Genome Editing/Genome Engineering Market worth $11.7 billion by 2026 - Leading Key Players are Colgate-Palmolive Company (US), Procter & Gamble (US), GlaxoSmithKline plc (UK), Unilever plc (US)

According to the new market research report "Genome Editing/Genome Engineering Market by Technology (CRISPR, TALEN, ZFN, Antisense), Product & Service, Application (Cell Line Engineering, Genetic Engineering, Diagnostics), End user (Pharmaceutical, Biotechnology, Academia) - Global Forecast to 2026", published by MarketsandMarkets™, the global Genome Editing/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.

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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. The growth of the genome editing/genome engineering market is expected to be driven by the rise in government funding and growth in the number of genomics projects, increased application areas of genomics, and the introduction of CRISPR-Cas9 for genome engineering. On the other hand, the off-target effects of CRISPR technology and high equipment costs may hinder the growth of this market.

The reagents & consumables segment accounted for the largest share of the product & service segment in the genome editing/genome engineering market in 2020.

Based on product & service, the genome editing/genome engineering market is segmented into reagents & consumables, software & systems, and services. The reagents & consumables segment accounted for the largest share of 58.8% in 2020, mainly due to the repetitive purchase of reagents and consumables as well as the rising demand for and multiple uses of editing and sequencing. The growing applications of genomics in various fields are expected to boost the market for consumables during the forecast period.

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The CRISPR segment accounted for the largest share of the technology segment in the genome editing/genome engineering market in 2020.

Based on technology, the genome editing/genome engineering market is segmented into CRISPR, TALEN, ZFN, antisense, and other technologies. The CRISPR segment accounted for the largest share of 63.1% of the genome editing/genome engineering market in 2020. The ease of use associated with CRISPR technology gives it a significant advantage over ZFN and TALEN, especially in generating a large set of vectors to target numerous sites or even genome-wide libraries. Another potential advantage of CRISPR is its ability to use multiple guide RNA parallelly to target multiple sites simultaneously in the same cell. This makes it easier to mutate multiple genes at once or engineer precise deletions in a genomic region and is driving the growth of this segment.

The cell line engineering segment accounted for the largest share of the application segment in the genome editing/genome engineering market in 2020.

Based on application, the genome editing/genome engineering market is segmented into cell line engineering, genetic engineering, diagnostic applications, drug discovery & development, and other applications. The cell line engineering segment accounted for the largest share of 32.0% of the market in 2020. Several factors, such as increasing funding from governments and private organizations, growing focus on stem cell research by various companies, and rising global awareness about stem cell therapies, are driving the growth of the cell line engineering segment.

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Key Market Players:

The prominent players in the global oral care market include Colgate-Palmolive Company (US), Procter & Gamble (US), GlaxoSmithKline plc (UK), Unilever plc (US), and Koninklijke Philips N.V. (Netherlands).

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This release was published on openPR.