CRISPR Market worth $7.1 billion | MarketsandMarkets

CHICAGO, June 30, 2023 /PRNewswire/ -- In the near future, the CRISPR industry is poised to revolutionize various sectors with its unprecedented potential. The widespread adoption and advancements in CRISPR gene-editing technology have opened up new possibilities in healthcare, agriculture, and biotechnology. In healthcare, CRISPR is expected to play a crucial role in personalized medicine, allowing precise modifications to the human genome to treat genetic disorders and enhance disease prevention. Additionally, CRISPR-based diagnostics are likely to enable rapid and accurate detection of various pathogens and diseases. In agriculture, CRISPR holds immense promise for developing crops with enhanced traits, such as improved yield, disease resistance, and nutritional value, addressing global food security challenges. Moreover, the biotechnology industry is expected to leverage CRISPR for the development of novel therapies, biofuels, and industrial enzymes. As the CRISPR industry continues to expand, there will be a growing emphasis on ethical considerations, regulatory frameworks, and responsible use of this powerful technology to ensure its safe and equitable application for the benefit of humanity.

CRISPR Market in terms of revenue was estimated to be worth $3.4 billion in 2023 and is poised to reach $7.1 billion by 2028, growing at a CAGR of 15.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. Some of the prominent factors driving the growth of this market are technological advancements in the field of CRISPR, substantial support and funding for research and development in the CRISPR field from government and pharmaceutical companies are boosting the growth of the market. However, risk of off-target effects and safety concerns of CRISPR technology can hamper the market growth.

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CRISPR Market Scope:

CRISPR products accounted for the largest share of the CRISPR market

Among the products & services, the CRISPR market is segmented into CRISPR products, and CRISPR services. In 2023, the CRISPR products segment accounted for the largest share of the CRISPR market. Growth in this market segment can be attributed to prevalence of genetic disorders, such as inherited diseases and certain types of cancers, and the potential of CRISPR products to enhance the efficacy and precision of gene editing for therapeutic purposes.

Drug Discovery & Development segment is the fastest-growing segment of the CRISPR market

In 2023, the drug discovery & development segment accounted for the fastest-growing share of the application segment of CRISPR market. Market growth can largely be attributed to the potential of CRISPR technology to develop personalized therapies by precisely editing patient-specific genetic variations. The market is also driven by its application in drug target validation and lead optimization, increasing investment from both the public and private sectors, as well as CRISPR based functional genomics screening expediting the drug discovery process.

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, mainly due to increasing awareness of the importance of the research and development activities in the healthcare industry, large patient population, and advancements in sequencing technologies. The Asian market has also garnered significant attention from global players due to the increased focus on personalized medicine, driving the demand for CRISPR products.

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CRISPR Market Dynamics:

Drivers:

1. Growing Investment and Funding from the Government for CRISPR Technology

Restraints:

1. High Technical challenges associated with CRISPR technology

Opportunities:

1. Development of new vaccine and treatment of genetic diseases

Challenges:

1. Regulatory Hurdles for CRISPR Advancements

Key Market Players:

The market for CRISPR is highly fragmented, with key players strategizing to capture the market. Prominent players in the CRISPR market are 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), Twist Bioscience Corporation (US), Synthego Corporation (US), eGenesis (US), Inscripta, Inc. (US), and Precision BioSciences, Inc. (US).

Recent Developments:

• In May 2023, Thermo Fisher Scientific opens cell therapy facility at UCSF to accelerate development of breakthrough therapies. Thermo Fisher Scientific Inc. and the University of California, San Francisco accelerated advanced cell therapies for difficult to treat conditions, including cancer, rare diseases, and other illnesses, from a newly opened cGMP manufacturing facility adjacent to UCSF Medical Center's Mission Bay campus.
• In April 2022, Thermo Fisher Scientific Inc. launched the new GMP-manufactured Gibco CTS TrueCut Cas9 Protein to support genome editing for research and manufacturing applications, including CAR T-cell therapy research.
• In November 2021, GenScript announced today that it has launched the GenWand Double-Stranded DNA (dsDNA) Service for the manufacture of CRISPR knock-in homology- directed repair (HDR) templates in T cell engineering.
• In October 2020, Merck announced that it signed agreements licensing its CRISPR technology to two companies PanCELLa, a cell therapy firm based in Toronto, Canada and Takara Bio USA, Inc., a biotechnology company based in Mountain View, California, USA.

