20-Jun-2022 | Zion Market Research
The size of the global CRISPR genome editing market is likely to reach a value of USD 15.84 billion by 2028, growing at a CAGR of 29.50% during the forecast period from USD 1.08 billion in 2021. Gene editing has shown to be a promising treatment option for cancer, infectious diseases, and genetic disorders. Gene editing is a sort of genetic editing in which DNA is changed, removed, or inserted in the genome of an organism using a designed molecular scissor or nuclease to treat a specific condition. These nucleases cause double-stranded breaks in the genome at certain sites. Genome engineering, which was previously only used by huge research organizations like the government and academic research institutions, has now emerged as an exciting and promising diagnostic tool, particularly in oncology research. The rapid transition from academia to clinical and diagnostic laboratories is largely due to advances in gene-editing technology.
A major element driving the global CRISPR genome editing market's growth is continuous technological breakthroughs in gene-editing tools. Additionally, government financing, an expansion in the percentage of genomics studies, and an increase in the prevalence of cancer & other genetic illnesses will all contribute to market expansion. Furthermore, the development of CRISPR-based innovative diagnostic tools to alleviate the negative effects of the COVID-19 pandemic is boosting the genome editing business. However, the rising price of genomic equipment, as well as growing worries about the hazards and ethical difficulties involved with genome editing, are some of the barriers that are limiting the market's growth. On the other hand, the presence of important players in emerging nations, as well as applications in a variety of drug development procedures, are only a few of the aspects that will make the market attractive during the forecast period.
The global CRISPR genome editing market was positively impacted during the outbreak of the COVID-19. It has led major pharmaceutical and biotechnology businesses, as well as genomics players, to contribute to vaccine research and development. The increased demand for vaccinations and possible antiviral candidates has pushed genome editing/engineering approaches to the front of the line. In COVID-19 pandemic, molecular biology techniques encompassing gene editing approaches, such as CRISPR-genome editing, have proven to be crucial as compared to traditional diagnostic or therapy methods. These instruments functioned as novel diagnosis and treatment measures, extending from quicker and easier diagnosis to more precise virus detection and killing.
The global CRISPR genome editing market is segregated on the basis of end-user, application, and region. Academics & government institutes, biotechnology & pharmaceutical firms, contract research organizations, and others are the types of end-users. Based on application, the market is segregated into cell line engineering, genetic engineering, diagnostic applications, drug discovery & development, and others.
North America is expected to hold a significant proportion of the global CRISPR genome editing market. This is majorly attributed to the accessibility of research grants & funding, the rise in the incidence of chronic diseases & cancer, the increased use of genetically modified crops, and the introduction of gene therapy in the United States. During the forecast period, Asia Pacific is expected to grow at a rapid rate. The market in the region is expected to expand in the future, owing to the rise in patients’ willingness to seek advice from super-specialists, and an increase in the availability of developed healthcare infrastructure as well as ongoing study initiatives for the advancement of services & technology.
The major companies that are into intense research in order to capture the widest variety of CRISPR genome editing applications and gain a dominant position in the global CRISPR genome editing market are Thermo Fisher Scientific, Merck KGaA, GenScript, Sangamo Therapeutics, Lonza, CRISPR Therapeutics AG, and Precision Biosciences.
Browse the full “CRISPR Genome Editing Market By End-User (Academics & Government Institutes, Biotechnology & Pharma Companies, Contract Research Organizations, & Others), By Application (Cell Line Engineering, Genetic Engineering, Diagnostic Applications, Drug Discovery & Development, & Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/crispr-genome-editing-market
The global CRISPR genome editing market is segmented as follows:
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