CRISPR technology allows scientists to easily edit parts of the genome by removing, adding or altering sections of the DNA sequence. It has provided a simpler and more precise method for Genetic Editing. CRISPR technology helps in treating genetic disorders like sickle cell disease, cystic fibrosis, and HIV/AIDS. With its advantages of being simpler, cheaper and more flexible tool for genetic editing than previous gene therapy techniques, CRISPR technology is being widely adopted by biotech and pharmaceutical companies for R&D of new treatment and therapies.
The global CRISPR Technology Market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
The rising R&D investments by biotech and pharmaceutical companies in developing novel therapeutics using CRISPR technology is one of the major trends fueling the market growth. CRISPR holds a promising future in treating various genetic disorders and companies are investing heavily in CRISPR R&D. For instance,Vertex Pharmaceuticals invested $900 million in CRISPR Therapeutics in 2018 to develop gene-editing therapies for Sickle cell disease and Beta-thalassemia. Similarly, Novartis entered into research collaboration with CRISPR Therapeutics and Vertex Pharmaceuticals in 2018 to develop gene-therapies for heart diseases. Such rising R&D investments are expected to drive significant growth in the CRISPR technology market during the forecast period.
Segment Analysis
The global CRISPR technology market is segmented into products & services, application, end-user, and region. Based on products & services, the kits & reagents segment is projected to dominate the overall market during the forecast period. This segment growth can be attributed to increasing demand for DNA preparation kits, editing enzymes, vectors, etc. for conducting various CRISPR experiments.
Key Takeaways
The global CRISPR Technology Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing funding for gene editing research and rising demand for advanced genetic technologies such as CRISPR technology for diagnosing and treating various genetic diseases. The global CRISPR Technology Market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030.
Regional analysis:
North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. High prevalence of genetic disorders, presence of major players, increasing research activity on gene editing are some factors contributing to the large share of North America. Asia Pacific market is projected to grow at fastest CAGR during the forecast period. Rising awareness, increasing healthcare expenditure and improving research infrastructure in major countries like China and India are expected to drive region's growth.
Key players analysis:
Key players operating in the CRISPR technology market are Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited, Asurequality Limited, Bio-Rad Laboratories, Inc., and Bureau Veritas SA. Intertek Group Plc offers wide range of testing services for cannabis industry. SGS SA provides testing services in areas like plant biotechnology and genomics.
For more insights, read- https://www.ukwebwire.com/crispr-technology-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.ukwebwire.com/biohacking-market-trends-size-and-share-analysis/
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