CRISPR Technology Market

Global CRISPR Technology Market Size (2023 to 2028)

The global CRISPR technology market is expected to grow from USD 2.4 billion in 2023 to USD 8.04 billion by 2028, growing at a CAGR of 27.4% from 2023 to 2028.

MARKET DRIVERS:

The high precision and efficiency of CRISPR technology in gene editing majorly drive market growth. The growing number of R&D activities in the field of genetic engineering, the potential to treat and cure genetic diseases and inherited disorders and the growing usage of CRISPR technology in agriculture such as crop improvement and pest resistance contribute to the market growth. The growing number of advancements in CRISPR-based diagnostic tools for disease detection, rising investments in CRISPR technology by biotechnology and pharmaceutical companies, increasing demand for personalized medicine and targeted therapies, and the potential to develop novel treatments for cancer and infectious diseases boost the growth rate of the CRISPR technology market.

The rapid adoption of CRISPR technology in drug discovery and development, enhanced understanding of the CRISPR-Cas9 system and improved gene editing techniques, increasing number of applications of CRISPR technology in non-human organisms for research purposes, the growing availability and accessibility of CRISPR gene editing kits and tools and increasing number of collaborations and partnerships between academia, industry and research institutions propel the market growth. Furthermore, factors such as supportive government regulations and initiatives promoting genome editing research, growing awareness and acceptance of CRISPR technology among healthcare professionals, increasing investments in CRISPR-based therapies and gene therapies and technological advancements in CRISPR delivery systems and delivery methods favor the market growth. Potential for CRISPR technology to revolutionize agriculture and food production, rising utilization of CRISPR technology in developing genetically modified organisms and the integration of CRISPR technology with other emerging technologies such as artificial intelligence and machine learning for improved outcomes support the CRISPR technology market growth.

MARKET RESTRAINTS:

High costs associated with CRISPR technology and gene editing procedures, limited accessibility to CRISPR tools and resources, particularly in developing regions, challenges in validating the efficacy and safety of CRISPR-based therapies in clinical trials and slow adoption and acceptance of CRISPR technology in clinical practice are some of the major obstacles to the market growth. Ethical concerns and public perception regarding genetic manipulation, regulatory challenges and uncertain legal frameworks surrounding gene editing and the potential off-target effects and unintended consequences of CRISPR gene editing hamper the growth of the CRISPR technology market. Lack of long-term safety data and limited understanding of potential risks, intellectual property disputes and patent restrictions hindering innovation and technical limitations and challenges in achieving precise and efficient gene editing further impede the market growth.

Impact of COVID-19 on the CRISPR technology market:

The COVID-19 pandemic has created a significant strain in healthcare systems worldwide. The market participants of CRISPR technology have altered their plans to fit the fast-changing situation during the COVID-19 pandemic. The usage of CRIPSR technology has increased exponentially by pharmaceutical companies to address the needs of COVID-19. Several pharmaceutical companies have used the CRIPSR technology to develop diagnostic test kits for COVID-19. For instance, the Sherlock CRISPR SARS-CoV-2 kit is used to identify the virus that causes COVID-19. It was approved for emergency use by the U.S. Food and Drug Administration (FDA) in May 2020. Likewise, the demand and usage of CRISPR technology have increased during the COVID-19 pandemic and favored market growth.

REPORT COVERAGE:

This research report on the global CRISPR technology market has been segmented and sub-segmented based on the product, application, end-user & region.

CRISPR Technology Market - By Product:

• Enzymes
• Kits and Reagents
• Guide RNA
• Other Products

Based on the product, the enzymes segment is predicted to capture the major share of the global market during the forecast period. High precision and efficiency of Cas9 enzymes in gene editing applications, increasing number of research activities in the field of genome editing and gene therapy and growing demand for Cas9 enzymes for targeted gene modifications in various organisms primarily drive the growth of the enzymes segment. The growing number of advancements in enzyme engineering, leading to improved performance and versatility of Cas9 enzymes, and increasing investment in CRISPR technology and gene editing research further boost the growth rate of the enzymes segment.

The kits and reagents segment is expected to witness a promising CAGR during the forecast period. The rapid adoption of CRISPR technology in academic and research institutions, increasing demand for efficient and user-friendly CRISPR tools for gene editing experiments and expansion of the biotechnology and pharmaceutical sectors drive the need for CRISPR kits and reagents and fuel the growth of the kits and reagents segment. The growing number of advancements in kit and reagent technologies that enhance the accuracy and efficiency of CRISPR experiments and increasing investment in research and development of CRISPR-based therapies further accelerate the demand for related kits and reagents and contribute to segmental growth.

CRISPR Technology Market - By Application:

• Biomedical
• Agricultural
• Industrial
• Other Applications

Based on application, the biomedical segment is expected to hold the leading share of the global market during the forecast period owing to the growing number of advancements in gene therapy and the potential of CRISPR technology to treat genetic diseases, rising demand for personalized medicine and targeted therapies and increasing R&D activities in disease modeling and drug discovery. The growing prevalence of genetic disorders and the need for precise gene-editing tools and the expansion of the biotechnology and pharmaceutical sectors drive the adoption of CRISPR technology in biomedical applications and drive the segmental growth.

