Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Global CRISPR Market by Product (Enzymes, Kits, Libraries), Services (gRNA Design, Cell Line Engineering, Screening), Application (Drug Discovery & Development, Agriculture), End-user (Pharma, Biotech, CROs, Research Institutes) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global CRISPR market is poised for remarkable expansion, projected to reach USD 7.1 billion by 2028 from USD 3.4 billion in 2023, representing an impressive Compound Annual Growth Rate (CAGR) of 15.6%.
The driving force behind this accelerated growth lies in the advancements and surging demand for gene editing technology, coupled with substantial funding and investment from government and private organizations, propelling the CRISPR market to new heights.
The report presents profound insights into the key factors fueling the CRISPR market's growth, including the rising demand for CRISPR-based gene therapies, the continuous advancements and widespread adoption of CRISPR technology, and the substantial investment and funding from governments for CRISPR technology research and development.
While the CRISPR market holds immense potential for transformative breakthroughs, ethical and regulatory considerations present certain restraints to its growth. These considerations are expected to be addressed with prudence and responsibility as the market progresses.
The advent of CRISPR technology has unlocked unprecedented possibilities, holding promise for the development of new vaccines and treatments for genetic diseases. However, technical challenges associated with CRISPR technology and regulatory hurdles for its advancements warrant careful attention and strategic solutions.
As the CRISPR market continues its rapid growth trajectory, the industry embraces a future of revolutionary gene editing technology, poised to redefine the landscape of healthcare and biotechnology.
By products & services, the products segment accounted for the largest share of the CRISPR market
Based on products & services, the CRISPR market is categorized into products, and services. The products segment dominated the market in 2023, owing to rising demand for CRISPR products in gene editing technology domain.
Along with this, advancements in delivery systems, increasing investment in gene editing research and the rising number of collaborations between academic institutions and pharmaceutical companies has led to a higher growth rate for products in the CRISPR market.
By application, drug discovery & development segment accounted for the largest share in the CRISPR market
Based on application, the CRISPR market is segmented into drug discovery and development, agriculture, and other applications. In 2023, the drug discovery & development segment accounted for a larger share of the CRISPR market.
Growth in this market segment can be attributed to exceptional precision and efficiency offered by CRISPR-Cas9 in editing and manipulating genes. Along with this, growing demand for personalized medicine, and increased research and development activities in the field of CRISPR technology are contributing to its adoption in drug discovery and development.
North America: The largest share of the CRISPR market
North America accounted for the largest share of the CRISPR market. The large share of the North America region can be attributed to a well-established healthcare and biotechnology industry in the region, with advanced infrastructure, cutting-edge research institutions, and a strong ecosystem of biotechnology companies and CROs specializing in gene editing research.
The presence of top academic institutions, and private companies in North America with dedicated gene editing research programs and expertise has contributed to the growth of the CRISPR market.
Asia-Pacific: The fastest-growing region in the CRISPR market
The Asia-Pacific CRISPR market is projected to grow at the highest CAGR during the forecast period. This is attributed to increasing demand of personalized medicine, and advancements in sequencing technologies. Another key driver for the Asia-Pacific CRISPR market is the region's large and rapidly increasing population.
Competitive landscape
In-depth assessment of market shares, growth strategies and service offerings of leading players like Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Genscript Biotech Corporation (China) among others in the CRISPR market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.4 Billion |
| Forecasted Market Value (USD) by 2028 | $7.1 Billion |
| Compound Annual Growth Rate | 15.6% |
| Regions Covered | Global |
Premium Insights
- Rising Focus on CRISPR Therapeutics Development to Drive Growth
- Drug Discovery and Development Segment to Account for Largest Market Share in 2023
- Pharmaceutical and Biotechnology Companies to Account for Largest Market Share During Forecast Period
Market Dynamics
Drivers
- Growing Demand for CRISPR-based Gene Therapies
- Advancements in CRISPR Technology
- Growing Government and Private Investments and Funding for CRISPR Technology
Restraints
- Technical Challenges Associated with CRISPR Technology
Opportunities
- Development of New Vaccines and Treatments for Genetic Diseases
Challenges
- Regulatory Hurdles for CRISPR Advancements
Company Profiles
Key Players
- Thermo Fisher Scientific Inc.
- Merck KGaA
- Agilent Technologies, Inc.
- Genscript
- CRISPR Therapeutics AG
- Editas Medicine
- Intellia Therapeutics Inc.
- Beam Therapeutics, Inc.
- Caribou Biosciences
- Lonza Group Ltd.
- Danaher Corporation
- PerkinElmer (Revvity, Inc.)
- Hera Biolabs
- Origene Technologies, Inc.
- Cellecta, Inc.
Other Players
- Mammoth Biosciences Inc.
- Applied Stemcell
- New England Biolabs Inc.
- Toolgen Inc.
- Genecopoeia, Inc.
- Twist Bioscience Corp.
- Synthego Corporation
- Egenesis
- Inscripta, Inc.
- Precision Biosciences, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/i5los4
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