CRISPR Gene Editing Market is Booming Worldwide with Prominent CAGR of 26.86% till 2030
The development of genome engineering with potential applications proved to reflect a remarkable impact on the future of the healthcare and life science industry. The high efficiency of the CRISPR-Cas9 system has been demonstrated in various studies for genome editing, which resulted in significant investments within the field of genome engineering. However, with so many advantages, limitations also exist, which need consideration before clinical applications. Further, many researchers are working on the limitations of CRISPR gene editing technology for better results. The potential of CRISPR gene editing to alter the human genome and modify the disease conditions is incredible but exists with ethical and social concerns. The global CRISPR gene editing market was valued at $1,088.6 million in 2020, and it is expected to reach $18,856.6 million by 2031, registering a CAGR of 29.60% during the forecast period.
The growth is attributed to the increasing demand in the food industry for better products with improved quality and nutrient enrichment and the pharmaceutical industry for targeted treatment for various diseases. Further, the continued significant investments by healthcare companies to meet the industry demand and growing prominence for the gene therapy procedures with less turnaround time are the prominent factors propelling the growth of the global CRISPR gene editing market.
The exponential rise in the application of precision medicine globally has created a buzz among companies to invest in the development of novel CRISPR gene editing. Due to the diverse product portfolio and intense market penetration, Merck KGaA and Thermo Fisher Scientific Inc. have been the pioneers and major competitors in this market. The other major contributors to the market include Integrated DNA Technologies (IDT), Genscript Biotech Corporation, Takara Bio Inc, Agilent Technologies, Inc., and New England Biolabs, Inc.
Based on region, North America holds the largest share of the CRISPR gene editing market due to substantial investments made by biotechnology and pharmaceutical companies, improved healthcare infrastructure, rise in per capita income, early availability of approved therapies, and availability of state-of-the-art research laboratories and institutions in the region. Apart from this, the Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period.
Market Growth Drivers
• Prevalence of Genetic Disorders and Use of Gene Editing
• Government and Private Funding
• Technology Advancement in CRISPR Gene Editing
• Off-Target Effects and Delivery
• Ethical Concerns and Implications with Respect to Human Gene Editing
• Expanding Gene and Cell Therapy Area
• CRISPR Gene Editing Scope in Agriculture
Key Companies Profiled
Abcam, Inc., Applied StemCell, Inc., Agilent Technologies, Inc., Cellecta, Inc., CRISPR Therapeutics AG, Thermo Fisher Scientific, Inc., GeneCopoeia, Inc., GenScript Biotech Corporation, Horizon Discovery Group PLC, Integrated DNA Technologies, Inc., Merck KGaA, New England Biolabs, Inc., Origene Technologies, Inc., Rockland Immunochemicals, Inc., Synthego Corporation, System Biosciences LLC, ToolGen, Inc., Takara Bio
Key Questions Answered in this Report:
• What is CRISPR gene editing?
• What is the timeline for the development of CRISPR technology?
• How did the CRISPR gene editing market...
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