Market growth is largely driven by factors such as the rise in government funding, high prevalence of infectious diseases and cancer, growth in the number of genomics projects, technological advancements, increasing production of genetically modified crops, and growing application areas of genomics. However, the high cost of genomic equipment will restrain the growth of this market.
According to research report Genome Editing Market is projected to reach $11.2 billion in 2025, at a CAGR of 17.0 % during the forecast period.
Major companies in the Genome Editing Market include Thermo Fisher Scientific (US), Merck (Germany), Lonza (Switzerland), GenScript (US), Horizon Discovery Limited (UK), Eurofins Scientific (Luxembourg), and Sangamo Therapeutics (US).
Thermo Fisher Scientific (US) is the leading player in the genome engineering market. Under its life sciences segment, the company offers a variety of instruments and reagents used for the analysis of DNA that have applications in research and clinical purposes. Also, the company invests in R&D activities to increase its capabilities. It primarily focuses on inorganic growth strategies such as collaborations, agreements and partnerships for increasing its share in the market. The company has succeeded in creating a strong foothold in the market owing to its diversified product portfolio, wide geographic reach, and focus on inorganic growth.
Merck (Germany) held the second-largest share in the genome engineering market. Its prominence in the market can be attributed to its diversified product portfolio, widespread geographical presence, and focus on strategies such as expansions. Merck manufactures and sells assay kits, organic chemicals & biochemical products and services under the Sigma-Aldrich Corporation division. The company focuses on R&D activities to develop technologically advanced products for this market. Merck is a leading company that offers a broad range of genome editing tools. The company primarily pursues expansions to strengthen its business.
The Genome Engineering Market is divided into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the market, closely followed by Europe. The large share of North America can be attributed to factors such as the development of gene therapy in the US, the increasing use of genetically modified crops, the availability of research grants and funding and rising prevalence of infectious diseases and cancer.
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