Global genome engineering market is estimated to be valued at USD 6.71 Bn in 2024, and is expected to exhibit a CAGR of 14.5% during the forecast period (2024-2031). Genome engineering, also known as genetic engineering, is a set of technologies that enable genetic manipulation and editing of an organism's genes. It involves the alteration of an organism's genetic makeup, including the transfer of genes within and across species boundaries to produce improved or novel organisms. Genome engineering utilizes technologies such as CRISPR/Cas9, TALENs, ZFNs and other DNA targeting nucleases to enable targeted genome editing and modification. Researchers have successfully utilized these technologies for crop improvement and experimental investigation of gene function in various organisms. Global genome engineering market is expected to witness growth due to increasing adoption of genome technologies in various industries.
Market Dynamics:
Global genome engineering market growth is driven by rising application of genetic engineering in areas of biotechnology, pharmaceuticals and agriculture. Genome editing tools such as CRISPR have provided researchers unparalleled precision to easily alter DNA sequences and modify gene function, fueling growth opportunities. Growing investment by key players and governments in genome engineering-based research can drive the market growth. However, uncertainties related to safety and ethics of human gene editing can pose a challenge to market players. Increasing R&D for developing more accurate and efficient genome engineering tools is expected to offer new opportunities for the market growth. Exploration of novel applications areas such as environmental remediation and energy production also hold immense potential for market growth in the near future.
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*Browse 32 market data tables and 28 figures on "Genome Engineering Market” - Global forecast to 2031
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