Genome Engineering Market is Estimated To Witness High Growth Owing To Increasing Application of Genome Engineering in Disease Treatments

Genome Engineering Market

Market Overview:

Genome engineering, also known as gene editing or genetic engineering, refers to technologies that can modify an organism's DNA by altering, deleting, inserting or replacing genetic material. Genome engineering is revolutionizing drug discovery and development, agriculture and industrial applications with its ability to alter living organisms for therapeutic benefits or desired traits in a precise and programmable manner.

Market key trends:
One of the major factors driving growth of the genome engineering market is increasing application of genome engineering in disease treatments. Genome engineering technologies allow modifying the genome of humans and other organisms with great precision for therapeutic purposes. Technologies like CRISPR have enabled development of therapies targeting various genetic disorders by precisely editing genes and mutations causing disease. For instance, CRISPR Therapeutics AG and Vertex Pharmaceuticals Inc. are developing CTX001, an investigational CRISPR/Cas9 gene-editing therapy for transfusion-dependent beta thalassemia and sickle cell disease. If approved, it would be the first genome editing drug. Increasing research focus on developing such genome editing based therapies for conditions like cancer, HIV, genetic diseases will significantly support growth of this market during the forecast period.

Global Genome Engineering Market Demand Is Estimated To Witness High Growth Owing To Advancements In Gene Editing Tools And Increasing Investments In Research

The genome engineering market is estimated to be valued at US$ 5.21 billion in 2022 and is expected to exhibit a CAGR of 14.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Genome engineering, also known as gene editing, refers to techniques used by scientists to modify an organism's DNA directly. These techniques allow genetic material to be added, removed, or altered at particular locations in the genome. Genome engineering tools like CRISPR-Cas9 are being used in biomedicine for correcting genetic defects and developing gene and cell therapies for diseases like cancer, HIV/AIDS, hemophilia, etc.

Market Dynamics:
The genome engineering market is expected to witness significant growth over the forecast period owing to advancements in gene editing tools and increasing investments for genomics research. For instance, CRISPR-Cas9 genome editing has emerged as the most popular tool and has revolutionized biomedical research. Also, government and private funding for genomics R&D has increased substantially over the years. According to the National Human Genome Research Institute, the U.S. government invested over $6.3 billion in genomic research in 2021, nearly double the funding from five years ago. Additionally, growing adoption of genomic technologies in clinical practices and drug development is also fueling the market growth.

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