The CRISPR technology market size in Europe is anticipated to be worth USD 2.33 billion by 2028 from USD 0.72 billion in 2023, growing at a CAGR of 26.42% from 2023 to 2028.
The growing development of novel therapeutics based on CRISPR is one of the major factors propelling the European market growth. This revolutionary technology enables efficient genome editing, allowing researchers to swiftly modify DNA sequences. It holds immense potential in correcting genetic defects, preventing disease propagation, and treating infectious diseases. Notably, CRISPR systems have demonstrated promising results in editing immune cells for cancer patients. The market's growth is further supported by ongoing research and development initiatives, substantial investments in new technologies, and robust support from both the public and private sectors. CRISPR technology also finds applications in veterinary medicine, which is contributing to the regional market growth.
The rising prevalence of chronic diseases, including cancer and Alzheimer's disease further contributes to the Europe CRISPR technology market. This advanced technology has shown promising outcomes in treating genetic diseases and holds the potential for disease eradication. The increasing cases of breast cancer attributed to genetic inheritance further contribute to the demand for CRISPR technology. Lifestyle changes, inadequate dietary habits, and hormonal imbalances are identified as significant factors leading to blood disorders in the population. Genetic mutations affecting hemoglobin and oxygen-carrying molecules in the body contribute to severe sickle cell disease (SCD) and transfusion-dependent beta-thalassemia. Notably, approximately 80 million individuals in the European Union are affected by blood disorders.
The rapid adoption of personalized medicine fuels the growth rate of the European CRISPR technology market. Personalized or precision medicine enables the development of tailored treatment procedures based on individual genetic conditions. This approach is particularly beneficial in cancer cases, where personalized medicine has shown more effective results compared to conventional medication. The use of next-generation sequencing facilitates the detection of personalized medicine by identifying unique genetic markers in patients. Notably, CRISPR technology plays a significant role in identifying tumor-driven genes among cancer patients. These advancements in personalized medicine present significant opportunities for companies operating in the healthcare and pharmaceutical sectors.
Stringent regulations and ethical considerations surrounding the use of CRISPR technology in Europe are one of the major factors hampering the European market growth. Public perception and ethical concerns regarding the use of gene editing technologies like CRISPR and insufficient funding for CRISPR research and development initiatives in Europe further hinder regional market growth. Lengthy and rigorous regulatory approval processes for CRISPR-based therapies or applications, concerns over the safety and potential off-target effects of CRISPR technology, the shortage of skilled professionals with expertise in CRISPR technology and gene editing techniques and uncertainty or lack of reimbursement policies and frameworks for CRISPR-based therapies or treatments impede the CRISPR technology market growth in Europe.
This research report on the Europe CRISPR technology market has been segmented and sub-segmented into the following categories.
By Product:
By Application:
By End-user:
By Country:
Europe is a noteworthy regional market for CRISPR technology and is estimated to account for a substantial share of the global market during the forecast period. The presence of numerous research laboratories, increasing investments by local key players, support from the governments of European countries, regulations from the European countries to approve CRISPR technology for various medical applications and raising awareness among the European population regarding the CRISPR technology support the European market growth.
Germany had the largest share of the European market in 2022 and is anticipated to grow at a healthy CAGR during the forecast period due to its extensive clinical trial centers and a growing emphasis on gene therapy for various diseases. The commitment of Germany to research and development in CRISPR technology bolsters market growth. Meanwhile, the United Kingdom demonstrates market growth driven by the establishment of training centers focused on CRISPR technology, equipping professionals with the necessary skills and knowledge.
KEY MARKET PLAYERS:
CRISPR Therapeutics AG, Editas Medicine, Intellia Therapeutics, Cellectis and Horizon Discovery Group are some of the major companies in the Europe CRISPR technology market.
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