GENOME ENGINEERING MARKET ANALYSIS

Genome Engineering Market Size and Trends

Global genome engineering market is estimated to be valued at USD 6.71 Bn in 2024 and is expected to reach USD 17.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.5% from 2024 to 2031.

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Global genome engineering market trends have shown significant advancements in techniques such as CRISPR, TALENs, and ZFNs. These new technologies have streamlined the genome editing process, thus, allowing for increased efficiency and precision. Reduction in time and costs involved has led to wider adoption of genome engineering across various industry verticals such as biotechnology and pharmaceutical companies. The applications of genome editing continue to grow as well with active research being done for treating genetic diseases, developing genetically modified crops, and even biological weapon deterrence programs. As the technology evolves further and matures, it is anticipated that genome engineering will transform multiple sectors of the economy globally.

Increasing Investments for Gene Therapy

Increasing investments for CRISPR-based gene therapy development is expected to drive the market growth over the forecast period. For instance, in October 2023, National Institutes of Health (NIH) announced that it had granted US$ 40 million of funding to Yale School of Medicine, Medical school in Connecticut, U.S. to support the development of a gene-editing platform, capable of reaching the human brain. The innovative new genome-editing technology, which was developed from the first phase of the NIH Common Fund Somatic Cell Genome Editing (SCGE) program, could potentially lead to treatments or cures for many neurogenetic diseases.

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Rising global healthcare expenditure leads to growing demand for more effective and affordable medical solutions. As population ages and chronic diseases become more prevalent worldwide, there is immense pressure on healthcare systems to innovate. Genome engineering technology represents a major opportunity to address some of the biggest challenges facing public health. Nearly 8,000 rare genetic disorders have been identified that currently lack satisfactory treatment options. Diseases like cancer, heart disease, diabetes and neurological disorders like Alzheimer’s continue to take a major human and economic toll.