Number of pages: 120 | Report Format: PDF | Published date: 05 August, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global CRISPR technology market was pegged at US$ 691.2 million in 2020 and is expected to witness a CAGR of 23.0% during the forecast period.
CRISPR stands for Clustered Regularly Interspaced Short Palindromic Repeats. CRISPR technology is a powerful tool used for editing genomes. Cas9 protein also known as CRISPR-associated protein acts as a molecular scissor that can be used for cutting DNA strands. CRISPR helps researchers to easily alter DNA sequences and modify gene function. It can also be used to turn a gene on and off without altering the sequence. CRISPR-Cas9 was adapted from a naturally occurring genome editing system that takes place in archaea and bacteria.
There are many potential applications of CRISPR such as correcting genetic defects, improving crops, and preventing and treating the spread of disease. Several studies are going on using CRISPR technology for treating diseases such as cancer, blood disorders, treat genetic blindness, HIV, cystic fibrosis, and Duchenne"s muscular dystrophy, among others. CRISPR can also be used to genetically modify foods or crops to improve their nutritional value, make them pest-resistant and increase their shelf life. Most of the ongoing studies using CRISPR are conducted on mouse and human cells.
The global CRISPR technology market is driven by rising government funding for gene editing research, the growing need for medicines for the treatment of rare and other life-threatening diseases, and the increasing number of genetic research studies involving CRISPR technology. However, ethical concerns, lack of standardization, and high cost of CRISPR technology are some of the factors likely to hinder the market growth to a certain extent.
The global CRISPR technology market has been analyzed from four perspectives: Products & Services, Technology, End User, and Region.
CRISPR Technology Market by Products & Services
Based on products and services, the CRISPR technology market has been segmented into CRISPR products and CRISPR services. The CRISPR products segment is further bifurcated into CRISPR enzymes, CRISPR kits, CRISPR libraries, and other products. The CRISPR services segment is further categorized into gRNA design & vector construction, screening services, cell line engineering, and other services. The CRISPR services segment is anticipated to grow at a higher CAGR during the forecast period. The largest share of this segment can be mainly attributed to the increasing applications of CRISPR technologies that have led to the rising number of research studies.
CRISPR Technology Market by Application
Based on application, the CRISPR technology market has been segmented into biomedical applications, industrial applications, agricultural applications, and other applications. The biomedical applications segment dominated the CRISPR technology market in 2020. Factors contributing to the growth of this segment include rising incidences of cancer as well as genetic disorders and increasing usage of CRISPR technology in drug discovery and diagnostics.
CRISPR Technology Market by End User
Based on end-user, the market has been segmented into pharmaceutical & biotechnology companies, contract research organizations (CROs), and academic & research institutes. Pharmaceutical & biotechnology companies held the largest market share in 2020. Rising demand for medicines that can be used to treat various diseases such as cancer and increasing research activities in pharma & biotech companies are some of the factors driving the segmental growth.
CRISPR Technology Market by Region
Regionally, the global CRISPR technology market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share of the global CRISPR technology market in 2020. The major factors attributing to the growth of the CRISPR technology market in this region include the presence of prominent players, greater private-public funding, and a rising number of genome editing research activities in the region. Moreover, growing awareness regarding the use of CISPR technology in various fields and new product launches have also contributed to the growth of the CISPR technology market in North America.
Some of the prominent players operating in the global CRISPR technology market includes:-