Genome Editing Market To Generate $20,397.8 Million Revenue by 2030

The genome editing market size is expected to advance at a CAGR of 18.0% during 2022–2030, to reach USD 20,397.8 million by 2030. This is ascribed to the rising applications of genomics, increasing pace of technological advancements in sequencing and other gene editing technologies, growing number of biotechnology and pharmaceutical companies, and surging need for modified genes in advanced as well as emerging economies. Moreover, the rising research and development activities related to DNA editing will drive the market growth.

Rising Government Funding and Number of Genomics Projects Positively Impacting Market

Nowadays, genomics is gaining more significance due to the rising prevalence of various genetic disorders. This technology offers an understanding of evolution and provides ways to safeguard biological ecosystems. With genomics, the alteration of the genome can be done with unparalleled efficiency and precision. In the last few years, there has been a constant rise in the government investments and count of initiatives in various countries in the field of genomics for the development of new technologies for DNA editing.

For instance, in March 2022, the Canadian Ministry of Innovation, Science and Industry announced CAD 13.8 million in federal support to 10 downstream genomics research and development projects that will commercialize genomics technologies and offer real-world advantages, through Genome Canada’s Genomic Applications Partnership Program (GAPP). In addition to that, an additional CAD 27.6 million will be provided by provincial governments, businesses, and research partners across Canada.

These partnerships will substantially focus on three areas—sustainable resources and nature-based solutions, for mitigating climate change; advancement of climate-smart agriculture and agrifood, for increased export competitiveness; and precision health, for improved care for Canadians. Hence, because of the rising government investments in genomics, there is an increase in the number of research projects in this area, which, in turn, will drive the growth of the genome editing market in the forecast period.

Asia-Pacific To Record Highest CAGR

Asia-Pacific is expected to witness an over 20% CAGR in the forecast period, on account of the increasing number of research organizations in developing countries, including China and India. The major driving factors for the growth in the usage of gene editing tools in these countries are the increasing number of patients with genetic abnormalities and the wide network of research facilities. Additionally, the shifting inclination toward personalized medicines is significantly driving the revenue growth of this region.

Japan is dominating the Asia-Pacific region owing to the vigorous research studies underway on genes and the adoption of advanced technologies. For instance, in March 2021, SANATEC Seed Co. Ltd. launched the first genome-edited tomato that can be directly consumed in Japan. The in-charge Japanese ministries have decided not to regulate the crop, named Sicilian Rouge high-GABA tomato, as a genetically modified product. Created with the use of the CRISPR-Cas9 gene editing technology, the crop contains four-to-five times more GABA, which aids in relaxation and helps lower blood pressure.

Moreover, Australia and India are predicted to make huge revenue contributions to the regional market, due to the significant investments in research projects, in the forthcoming years.

The most-significant genome editing market players are Thermo Fisher Scientific Inc., Merck KGaA, GenScript Biotech Corporation, Integrated DNA Technologies Inc., Agilent Technologies Inc., CRISPR Therapeutics AG, Sangamo Therapeutics Inc., New England Biolabs Inc., Precision BioSciences Inc., and Editas Medicine Inc.