The global CRISPR Technology Market is estimated to be valued at US$ 2,251.2 million in 2021 and is expected to exhibit a CAGR of 19.2% over the forecast period.
A) Market Overview:
CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) technology is a gene-editing technique that allows scientists to selectively modify genes within organisms. It offers several advantages, including its ability to edit genes with precision, high efficiency, and relatively low cost compared to other gene editing methods. The need for such technologies arises from the increasing demand for targeted therapeutics and advancements in genetic engineering research. CRISPR technology enables researchers to study gene function, disease modeling, and potential gene therapies.
B) Market Key Trends:
One key trend driving the growth of CRISPR Technology Market Size is the increasing use of CRISPR in diagnostics. The use of CRISPR-based diagnostics, such as CRISPR-Cas9-based detection systems, is gaining traction due to their specificity and sensitivity. These diagnostics offer potential applications in the detection of infectious diseases, cancer biomarkers, and genetic disorders. For example, Sherlock Biosciences and Mammoth Biosciences have developed CRISPR-based diagnostic platforms for the detection of COVID-19.
C) PEST Analysis:
– Political: The use of CRISPR technology raises ethical concerns regarding the manipulation of human genes. Governments may impose regulations and guidelines to ensure responsible use and prevent misuse of this technology.
– Economic: The CRISPR technology market is expected to contribute significantly to the global economy through investments in research and development, job creation, and revenue generation for companies involved in this sector.
– Social: There is increasing awareness and acceptance of CRISPR technology among scientists, healthcare professionals, and the general public. The potential of CRISPR technology in curing genetic diseases and improving human health has garnered significant interest.
– Technological: Advancements in CRISPR technology, such as the development of base editors and prime editors, have expanded the scope of gene editing applications. Furthermore, the development of delivery systems for CRISPR components is enhancing the efficiency and effectiveness of gene editing.
D) Key Takeaways:
– The global CRISPR technology market is expected to witness high growth, exhibiting a CAGR of 19.2% over the forecast period, due to increasing demand for targeted therapeutics and advancements in genetic engineering research.
– North America is anticipated to be the fastest-growing and dominating region in the CRISPR technology market. The region’s strong presence in biotechnology research, favorable government initiatives, and increasing investments in gene therapy are driving market growth.
– Key players operating in the global CRISPR technology market include Merck KGaA, Thermo Fisher Scientific, Origene Technologies, Inc., New England Biolabs, GenScript, GeneCopoeia, Inc., Cellecta, Inc., Agilent Technologies, Inc., PerkinElmer, Inc. (Horizon Discovery Ltd.), and Danaher Corporation (Integrated DNA Technologies).
In conclusion, the global CRISPR technology market is poised for significant growth due to the increasing use of gene editing techniques. The market’s potential is fueled by the advantages of CRISPR technology in precision gene editing and its applications in diagnostics and therapeutics. However, ethical considerations and regulatory frameworks need to be established to ensure responsible use and address societal concerns