CRISPR Technology Market Size, Share & Growth | Report 2031

Report Description

The global CRISPR technology market size was USD 3.1 Bn in 2022 and is likely to reach USD 17.95 Bn by 2031, expanding at a CAGR of 22% during 2023–2031. The high efficiency of CRISPR technology in gene editing and cancer treatment is expected to fuel the market.

CRISPR technology (clustered regularly interspaced short palindromic repeats) is increasingly utilized by research scientists for ongoing studies in the modification of DNA in different organisms. In addition, the growing collaborations and patent agreements by key players of the market, for making progress in genome technologies, are likely to expand the research and therapy development activities across the world. This, in turn, is likely to increase growth prospects for the market in the years ahead.

• On 1 June 2023, ERS Genomics Limited (ERS) announced an agreement of license with Applied Biological Materials Inc (abm). The nature of the agreement is non-exclusive licensing, which allows abm to access the CRISPR/Cas9 patent portfolio of ERS.

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Growing applications of CRISPR technology as a diagnostics and gene therapy tool are likely to propel market growth. For instance, Sherlock BioSciences Inc’s Sherlock CRISPR SARS-CoV2 kit is identified as the first diagnostic kit based on CRISPR, designed for COVID-19 infections.

The kit received emergency use approval from the US Food & Drug Administration in May 2020. Based on the FDA instructions, the kit is intended to be handled by qualified clinical laboratory personnel, who are specifically instructed and trained in the non-automated molecular in vitro diagnostic procedures techniques.

CRISPR technology includes CRISPR sequencing and transcribing them into short RNA chains called CRISPR RNAs. Cas9 is an enzyme formed by the CRISPR system that binds to the discovered DNA and destroys it. This eliminates the defective gene from working further. Thus, this complex process helps in the treatment of various chronic diseases. There are a growing number of trials in progress that are exploring the use of CRISPR technology for various disease treatment and diagnosis, which in turn boost the market.

In genome engineering, CRISPR is majorly used for referring to different systems such as CPF1 and CRISPR-Cas9. These are programmed for targeting particular parts of the genetic code and editing the DNA at desired locations. These programs are also used as diagnostic tools, by which scientists are assisted in permanently modifying genes and correcting the mutations in the future. Modifying and mutation corrections are done at particular locations in the human genome for treating the genetic cause of the diseases. The alternative systems including CRISPR-Cas-13, are effective in targeting RNA and are sensitive diagnostic tools.

The COVID-19 pandemic resulted in the increasing demand for numerous diagnostic tests. CRISPR-Cas systems are used for diagnosing SARS-CoV-19 infections and viruses in a span of one hour. The system is also being introduced for antiviral therapy development. This is projected to increase the demand for the CRISPR technology market, due to the emergence of new mutant orders of COVID in the future and the rising need for advanced diagnostics.

CRISPR Technology Market Dynamics

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Major Drivers

Increasing adoption of CRISPR technology in formulating different drugs and enhancing their quality is anticipated to drive the market during the forecast period. The use of CRISPR technology for treating cancer is rapidly increasing, as this technology has become a mainstream methodology for cancer treatment. Researchers are also preferring CRISPR technology to treat cancer patients, as its gene editing method helps them to alter the immune cells and mutated proteins.

Rising initiatives from governments and the private sector for the advancement of CRISPR technology are expected to fuel the market. The researchers are successfully exploring new ways to use CRISPR to treat various other diseases and also reduce errors for better treatment, which in turn, is expected to boost its market.

• As per a news report published in July 2023, leveraging CRISPR technology, scientists at the University of California San Diego led by Professor Omar Akbari’s laboratory, have engineered a innovative new solution to genetically suppress the population growth of Anopheles gambiae, the mosquitoes that primarily spread malaria in Africa region and contribute to economic poverty in affected regions.

The market is further propelled by the extensive use of CRISPR frameworks in innovative genome editing, microbiology, hereditary issues, and crop creation & enhancement. The growing success rate in this direction is expected further support the growth of the market.

Existing Restraints

The complexity and ethical concerns of performing CRISPR technology are expected to restrain the market. The high cost associated with performing CRISPR therapy and the shortage of professionals is projected to hamper the market. In addition, the lack of awareness associated with the availability of such technologies among people negatively impacts market growth.

