Burlingame, July 11, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global CRISPR technology market is generated $2.25 billion in 2022, and is anticipated to generate $7.72 billion by 2030, witnessing a CAGR of 19.2% from 2022 to 2030. The global CRISPR technology market is witnessing strong growth on the account of growing number of clinical trials, increasing research and development in genome editing technologies, and rising adoption of CRISPR gene therapies. Moreover, robust growth of biotech and pharmaceutical industries across developing countries, growing support and funding from the governments for genome editing research, and high healthcare expenditures are further anticipated to propel market growth.
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Key Trends and Analysis of the Global CRISPR Technology Market:
Ongoing clinical trails in the field is observed as a key trend in the global CRISPR technology market. For instance, in March 2021, Scientists at UC San Francisco, UC Berkeley and UCLA have got U.S. Food and Drug Administration approval to together introduce an early phase, first-in-human clinical trial of a CRISPR gene correction therapy in patients with sickle cell disease using the patient’s own blood-forming stem cells.
Global CRISPR Technology Market - Drivers
Increasing burden of chronic disease to augment market growth
CRISPR technology is an innovative gene-editing tool that can efficiently cut and modify DNA sequences. This technology is widely used for a broad range of medical applications such as diagnosis of disease, treatment, and prevention. According to the World Health Organization, Noncommunicable diseases (NCDs) kill 41 million people each year, equivalent to 74% of all deaths globally. Each year, 17 million people die from a NCD before age 70; 86% of these premature deaths occur in low- and middle-income countries. Of all NCD deaths, 77% are in low- and middle-income countries.
CRISPR Technology Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2022: | US$ 2.25 Bn | |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2028 | |
| Forecast Period 2022 to 2030 CAGR: | 19.2% | 2030 Value Projection: | US$ 7.72 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Merck KGaA, Thermo Fisher Scientific, Origene Technologies, Inc., New England Biolabs, GenScript, GeneCopoeia, Inc., Cellecta, Inc., Agilent Technologies, Inc., PerkinElmer, Inc. (Horizon Discovery Ltd.), and Danaher Corporation (Integrated DNA Technologies), among others | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Advent of novel therapy is projected to propel market growth
Key players in the market are introducing novel therapy in order to meet the growing demand. For instance, in June2023, Parse Biosciences, a provider of accessible and scalable single cell sequencing solutions, announced the launch of CRISPR Detect, enabling single cell pooled CRISPR screens at unprecedented scale.
Global CRISPR Technology Market - Restrain
Technical challenges and high cost are key factors hampering market growth
Technical challenges associated with the use of this gene-editing tool and high cost are major expected to hamper the growth of CRISPR Technology market.
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Global CRISPR Technology Market – Opportunities
Outbreak COVID-19 is expected to hold potential market growth opportunities
Outbreak of COVID-19 around the globe is projected to bring bright market growth opportunities for players in the CRISPR technology market. For instance, CRISPR-Cas technology has potential to diagnose and treat infectious diseases such as COVID-19. In June 2021, HILDEN & Frankfurt Prime Standard announced the launch of QIAprep& CRISPR Kit and CRISPR Q-Primer Solutions that allow researchers to analyze edited genetic material with unparalleled speed and efficiency to determine how their interventions have changed the function of the DNA sequence in question.
Global CRISPR technology Market - Key Developments
In June 2020, Regeneron Pharmaceuticals, Inc. and Intellia Therapeutics, Inc. announced an expansion of their existing collaboration to provide Regeneron with rights to develop products for additional in vivo CRISPR/Cas9-based therapeutic targets and for the companies to jointly develop potential products for the treatment of hemophilia A and B.
In May 2023, Scribe Therapeutics has entered into a strategic agreement with Eli Lilly and Company subsidiary Prevail Therapeutics for accelerating in vivo CRISPR-based therapies to target the causes of serious neurological and neuromuscular diseases.
In March 2023, Vertex Pharmaceuticals Incorporated and CRISPR Therapeutics announced that they have entered into a new non-exclusive licensing agreement for the use of CRISPR Therapeutics’ gene editing technology, known as CRISPR/Cas9, to increase the development of Vertex’s hypoimmune cell therapies for type 1 diabetes (T1D).
Key Market Takeaways:
Global CRISPR technology market is expected to exhibit a CAGR of 19.2% during the forecast period, owing to the growing adoption of CRISPR technology around the globe coupled with the increasing government and private funding to address the growing burden of chronic disease worldwide.
On the basis of Product, Enzymes segment is expected to hold a dominant position owing to the increasing demand for CRISPR technology. Enzymes together with CRISPR can be used to edit genes within organisms.
On the basis of Application, Biomedical segment is expected to hold a dominant position, owing to the growing demand for this technology in treatment of various chronic disease.
On the basis of End User, Pharmaceutical and biotechnology companies segment is expected to hold a dominant position increasing pharmaceutical and biotechnology sector along with the increasing investment in research and development activities by pharma companies
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to the presence of prominent pharmaceutical and biotechnology companies, favorable government regulations and initiatives for genome editing research, and growing healthcare expenditures in this region.
Key players operating in the global CRISPR technology market include Merck KGaA, Thermo Fisher Scientific, Origene Technologies, Inc., New England Biolabs, GenScript, GeneCopoeia, Inc., Cellecta, Inc., Agilent Technologies, Inc., PerkinElmer, Inc. (Horizon Discovery Ltd.), and Danaher Corporation (Integrated DNA Technologies), among others.
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Detailed Segmentation:
Global CRISPR Technology Market, By Product:
- Enzymes
- Kits & Reagents
- Guide RNA
- Others
Global CRISPR Technology Market, By Application:
- Biomedical
- Agricultural
- Industrial
- Others
Global CRISPR Technology Market, By End User:
- Pharmaceutical companies and Biotechnology Companies
- Academics and Government Research Institutes
- Others (CROs etc.)
Global CRISPR Technology Market, By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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