Genome Engineering Market size is projected to reach USD 10.6 billion by 2028 from USD 5.3 billion in 2023, at a CAGR of 15.0%.
The global genome editing market is set to witness exceptional growth in the coming years, with the release of the report "Gene Editing Market by Product & Service (Reagents, Consumables, Systems, Software), Technology (CRISPR, TALEN, ZFN, Antisense), Application (Cell Line Engineering, Genetic Engineering, Drug Discovery), End User (Pharma, Biotech) – Global Forecast to 2028". The market, which stood at USD 5.3 billion in 2023, is projected to surge to an impressive USD 10.6 billion by 2028, at a remarkable Compound Annual Growth Rate (CAGR) of 15.0%.
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Key Insights from the Report
The report underscores the pivotal role of the reagents and consumables segment in driving the gene editing market's growth, accounting for the largest share in 2022. Additionally, the CRISPR technology segment is expected to lead the growth, showing the highest CAGR from 2023 to 2028.
This trend highlights the immense potential and influence of advanced genome editing technologies in the market landscape.
The pharmaceutical and biotechnology companies segment emerged as a dominant force, claiming the largest share of the global gene editing market in 2022. The involvement of these sectors underscores the increasing recognition of gene editing's potential in drug discovery and genetic engineering.
Dominance of North America and Global Market Segmentation
Throughout the forecast period, North America is projected to dominate the global gene editing market. This dominance is attributed to the region's established research infrastructure, technological advancements, and escalating demand for precision medicine.
The gene editing market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these, North America held the largest market share in 2022, signaling the region's pivotal role in driving the sector's growth.
Leading Players
The global gene editing market is propelled by a league of pioneering players that are at the forefront of innovation. Leading entities in the sector 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), and CRISPR Therapeutics AG (Switzerland). These industry giants continue to set benchmarks through their contributions to revolutionary gene editing technologies and applications.
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Implications for the Future
The gene editing market's trajectory reveals a landscape ripe with opportunities and innovations. As technological advancements continue to reshape medical and biotechnological frontiers, the gene editing sector is poised to play a pivotal role in shaping the future of medicine, drug discovery, and genetic research.
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