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| CRISPR technology market |
CRISPR technology allows scientists to easily edit parts of the genome by removing, adding or altering sections of the DNA sequence. It has provided a simpler and more precise method for Genetic Editing. CRISPR technology helps in treating genetic disorders like sickle cell disease, cystic fibrosis, and HIV/AIDS. With its advantages of being simpler, cheaper and more flexible tool for genetic editing than previous gene therapy techniques, CRISPR technology is being widely adopted by biotech and pharmaceutical companies for R&D of new treatment and therapies.
The global
CRISPR Technology Market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key Trends:
The rising R&D investments by biotech and pharmaceutical companies in
developing novel therapeutics using CRISPR technology is one of the major
trends fueling the market growth. CRISPR holds a promising future in treating
various genetic disorders and companies are investing heavily in CRISPR
R&D. For instance,Vertex Pharmaceuticals invested $900 million in CRISPR
Therapeutics in 2018 to develop gene-editing therapies for Sickle cell disease
and Beta-thalassemia. Similarly, Novartis entered into research collaboration
with CRISPR Therapeutics and Vertex Pharmaceuticals in 2018 to develop
gene-therapies for heart diseases. Such rising R&D investments are expected
to drive significant growth in the CRISPR technology market during the forecast
period.
Segment Analysis
The global CRISPR technology market is segmented into products & services,
application, end-user, and region. Based on products & services, the kits
& reagents segment is projected to dominate the overall market during the
forecast period. This segment growth can be attributed to increasing demand for
DNA preparation kits, editing enzymes, vectors, etc. for conducting various
CRISPR experiments.
Key Takeaways
The global CRISPR
Technology Market Growth is expected to witness high growth over the
forecast period of 2023 to 2030 supported by increasing funding for gene editing
research and rising demand for advanced genetic technologies such as CRISPR
technology for diagnosing and treating various genetic diseases. The global
CRISPR Technology Market is estimated to be valued at US$ 3198.65 Mn in 2023
and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to
2030.
Regional analysis:
North America dominated the global market in 2023 and is
expected to continue its dominance over the forecast period. High prevalence of
genetic disorders, presence of major players, increasing research activity on
gene editing are some factors contributing to the large share of North America.
Asia Pacific market is projected to grow at fastest CAGR during the forecast
period. Rising awareness, increasing healthcare expenditure and improving
research infrastructure in major countries like China and India are expected to
drive region's growth.
Key players analysis:
Key players operating in the CRISPR technology market are
Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific,
Inc., ALS Limited, Asurequality Limited, Bio-Rad Laboratories, Inc., and Bureau
Veritas SA. Intertek Group Plc offers wide range of testing services for
cannabis industry. SGS SA provides testing services in areas like plant
biotechnology and genomics.
For more insights, read- https://www.ukwebwire.com/crispr-technology-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.ukwebwire.com/biohacking-market-trends-size-and-share-analysis/
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