Genome Editing Market Mainly Driven by Advancements in CRISPR Technology, says Market.us

Genome editing can also be called gene editing. This is a grouping of technologies that allows researchers to alter the DNA of an organism. These technologies enable the addition, deletion or modification of genetic material at certain locations within the genome. Several approaches have been created for genome editing. 

According to the latest report by Market.us,” The Genome Editing Market was valued at USD 6.1 billion in 2022 and is projected to reach USD 34.2 billion by 2032, at a CAGR of 18.9%.”

Anurag Sharma, senior research analyst at market.us said, “Genome editing has seen significant improvements in recent years. This allows for the modification of gene sequences in many cell types and model organisms. The potential game-changing tool of genome engineering, especially for oncology research, has emerged. Genome engineering was used by large research institutions, such as the government and academic research institutes. This shift from academic research to clinical and diagnostic labs is largely due to the rapid advancement in gene editing technology.”

CRISPR Cas9 is a new method for genome editing. It stands for frequently clustered regularly interspaced, short palindromic repeats and CRISPR associated protein9. CRISPR-Cas9 is a faster, more cost-effective, and more efficient method of editing genomes than any other. This has generated a lot of excitement in the scientific community.

The sector has seen a tremendous growth in investment, especially since the discovery and implementation of CRISPR technology. The genome editing industry raised more than USD 1.3 billion in investments by 2021.

18 deals were made using CRISPR technology by 2021. Mammoth Biosciences companies received the largest amount of funding. This was to help them expand their facilities and develop the next generation CRISPR technology. The genome editing market will continue to grow tremendously with increased investments made by companies to improve on existing technologies.

In the last two decades, there has been a rise in price due to high inflation in developed countries.This is expected to have a significant impact on developing countries and can be helpful in many ways. This report examines the impact of high inflation on long-term economic performance and details fiscal policies to reduce its short-term effects on demand/supply and cash flow. The Global Genome Editing Market report reveals the high inflation expectations considering the associated impact from demand-pull and cost-push inflation.

Growth in genomics projects and government funding

Numerous governments around the world have made substantial investments in genomics in recent years. These investments have been a key factor in the development and application of new technologies in genome engineering. The availability of funding from the government has allowed academic institutions and government agencies to conduct in-depth research on genome editing/engineering. 

In March 2020, Genome Canada announced that the Ministry of Innovation, Science and Industry (Science), would provide USD 15 million for genomic research to support 11 projects related to the environment, health, and agriculture sectors.

Technology is a segment of the Genome Editing Market.

• New England Biolabs and ERS Genomics teamed up in 2020 to create and commercialize CRISPR gene-editing tools and reagents.
• Brammer Bio was acquired by Thermo Fisher Scientific in 2019 to gain access to Brammer Bio’s expertise in the manufacturing of vectors for gene therapy and other cell therapies.
• Horizon Discovery released pre-designed synthetic single-guideRNA (sgRNA), in 2019 to assist researchers in achieving targeted gene knockouts, and performing DNA-gene-free editing.

North America was the dominant market for genome editing and held the largest revenue share at 38.4% in 2020. Strong research and a strong commercial base for advanced therapy developments, combined with the high number of clinical trials for gene and stem-cell therapies being conducted in the region, have all contributed greatly to the dominance in this market.

The market has seen significant growth due to the increased number of U.S.-based key figures receiving patents. Merck KGaA, for example, recently announced that two patents it holds on CRISPR gene editing technologies have been approved by the U.S.