However, lack of standardization, ethical concerns, and the high cost of CRISPR technology are some of the factors restraining the market growth. CRISPR-Cas9 was first used as a gene-editing tool in 2012. Since then, the technology has gained popularity as it has shown promise in curing human genetic diseases. Researchers have been conducting studies using CRISPR technology for various applications including blood disorders, genetic blindness, HIV, and cancer.
The global CRISPR technology market was pegged at ~US$ 691.2 million in 2020. The market is expected to witness a CAGR of ~23.0% from 2021 to 2031.
For instance, scientists from CRISPR Therapeutics (a biotech firm) are conducting a therapeutic program, CTX001, through which they are targeting to increase fetal hemoglobin expression by editing patient’s own blood stem cells with CRISPR/Cas9. Similarly, Editas Medicine (a biotech firm), is working with two distinct CRISPR nucleases: Cas9 and Cas12a. The company has developed an experimental CRISPR medicine called EDIT-101 which is designed to remove the CEP290 mutation (gene that causes degeneration in ocular photoreceptor cells). Most of the studies using CRISPR technology are conducted on mouse-human cell lines. Actual human studies of CRISPR technology have just begun. Concerns regarding how the human body or immune system will react when these CRISPR edited cells are inserted into the body are still lingering.
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Key players:
Thermo Fisher Scientific Inc., GenScript, Agilent Technologies, Inc., Merck KGaA, Cellecta, Inc., Integrated DNA Technologies, Inc., Corteva, ToolGen, Inc., Synthego, and OriGene Technologies, among others.
Segmentation By Products & Services:
• CRISPR Products
• CRISPR Services
By Application:
• Biomedical Applications
• Industrial Applications
• Agricultural Applications
Regional Analysis-
• The Asia-Pacific market is anticipated to grow at a higher CAGR during the forecast period.
• Major factors contributing to the growth of CRISPR Technology market in this region include the rising incidence of chronic infectious diseases, rising awareness regarding growing applications of CRISPR Technology, and increasing research activities in the field of CRISPR Technology.
• The emergence of local players and new product launches has also played a critical role in boosting the CRISPR Technology market in this region.
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Key Questions Answered in the Report Include:
(1) This report gives all the information about the industry analysis, revenue, and overview, of this market.
(2) What will be the rate of increase in market size and growth rate by the end of the forecast period?
(3) What are the major global CRISPR Technology Market trends influencing the development of the market?
(4) What are the vital results of SWOT analysis of the major players operating in the CRISPR Technology Market?
(5) What are the potential growth opportunities and threats faced by Major competitors in the market?
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