FMI in its recent study on the global gene editing tools market projected that the market is anticipated to expand at a CAGR of more than 18% amid the assessment period 2019-2029. The growing prevalence of cancer along with other genetic disorders, such as obesity, heart disease, Alzheimer's disease, diabetes, sickle cell disease, and others, is primarily influencing the market growth. However, the COVID-19 outbreak is further assisting in the expansion of the market owing to its extensive application in testing across the globe.
"The usage of gene editing tools in personalized/specialized medicine and rising markets in emerging nations will be providing growth prospects for players functioning in the global gene editing tools market" states the FMI analyst.
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Important Highlights
- India, China, and Japan, are the fastest growing markets amid the forecast period.
- CRISPR-Cas9 products have emerged as potential tool for cancer therapy due to the high accuracy and efficiency of the gene editing technique.
- Academic and research institutes accounts for the biggest market share throughout the forecast period trailed by biotech and pharmaceutical companies.
Drivers
- Increasing levels of investments in R&D for scientific research and life sciences will boost the market expansion.
- Increasing application areas for genome editing will be driving the demand.
- Increasing the effectiveness and efficiency of genome editing methods with the assistance of these tools will be driving the market growth.
- Growing prevalence of long-term chronic illnesses, for instance, heart disease, Alzheimer's, cancer, diabetes and several others ensuing in high demands for the market
Restraints
- Complications related to patent dispute amid several companies identified in the market will be restricting the market growth
- The high cost associated with genomic equipment is likely to challenge the growth of this market.
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COVID-19 Impact on the Market
Testing is a key factor in the majority of the regions in response to the COVID-19 pandemic. However to keep up with the mass testing protocols, CRISPR-Cas9 products with their nucleotide-targeting ability making them ideal for detecting the existence of viral RNA. This has led to a surge in the demand for gene editing tools in the market.
Competitive Landscape
Major players identified in the global gene editing tools market are ERS Genomics, Thermo Fisher Scientific Inc., GenScript Biotech Corporation, Editas Medicine, Merck KGaA, Takara Bio USA, Intellia Therapeutics, Inc., New England Biolabs, and CRISPR THERAPEUTICS. Most of the key regional players in the gene-editing tools market are focusing on boosting their product connectivity and reach with the assistance of local distributors of gene editing tools.
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About the Study
The study offers readers a comprehensive assessment of the gene-editing tools market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of product (clustered regularly interspaced short palindromic repeats (CRISPR/Cas9), zinc finger nucleases (ZFNs), transcription activator-like effector nucleases (TALENs), viral systems, transposon systems and others), application (veterinary medicine, cell line engineering, bioremediation, food and brewing development, food waste management, bio sensing development and others), end user (biotech and pharma companies, contract research organizations, academic and research institutes, food industry and others) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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