Gene Editing Market Strategic Insights: Growth Opportunities
The gene editing market is projected to grow from USD 5.3 billion in 2023 to USD 10.6 billion by 2028, at a CAGR of 15.0%. Expanding applications of genome editing in personalized medicine is set to offer lucrative opportunities for the market growth. The demand for personalized medicine is expected to increase attributed to enhanced patient compliance, capability to optimize therapy, and early enhanced prognosis of patients. Gene and... moreGene Editing Market Strategic Insights: Growth Opportunities
The gene editing market is projected to grow from USD 5.3 billion in 2023 to USD 10.6 billion by 2028, at a CAGR of 15.0%. Expanding applications of genome editing in personalized medicine is set to offer lucrative opportunities for the market growth. The demand for personalized medicine is expected to increase attributed to enhanced patient compliance, capability to optimize therapy, and early enhanced prognosis of patients. Gene and DNA microarray technologies are set to advance personalized medicine, propelling the adoption of gene editing tools in gene expression analysis, in large-scale experiments.
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Based on product & service, the gene editing market is segmented into reagents & consumables, software & systems, and services. This segment is inclusive of gene editing services around data analysis, sequencing; bioinformatics, cleanup, gene expression, and DNA synthesis. Increase in number of service providers offering custom gene sequencing and editing services. Introduction of custom services in biomedical applications is expected to propel the demand for genomic sequencing, contributing to the overall market growth.
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. Ease of use associated with the CRISPR offers it a technical advantage over ZFN and TALEN, propelling the adoption CRISPR. Additionally, capability of generating large set of vectors to target numerous sites or genome-wide libraries is set to propel the segment growth.
Based on application, the gene editing market is segmented into genetic engineering, cell line engineering, drug discovery & development, and other applications. The cell line engineering segment accounted for the largest share of the market in 2022. Cell line engineering includes somatic cell line and stem cell engineering. Somatic cell engineering or Somatic Cell Gene Therapy (SCGT) is the repair or replacement of a defective gene.
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The gene editing market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA). Asia Pacific region is expected grow at the fastest pace during the forecast period, this is attributive to the robust investments in genetic research activites along with expanding applications of gene synthesis for the genetic engineering. In China, high affordability of sequencing platforms along with affordable sequencing services have favored the adoption of gene editing products. Emerging and key market players are focusing on strengthening their presence and genomics offerings in the country, subsequently set to drive the demand for gene editing tools.
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