Emerging Opportunities

The implementation of CRISPR technology in food production and agriculture for pest resistance is projected to create lucrative opportunities in the market. Integration of the CRISPR therapy with emerging technologies including machine learning (ML) and artificial intelligence (AI) for enhancing the results of the CRISPR method is expected to create new market expansion possibilities.

Increasing investments in CRISPR delivery methods & systems and their advancements are anticipated to create numerous pathways for the CRISPR technology. Moreover, increasing applications of the CRISPR framework in the development of genetically modified living organisms is further expected to help in market expansion.

Scope of CRISPR Technology Market Report

The report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

CRISPR Technology Market Segment Insights

Product Segment Analysis

Based on product, the CRISPR technology market is divided into kits & reagents, enzymes, guide RNA, services, libraries, design tools, and others. The enzymes segment is expected to expand at a significant growth rate during the projection period. The growth of the segment is attributed to the wide applications of enzymes in research for genome editing technology.

The rising demand for Cas9 enzymes in targeting gene modifications in different organisms is driving the segment. In addition, rising innovation in enzyme engineering due to the versatility of Cas9 enzymes and investments in CRISPR technology is further likely to boost the segment.

The kits & reagents segment is projected to register a significant CAGR in the coming years, due to the increasing adoption of the CRISPR framework in research & academic institutions. Increasing demand for user-friendly kits & reagents in gene editing experiments and the rapid expansion of the pharmaceutical and biotechnology industries are likely to propel the segment. Furthermore, rising innovations in kits & reagents for increasing the accuracy of experiments and increasing R&D investments are fueling the segment of the market.

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Application Segment Analysis

On the basis of application, the global market is segregated into agricultural, biomedical, industrial, biological, and others. The biomedical segment is projected to register a considerable CAGR during the forecast period. Biomedical sciences have sub-fields that have wide applications of CRISPR gene-editing methods, which help in market expansion.

Biomedicine includes gene therapy for treating genetic disorders and it requires personalized & targeted medicines, thus R&D investments are being made, which further propels the segment. Additionally, the rapid expansion of the pharmaceutical and biotechnology industries and the rising need for accurate gene-editing tools for genetic disorders is creating new pathways for segment growth.

The agricultural segment is expected to grow at a rapid pace during the assessment period, attributing to the growing need for sustainable agriculture. CRISPR technology has abilities to create genetically altered crops with advanced characteristics which are beneficial for the increasing population which demands high-quality food products.

Crop development and growing concerns regarding crop diseases increase the demand for CRISPR technology for resisting crop diseases. Furthermore, the advancements in the agricultural biotechnology industry and the increasing adoption of innovative plant breeding methods, along with government initiatives & support for R&D from different countries are further likely to drive the segment.

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End-user Segment Analysis

On the basis of end-user, the CRISPR technology market is segmented into research centers, pharmaceutical companies, research organizations, academic institutes, government research, biotechnology companies, and others. The pharmaceutical companies segment is expected to register a robust growth rate during the projection period, due to rising investments in drug delivery development using CRISPR methods.

The rising demand for advanced CRISPR therapy and precision medicines is driving the pharmaceutical companies segment. Rising research advancements in personalized healthcare & genomic research are expected to help in segment expansion. Rapid integration activities of pharmacy companies and CRISPR companies through collaborations and growth strategies are projected to propel the segment.

Regional Analysis

In terms of region, the global CRISPR technology market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, due to the presence of key pharmaceutical & biotechnological companies. The US has the highest number of CRISPR patents application, accounting for more than 5300 applications. 

Advanced R&D activities in the field of genetic engineering and gene therapy along with supportive government regulations drive the market in the region. In addition, a well-developed framework in the region for gene-editing technology helps create new market opportunities. Increasing healthcare expenditure, the presence of advanced infrastructural resources, and rising investment activities for precision medicine formulation are projected to help North America to lead the market.

The market in Europe is expected to hold a significant market share during the assessment period, due to the presence of advanced healthcare infrastructure, robust R&D for genetic engineering, and rising investments in precision medicine. Rising integration activities between academic research companies and the genomic research industry and a growing emphasis on personalized medicines are anticipated to grow the regional market.

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