The size of the global CRISPR genome editing market is expected to attain a value of USD 15.84 billion by 2028, growing at a 29.50% CAGR during the forecast period from USD 1.08 billion in 2021.
CRISPR Genome Editing Market
The size of the global CRISPR genome editing market is expected to attain a value of USD 15.84 billion by 2028, growing at a 29.50% CAGR during the forecast period from USD 1.08 billion in 2021. This report discusses market research on the CRISPR genome editing market, its market growth factors, and its challenges. The report also talks about the opportunities available to stakeholders, researchers, and potential investors for the CRISPR genome editing market, discussing the recent changes due to the pandemic.
In Global CRISPR Genome Editing Market Report, CRISPR gene editing is a molecular genetically engineered approach for altering the genomes of living organisms. It's built on a reduced form of the CRISPR-Cas9 antiviral defense mechanism found in bacteria. The approach is important in biotechnology and medicine because it enables genes to be altered in vivo with exceptional accuracy, at a low cost, and with simplicity. It can be employed in the development of novel medications, farm goods, and genetically engineered organisms, as well as for disease and pest management. It may also be used to treat heritable gene illnesses and also diseases that are caused by somatic mutations.
COVID-19 is a newly identified virus that causes a contagious sickness. The global burden of the COVID-19 pandemic has prompted major pharmaceutical and biotechnology businesses, as well as participants in the CRISPR genomic market, to engage in vaccine research and development. The increased need for vaccinations and possible antiviral options has pushed genome editing techniques to the front of the line.
In COVID-19 outbreaks, molecular biology technologies of gene editing procedures like CRISPR have proven to be more important than traditional diagnosis or therapy methods. These instruments functioned as next generational testing and therapy procedures, ranging from quick and efficient diagnosis to more focused viral detection and killing of infectious viruses. The pandemic proved to be beneficial to the global CRISPR genome editing market.
Rise in government funding for CRISPR genome editing projects to drive market growth
Governments in numerous nations throughout the world have made large expenditures in genomics in past years, which have aided in the discovery and research of innovative CRISPR genome editing technologies. Furthermore, the availability of funding support has allowed university and government organizations to conduct extensive genome engineering research. The quantity of CRISPR genomics research efforts has increased significantly as a result of major government funding in genomics. This, in turn, is likely to fuel the global CRISPR genome editing market's expansion throughout the forecast period.
Off-target effects likely to restrict the market growth
Off-target consequences from CRISPR-Cas9 are a big problem. Because Cas9 causes double-stranded breaks can potentially lead to cancer tumor formation. Moreover, the high incidence of off-target activity mutations in locations besides the targeted on-target location is a major source of worry. CRISPR can, for example, target a tumor suppressor gene or stimulate a cancer-causing mutation. This unfavorable consequence has caused problems for several firms conducting clinical studies. Clinical studies have been halted, and regulatory officials are demanding further study to improve the method's safety thereby restraining the market growth.
Use of CRISPR in agriculture to provide growth opportunities for market
CRISPR allows for desired agricultural features by transferring DNA from the crop's own naturally occurring genetic variants, rather than from alternative reproductively incompatible creatures. This removes the possibility of foreign DNA contamination in the resulting plant and final items. Because the CRISPR procedure does not incorporate foreign DNA into the genetic material, many scientific experts regard plant products to be non-GMO, and at least some plants generated using this technology are non-GMO. This expands its application in agriculture, offering the potential for the worldwide CRISPR genome editing market to expand.
Ethical concerns regarding human gene editing using CRISPR to challenge the market growth
Human genome editing, according to bioethicists and experts, should not be tried since it affects genes and has a mutant impact that may be passed down generations. The majority of stakeholders feel that ongoing public discourse and debate are necessary to allow the public to determine whether or not CRISPR genome editing must be permitted for human genes. Because of bioethical concerns, around 40 nations prohibited or outlawed CRISPR genome editing research in the last decade. This has hampered the worldwide CRISPR genome editing business by constraining further research and development.
The global 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. Biotechnology & pharmaceutical businesses accounted for the greatest proportion of the global CRISPR genome editing market by end-user in 2021. Infectious illnesses and cancer are becoming more common, which is fueling research efforts throughout the world. The need for genetic modification in biotechnology and pharmaceutical industries is likely to rise as a result of this.
The market categories depending on the application include cell line engineering, genetic engineering, diagnostic applications, drug discovery & development, and others. The bulk of the market was responsible for the application of CRISPR technology for cell line genetic alteration in stem cell treatment and gene therapy, and it is predicted to grow fast. The ability to use this technology to create new compounds that may be used to treat diseases like malignant tumors and contagious diseases is anticipated to boost its popularity in the coming years.
North America to lead the global market during coming period
Due to significant investments made by pharmaceutical & biotech businesses, rise in per capita income, enhanced health systems, accessibility of therapies, and affordability of state-of-the-art testing facilities & organizations in the region, North America has the largest proportion of the CRISPR gene editing market. Apart from that, throughout the forecast period, Asia Pacific is expected to develop at the quickest CAGR in the global CRISPR genome editing market.
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 market are -
Recently the government has started to fund projects in CRISPR genome edition or engineering providing ample support for organizations to conduct research. Secondly its implementation in agricultural sector as well is helping the market grow.
As per Zion Market Research, the size of the global CRISPR Genome Editing market is expected to attain a value of USD 15.84 billion by 2028, growing at a rate of growth at the rate of 29.50% CAGR during the forecast period from USD 1.08 billion in 2021.
North America is expected to lead the global CRISPR Genome Editing market due to significant investments made by pharmaceutical and biotech businesses, rise in per capita income, enhanced health systems, accessibility of therapies, and affordability of state-of-the-art testing facilities and organizations in the region.
Insights from Zion Market Research list Thermo Fisher Scientific (US), Merck KGaA (Germany), GenScript (China), Sangamo Therapeutics (US), Lonza (Switzerland), CRISPR Therapeutics AG (Switzerland), and Precision Biosciences (US) as the major companies that are into intense research in order to capture the widest variety of CRISPR genome editing applications.