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(IT-NEWSWIRE.COM, November 27, 2021 ) According to the new market research report Genome Engineering 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.
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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.
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.
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Based on the region, the genome editing/genome engineering market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA) regions. The market in Asia Pacific is to grow at the highest growth during the forecast period, primarily due to increasing investments in research and the rising number of applications of gene synthesis for genetic engineering of cells and tissues of organisms.
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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