifying genes in cellular models, scientists can better understand the underlying mechanisms of diseases and test the effectiveness of potential drug candidates. This targeted approach can streamline the drug discovery process, leading to faster development of new therapies and treatments. Agricultural and Environmental Applications: Gene editing technologies have the potential to enhance agricultural practices and address environmental challenges. By modifying the genetic traits of crops, researchers can develop plants that are more resistant to diseases, pests, and environmental stressors, ultimately leading to increased crop yields and food security. Additionally, gene editing can contribute to environmental conservation efforts by developing genetically modified organisms with reduced ecological footprints. Research Advancements: Gene editing techniques have revolutionized genetic research by providing powerful tools for studying gene function, disease mechanisms, and biological processes. These technologies enable scientists to create precise genetic modifications in cellular and animal models, allowing for better understanding of gene interactions and disease pathways. This deeper knowledge can lead to significant advancements in basic research and pave the way for new discoveries and breakthroughs. Potential for Preventive Medicine: Gene editing offers the potential for preventive medicine by targeting and modifying genes associated with increased disease risk. This could involve correcting mutations that predispose individuals to certain diseases or enhancing protective genes. By addressing genetic factors early on, gene editing can help prevent the development of diseases or reduce their severity, potentially leading to improved population health outcomes. Related Reports: About MarketsandMarkets™: MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 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