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CRISPR Market Advantages:

• Precision: CRISPR technology offers precise gene-editing capabilities, allowing for targeted modifications to specific genes or regions of the genome. This precision minimizes off-target effects and enhances the accuracy of gene editing, making it a powerful tool for therapeutic applications and research.
• Cost-effectiveness: Compared to traditional gene-editing methods, CRISPR is relatively cost-effective. The simplicity and efficiency of CRISPR systems reduce the time and resources required for experiments, making it more accessible to researchers and industries with limited budgets.
• Versatility: CRISPR has broad applications across various sectors, including healthcare, agriculture, and biotechnology. It can be used for gene therapy, developing diagnostic tools, creating genetically modified crops with improved traits, and engineering microorganisms for industrial purposes. This versatility expands the potential market for CRISPR-based products and services.
• Scalability: CRISPR technology can be scaled up for high-throughput applications, allowing for efficient editing of multiple genes or large-scale screening of genetic targets. This scalability is particularly beneficial for drug discovery, functional genomics, and other high-volume applications, driving its adoption in the pharmaceutical and biotech industries.
• Ongoing advancements: The field of CRISPR research and development is rapidly evolving, with continuous advancements and refinements being made to the technology. New variations and modifications of the CRISPR system, such as base editors and prime editors, further enhance its capabilities, expanding the range of potential applications and increasing its market advantage.
• Potential for personalized medicine: CRISPR has the potential to revolutionize personalized medicine by enabling targeted treatments for genetic disorders. The ability to edit specific genes associated with diseases offers new possibilities for developing tailored therapies, enhancing patient outcomes, and reducing healthcare costs.
• Ethical and regulatory considerations: Despite the advantages, the CRISPR market also faces ethical and regulatory challenges. Establishing robust ethical guidelines and regulatory frameworks will be crucial for responsible use and addressing potential concerns related to the technology's ethical implications and unintended consequences.
• Collaborative opportunities: The CRISPR market fosters collaboration between academia, industry, and research institutions. The technology's widespread adoption has led to partnerships and collaborations to leverage collective expertise and resources, driving innovation and accelerating the development of CRISPR-based products and services.

Overall, the CRISPR market's advantages lie in its precision, cost-effectiveness, versatility, scalability, ongoing advancements, potential for personalized medicine, and collaborative opportunities, positioning it as a transformative force with significant market potential.

CRISPR Market – Report Highlights:

• The value chain analysis, ecosystem analysis, and regulatory scenario are added in the market overview chapter.
• The new edition of the report provides updated market breakdown with detailed analysis on product & services, application and end user.
• The new edition of the report provides updated financial information till 2022 (depending on availability) for each listed company in a graphical representation. This would help in the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, and business segment focus in terms of the highest revenue-generating segment.
• Recent developments are helpful to understand market trends and growth strategies adopted by players in the market.
• Tracking product portfolios of prominent market players helps to analyze the major types in the CRISPR market. The new edition of the report provides an updated product portfolio of the companies profiled in the report.
• Market evaluation framework, market share analysis and competitive leadership mapping have been added in competitive landscape chapter of the report.
• The competitive leadership mapping has been updated considering recent developments in the company evaluation matrix.

Related Reports:

Genomics Market - Global Forecasts to 2028

Proteomics Market - Global Forecasts to 2028

NGS-based RNA-sequencing Market - Global Forecasts to 2027

Next Generation Sequencing Market - Global Forecasts to 2027

Genome Editing Market - Global Forecasts to 2026

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