The gene editing market size is expected to grow from US$ 6,542.95 million in 2022 to US$ 23,902.34 million by 2030; it is estimated to record a CAGR of 17.6% during 2022-2030.
The growth of the gene editing market is attributed to the increase in cancer and other genetic disorders and growing investment in genetic research. However, the high cost of genomic equipment hinders the market growth.
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Personalized medicine is the field that utilizes patients’ genetic and environmental data to deliver optimal healthcare. It is based on the principle that every patient is unique and requires individualistic pharmacological treatment. Since it is a rapidly evolving area, it is presently incorporated into several healthcare systems. The ability to make precise changes in the genome opens new possibilities for developing targeted therapies and personalized medicine. Gene editing is crucial in personalized medicine by tailoring medical treatments to individual patients based on their genetic information. It offers various applications in the field. Firstly, gene editing techniques like CRISPR-Cas9 enable the correction or modification of specific genes associated with genetic disorders, potentially providing treatments or cures for conditions such as cystic fibrosis and other genetic disorders. Secondly, gene editing aids in pharmacogenomics, allowing researchers to study how an individual’s genetic variation impacts their medication response. This knowledge helps in developing personalized treatment plans and optimizing drug dosage.
Components-Based Insights
Based on components, the gene editing market is segmented into reagents and consumables, software and systems, and services. The services segment dominated with the largest share of the market in 2022. However, the reagents and consumables segment is anticipated to register the highest CAGR from 2022 to 2030.
The International Agency for Research on Cancer and the World Health Organization (WHO) are among the primary and secondary sources referred to while preparing the gene editing market report.
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