US and Europe Gene Editing Market
Flourishing Biotechnology Industry in US and Europe to Offer Opportunities for US and Europe Gene Editing Market During Forecast Period
Gene editing involves treating genetic abnormalities by introducing genetic material at a cellular level, often by adding a functioning copy of a gene. It is a set of technologies used to change the genetic makeup of cells, including the transfer of genes within and across species to produce improved or novel organisms. Gene therapies can work by replacing a disease-causing gene with a healthy gene. Recent advancements in genome editing techniques allow the precise manipulation of the human genome to achieve a clinical therapeutic effect.
As per an article published in 2019 by McKinsey & Company, the biotechnology industry is flourishing rapidly in Europe. Half of the current biotech companies are based in France, Germany, and the UK. The UK has also been home to 35% of all European biotech start-ups since 2012. The biotech industry in Belgium, the Netherlands, and Switzerland is also growing but at a slow pace. As per the same source, in many European countries, the newest biotech entrants focus on several modalities: drug-discovery tools and services, diagnostic and personalized care, contract research organizations (CROs), and contract management organizations (CMOs). Cell and gene therapies (CGTs) and immunotherapies are the fastest-growing areas, claiming 40% of investment funding.
Biotechnology has transformed with the development of CRISPR gene editing technology, which provides precise gene editing capabilities with numerous applications in healthcare, agriculture, and industrial biotechnology. According to findings by SciSpot, as of June 2020, more than US$ 3.2 billion has been invested in CRISPR companies based in the US, reflecting immense confidence and financial backing in the emerging biotechnology sector. A few of the examples of financing through venture capital (VC) by biotechnology companies for broadening and developing new gene-editing technologies are as follows: Mammoth Biosciences, US$ 240 million; eGenesis, US$ 225 million; Arbor Biotechnologies, US$ 215 million; Graphite Bio, US$ 195 million; Caribou Biosciences, US$ 169 million; and Beam Therapeutics, US$ 135 million. Therefore, biotechnology breakthroughs driven by notable investments are expected to increase the demand for gene editing and accelerate the market growth in the US and Europe in the coming years.
US and Europe Gene Editing Market: Segmental Overview
The US and Europe gene editing market, by product and service, is segmented into reagents and consumables, instruments, and others. The reagents and consumables segment held the largest share of the US and Europe gene editing market in 2022. The dominance of this segment is primarily due to the sales volume achieved through their extensive use in the industry. Reagents such as azidothymidine, abscisic acid, brefeldin A, and nocodazole are widely used in laboratories and institutes with genetic engineering facilities. With the increasing number of laboratories, hospitals, and academic institutions, the use of reagents and consumables is likely to increase in the coming years.
The use of consumables depends on the requirements of the preparation of the genome library. Consumables are used in numerous stages of gene synthesis procedures, including sample preparation, storage of samples and their purification, preparation of the library and quantification, and amplification. Rising government funding, increasing number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the field of genomics are driving the US and Europe gene editing market for the consumables segment.
US and Europe Gene Editing Market: Competitive Landscape and Key Developments
Thermo Fisher Scientific Inc.; Merck KGaA; Lonza; PerkinElmer.; Integrated DNA Technologies; GenScript; New England Biolabs; Eurofins Scientific; CRISPR Therapeutics; Editas Medicine; and ElevateBio are among the leading companies operating in the US and Europe gene editing market. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the US and Europe gene editing market.
Many market players are launching their innovative products in the US and Europe gene editing market with advanced features. For instance, in February 2022, Integrated DNA Technologies, Inc (US) launched Alt-R HDR Donor Blocks to advance homology-driven repair genome editing research. IDT’s Alt-R HDR Donor Blocks is an improved technique to increase homology-directed repair (HDR) in the crucial studies of large fragments of DNA.
