CRISPR Technology Market Is Booming Across The Globe By Share, Growth Size, Key Segments And Forecast To 2032
Apr 16, 2024
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Market Overview
CRISPR Technology Market Research Report Information By Product & Services (Products, [CRISPR Kits & Enzymes, CRISPR Libraries, AND Other Products (Design Tools, Antibodies, Other Reagents)] and Service [gRNA Design & Vector Construction, Cell Line Engineering, Screening Services, and Other Services (Epigenome Editing and Transcriptional Activation)]), By Application (Drug Discovery & Development, Agriculture, and Other Applications (Biofuels, Veterinary)), By End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institute
The CRISPR Technology market industry is projected to grow from USD 4.19 Billion in 2023 to USD 14.23 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.50% during the forecast period (2024 - 2032).
Market Synopsis
A new biotechnology approach called gene editing may remodel the genomes of living things to improve their health or economic prospects. Today, gene editing is used in health and agriculture. The latest CRISPR technology modifies genes in organisms precisely. The rising demand for high-tech goods and technology is driving the worldwide CRISPR market. The rising number of genetic conditions like Down syndrome and government funds for genetics research is driving the global CRISPR business.
The growth of medical genomics is another good thing for the global CRISPR technologies market. Gene therapy and gene editing are becoming more popular ways to treat sickle cell anemia, cancer, new skin-building treatments, losing sight, and hemophilia. The industry has grown thanks to gene editing technology and the need for foods that have been genetically modified. In March 2017, gene therapy was used to try to help sickle cell disease. After treatment, the patient's regular red blood cells went up by a huge amount.
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CRISPR Technology Market Trends
Market Drivers:
As more clinical trials are initiated, the global CRISPR technology market will grow. This is for example in March 2021, when the US Food and Drug Administration (FDA) allowed scientists from UC San Francisco, UC Berkeley, and UCLA to initiate a first-in-human early phase clinical trial for a CRISPR gene correction therapy in sickle cell disease (SCD) patients using their own blood-forming stem cells.
The development of new treatments will likely drive the global CRISPR technology market over the next several years. As diseases continue to surge, there is an increasing demand for safe and effective medications. Cyrus Biotechnology Inc., alongside MIT's Broad Institute and Harvard has recently started science projects aimed at better and stronger medicative CRISPRs. By letting scientists change DNA within a genome quickly and accurately, CRISPR could expedite drug discovery.
Market Restraints:
High prices will hamper the worldwide CRISPR technology market. CRISPR-based medicines cost over $1 million for each treatment, and Novartis' gene therapy costs $2 million for each treatment. CRISPR has great clinical promise but is expensive, and treatments for big patient groups may need to be revised.
Market Segmentation
The CRISPR technology market's product and service segmentation includes kits and enzymes, libraries, design tools, antibodies, and other reagents, gRNA design and vector construction, cell line engineering, screening services, and other services (epigenome editing and transcriptional activation).
CRISPR Technology market segmentation by application comprises pharmaceuticals research & development, agricultural, and biofuels/veterinary.
Pharmaceutical and biotechnology businesses, academic and research organizations, and others (CROs & CDMOs) are CRISPR Technology market segmentation end users.
Market Competitive Landscape:
- Thermo Fisher Scientific, Inc. (US)
- Merck KGaA (Germany)
- Agilent Technologies, Inc. (US)
- Genscript Biotech Corporation (China)
- CRISPR Therapeutics AG (Switzerland)
- Editas Medicine (US)
- Intellia Therapeutics, Inc. (US)
- Beam Therapeutics Inc. (US)
- Caribou Biosciences, Inc. (US)
- Lonza Group, Ltd. (Switzerland)
- Danaher Corporation (US)
- PerkinElmer, Inc. (US)
- Hera Biolabs (US)
- OriGene Technologies, Inc. (US)
- Cellecta, Inc. (US)
- Mammoth Biosciences, Inc. (US)
- Applied StemCell (US)
- New England Biolabs Inc. (US)
- ToolGen Inc. (South Korea)
- GeneCopoeia, Inc. (US)
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Regional Insights
North America will dominate the worldwide market in the following years. In North America, particularly in the United States, pharmaceutical and biotechnology sectors stand as highly developed and advanced. The San Francisco Bay Area and Boston-Cambridge area are examples of key biotech epicenters with numerous firms in CRISPR research and development forefront.
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