Exploring the Growth Drivers and Opportunities in the Genome Editing Market
The global genome editing market
is projected to USD 11.7 billion by 2026 from USD 5.1 billion in 2021,
at a CAGR of 18.2 % between 2021 and 2026. Recent developments in this
field have led to significant improvements in the genome editing
capabilities that have enabled the modification of gene sequences of
interest in a wide variety of cell types and model organisms. Genome
engineering, earlier used by large research organizations, such as
academic and government research centers, has now become a potentially
transformative diagnostic tool, especially for oncology studies. This
shift from academics to clinical and diagnostic laboratories is
primarily driven by rapid improvements in gene editing technologies.
The
market for genome editing market is highly fragmented, with a large
number of small to medium manufacturers competing with established 2-3
players such as Thermo Fisher (US), Merck KgaA (Germany), GenScript
(China) that account for a share of approximately 20% to 30% of the
market. These competitors are aggressively targeting each other’s market
share and pricing their products accordingly. The presence of a large
number of companies has increased the intensity of rivalry in this
market. Therefore, the intensity of competitive rivalry in the genome
editing market is high.
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Thermo
Fisher Scientific (US) offers a complete and integrated portfolio of
solutions and services for clinical science, laboratory research, and
analysis. The company has a strong geographic footprint and operates in
more than 150 countries across North America, Europe, Latin America, and
Asia. The firm gained more than USD 12 billion in revenue in 2020 from
its Life Sciences Solutions segment, which provides genome editing
products and services. The company acquired Brammer Bio to increase its
global presence in the market with the addition of their expertise in
manufacturing vectors for genes and cell therapies. With its strong
product portfolio, continuous research and development activities, and
wide geographic reach, Thermo Fisher Scientific is expected to grow
significantly in the global genome editing/ genome engineering market.
Merck
KGaA (Germany) has gained a significant share in genome editing on
account of its diversified product portfolio, widespread geographical
presence, and focus on strategies such as agreements with other
companies. Merck provides gene editing products through their research
solutions subsegment of the Life Science segment. The company primarily
focuses on inorganic strategies such as agreements.
In recent
times, governments worldwide have demonstrated a strong commitment to
advancing genomics through substantial investments. These investments
have played a pivotal role in driving the development of novel genome
editing technologies. The availability of government funding has
facilitated in-depth research endeavors conducted by academic
institutions and government organizations, focusing on various aspects
of genome editing and engineering.
A noteworthy example of
government support in this field can be observed in March 2020 when the
Ministry of Innovation, Science, and Industry (Science) announced a
significant allocation of USD 15 million for genomic research. This
funding was dedicated to supporting 11 genomic research projects
spanning the health, agriculture, and environment sectors, facilitated
through Genome Canada. Additionally, these projects received substantial
investments totaling USD 29.7 million from provincial governments,
businesses, and research partners. The research initiatives encompassed a
broad range of areas, including the exploration of ovarian and cervical
cancer.
The substantial investments made by governments in
genomics have resulted in a remarkable increase in the number of
research projects focused on this field. This surge in research
activities is anticipated to have a positive impact on the growth of the
genome editing market during the forecast period. By fostering
scientific advancements and breakthroughs, government support has
created an environment conducive to innovation, enabling researchers to
explore new frontiers in genome editing and drive progress in various
sectors.
It is worth acknowledging the instrumental role played
by government investments in genomics, which have not only fueled
research but also paved the way for transformative applications of
genome editing technologies. As governments continue to prioritize
genomics research, the genome editing market is poised for significant
growth, driven by the advancements made possible through these strategic
investments.
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