The agricultural segment is another lucrative segment among all and is anticipated to grow at a promising CAGR during the forecast period owing to the growing for sustainable agriculture and the potential of CRISPR technology to develop genetically modified crops with improved traits, increasing population and rising need to increase food production through crop improvement. The growing number of concerns over crop diseases and pests drive the demand for CRISPR-based solutions for disease resistance, which is contributing to the growth of the agricultural segment in the worldwide market. The expansion of agricultural biotechnology, rapid adoption of advanced breeding techniques and growing support and initiatives from governments of several countries to promote agricultural innovation and biotechnology research further fuel the growth rate of the segment.

CRISPR Technology Market - By End-user:

• Pharmaceutical and Biotechnology Companies
• Academics and Government Research Institutes
• Other End-users

Based on end-user, the pharmaceutical and biotechnology companies segment is estimated to occupy the leading share of the global market during the forecast period. The growing investments in CRISPR technology for drug discovery and development, rising demand for innovative therapies and precision medicine and the potential to address unmet medical needs through CRISPR-based treatments majorly drive the growth of the pharmaceutical and biotechnology companies segment. The growing number of advancements in genomic research and personalized healthcare and increasing number of collaborations and partnerships between pharmaceutical companies and CRISPR technology providers further contribute to the segment’s growth rate.

CRISPR Technology Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America held the major share of the global market in 2022 and the domination of the North American region in the worldwide market is likely to continue during the forecast period. Factors such as the strong presence of leading biotechnology and pharmaceutical companies, robust research and development activities in genetic engineering and gene therapy and supportive regulatory environment and established frameworks for gene editing technologies drive the growth of the CRISPR technology market in North America. In addition, high healthcare expenditure, increasing investments in precision medicine, and the availability of advanced infrastructure and technological resources in North America further boost the growth rate of the North American market. The U.S. is estimated to account for the largest share of the North American market in the coming years.

Europe captured the second-largest share of the global market in 2022 and is predicted to register a substantial share of the global market during the forecast period. Advanced healthcare systems, a growing emphasis on precision medicine and robust research and development activities in genetic engineering and biotechnology primarily drive the European market growth. Supportive regulatory frameworks for gene editing technologies, an increasing number of collaborations between academia and industry in genomic research and the rapid adoption of genetic therapies and personalized medicine further contribute to the growth of the European market. Germany, the U.K. and France are predicted to occupy the leading share of the European market during the forecast period.

The APAC CRISPR technology market is anticipated to account for a considerable share of the global market during the forecast period and grow at the highest CAGR among all the regions. Growing biotech and pharmaceutical industries in emerging economies, increasing number of initiatives and funding from the governments of APAC countries for genetic research and biotech innovation, large population base and growing prevalence of genetic disorders in the countries of APAC countries propel the regional market growth. The growing demand for advanced healthcare solutions and personalized medicine and the increasing number of collaborations with international organizations to promote research and development further boost the growth rate of the APAC market.

Latin America is estimated to register a steady growth rate during the forecast period owing to the growing number of investments in healthcare infrastructure and biotechnology, growing support and initiatives from the governments of Latin American countries for biotech innovation and increasing awareness and rapid adoption of genetic technologies in healthcare.

MEA is forecasted to showcase a moderate CAGR in the coming years.

KEY MARKET PLAYERS:

Cellecta, Inc., GeneCopoeia, Inc., New England Biolabs, Origene Technologies, Inc., Synthego Corporation, Toolgen, Inc., Hermo Fisher Scientific, Merck KGaA, GenScript, Integrated DNA Technologies (IDT), Horizon Discovery Group, Agilent Technologies, Applied StemCell, Editas Medicine, Transposagenbio Biopharmaceuticals, Intellia Therapeutics Inc are some of the market players in the CRISPR technology market.

RECENT HAPPENINGS IN THE MARKET:

• In October 2022, iNtron Biotechnology made a robot bacteriophage from the second generation. In addition to the previously mentioned customized CRISPR/Cas system, the random transposon mutagenesis technology is used to change the bacteriophage genome.
• Vertex and CRISPR Therapeutics finished talking with the U.S. Food and Drug Administration in September 2022 about submitting an exa-cel in November 2022. They plan to finish the offer by the end of the first quarter of 2023.
• In the month of February 2022, NTLA-2001 will be developed as a therapy for transthyretin (ATTR) amyloidosis that only requires a single dosage.
• SNIPR BIOME ApS, a pioneer in CRISPR and microbiome biotechnology, said in January 2022 that the U.S. Food and Drug Administration (FDA) has authorized the application for the first development candidate's investigational new drug (IND). As a result, the business may start the first human clinical study for SNIPR001.
• A non-exclusive license agreement was signed by ERS Genomics Ltd. and GenScript Biotech Corporation in May 2021, granting GenScript access to ERS Genomics' CRISPR/Cas9 patent portfolio.