Dublin, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The "CRISPR Technology Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The crispr technology market size has grown exponentially in recent years. It will grow from $1.64 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The CRISPR technology market size is expected to see exponential growth in the next few years. It will grow to $4.65 billion in 2028 at a compound annual growth rate (CAGR) of 22.9%.
North America was the largest region in the CRISPR technology market in 2023. Western Europe was the second largest region in the global CRISPR technology market. The regions covered in the CRISPR technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Historical growth can be attributed to the increase in funding and a rise in pharmaceutical research and development (R&D) expenditure. The anticipated growth hinges on increased demand for gene therapeutics, advancements in genome editing technology, rising needs in drug discovery, expanded applications of CRISPR in diagnostics and agriculture, coupled with a surge in CRISPR technology adoption. Major trends involve innovative technology development, enhanced CRISPR for drug discovery, AI-assisted precise gene editing, investments in accuracy-improving approaches such as idmseq, collaborations, and licensing agreements.
The adoption of CRISPR technology as a diagnostic tool is poised to elevate the market's trajectory. Notably, the Sherlock CRISPR SARS-CoV-2 kit stands out as the inaugural diagnostic kit employing CRISPR technology for infectious diseases, particularly COVID-19. In February 2021, the FDA granted emergency use authorization to Sherlock BioSciences Inc.'s CRISPR-based SHERLOCK (Specific High-sensitivity Enzymatic Reporter unLOCKing) diagnostic test. This kit exhibits high specificity and sensitivity, targeting RNA or DNA sequences of the SARS-CoV-2 virus with precision from various specimens. Its reliability in avoiding false negatives or positives positions CRISPR technology as a pivotal player in infectious disease diagnosis, fostering a surge in demand for CRISPR products and services.
The CRISPR technology market is set to witness substantial growth propelled by the escalating number of ongoing clinical trials. Clinical trials, pivotal in assessing the safety and efficacy of new medical interventions, are increasingly leveraging CRISPR technology as a potent gene-editing tool. Various trials, spanning cancer treatment, blood disorders, inherited eye diseases, and infectious diseases, underscore CRISPR's versatility and potential. Notably, as of February 2023, the World Health Organization reports a significant uptick in clinical trials in the US, reaching 168,520 in 2022 - an increase of 9,901 trials. This surge in clinical trials underscores the burgeoning role of CRISPR technology in advancing medical research and treatment methodologies.
Key players in the CRISPR technology market are strategically focusing on the development of innovative products, specifically tailored CRISPR solutions, to enhance their service offerings. Dedicated CRISPR products refer to specialized tools and reagents designed exclusively for CRISPR gene editing applications.
In March 2021, Integrated DNA Technologies (IDT), a prominent genomics solutions provider based in the United States, successfully acquired Swift Biosciences. This strategic acquisition is aimed at capitalizing on Swift Biosciences' expertise in academic and clinical research related to Next-Generation Sequencing (NGS). Swift Biosciences, based in the U.S., is recognized for its contributions to the development of genomics kits specifically designed for preparing NGS libraries. This strategic move reinforces the commitment of major companies to expanding their product portfolios and staying at the forefront of technological advancements in the CRISPR technology market.
The countries covered in the CRISPR technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain. The CRISPR technology market includes revenue earned by CRISPR Screening Libraries, CRISPR Positive Controls, CRISPR Negative Controls, and Gene-specific Knockout Kits. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The primary product categories in CRISPR technology include design tools, plasmids and vectors, CAS9 and G-RNA components, and delivery systems. CRISPR-Cas9 is an innovative tool allowing scientists to edit specific genome sections by adding, removing, or altering DNA sequences. Applications encompass genome editing, genetic engineering, agricultural biotechnology, among others, and find utility across various sectors including industrial biotech, biological and agricultural research, therapeutics, and drug discovery.
CRISPR Technology Market Competitive Landscape and Company Profiles
- CRISPR Therapeutics
- Overview
- Products and Services
- Strategy
- Financial Performance
- Thermo Fisher Scientific
- Intellia Therapeutics
- Horizon Discovery
- Synthego Corporation
CRISPR Technology Market Other Major and Innovative Companies
- Integrated DNA Technology (Danaher)
- Editas Medicine
- GenScript
- Agilent Technologies
- New England Biolabs
- CSIR-Institute of Genomics & Integrative Biology (IGIB)
- Strand Life Sciences Pvt. Ltd.
- Bio Palette Co. Ltd.
- CSL Limited
- C4U Co. Ltd.
- BGI Group
- Churchi Genome Engineering and Therapeutic Research Center.
- Beam Therapeutics Inc.
- Eurofins Genomics India
- Setsurotech Co. Ltd
Key Topics Covered:
1. Executive Summary
2. CRISPR Technology Market Characteristics
3. CRISPR Technology Market Trends and Strategies
4. CRISPR Technology Market - Macro Economic Scenario
5. Global CRISPR Technology Market Size and Growth
5.1. Global CRISPR Technology Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global CRISPR Technology Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global CRISPR Technology Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. CRISPR Technology Market Segmentation
6.1. Global CRISPR Technology Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Design Tools
- Plasmid and Vector
- Cas9 and G-RNA
- Delivery System Products
6.2. Global CRISPR Technology Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Genome Editing/ Genetic Engineering
- Genetically Modified Organisms
- Agricultural Biotechnology
- Other Applications
6.3. Global CRISPR Technology Market, Segmentation by End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Industrial Biotech
- Biological Research
- Agricultural Research
- Therapeutics and Drug Discovery
7. CRISPR Technology Market Regional and Country Analysis
7.1. Global CRISPR Technology Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global CRISPR Technology Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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