CRISPR Market in terms of revenue was estimated to be worth $3.4 billion in 2023 and is poised to reach $7.1 billion by 2028, growing at a CAGR of 15.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. Some of the prominent factors driving the growth of this market are technological advancements in the field of CRISPR, substantial support and funding for research and development in the CRISPR field from government and pharmaceutical companies are boosting the growth of the market. However, risk of off-target effects and safety concerns of CRISPR technology can hamper the market growth.
CRISPR products accounted for the largest share of the CRISPR market
Among the products & services, the CRISPR market is segmented into CRISPR products, and CRISPR services. In 2023, the CRISPR products segment accounted for the largest share of the CRISPR market. Growth in this market segment can be attributed to prevalence of genetic disorders, such as inherited diseases and certain types of cancers, and the potential of CRISPR products to enhance the efficacy and precision of gene editing for therapeutic purposes.
Drug Discovery & Development segment is the fastest-growing segment of the CRISPR market
In 2023, the drug discovery & development segment accounted for the fastest-growing share of the application segment of CRISPR market. Market growth can largely be attributed to the potential of CRISPR technology to develop personalized therapies by precisely editing patient-specific genetic variations. The market is also driven by its application in drug target validation and lead optimization, increasing investment from both the public and private sectors, as well as CRISPR based functional genomics screening expediting the drug discovery process.
Asia Pacific: The fastest-growing region in the CRISPR market
The Asia Pacific CRISPR market is projected to grow at the highest CAGR during the forecast period, mainly due to increasing awareness of the importance of the research and development activities in the healthcare industry, large patient population, and advancements in sequencing technologies. The Asian market has also garnered significant attention from global players due to the increased focus on personalized medicine, driving the demand for CRISPR products.
CRISPR Market Dynamics:
Drivers:
- Growing Investment and Funding from the Government for CRISPR Technology
Restraints:
- High Technical challenges associated with CRISPR technology
Opportunities:
- Development of new vaccine and treatment of genetic diseases
Challenges:
- Regulatory Hurdles for CRISPR Advancements
Key Market Players:
The market for CRISPR is highly fragmented, with key players strategizing to capture the market. Prominent players in the CRISPR market are Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Genscript Biotech Corporation (China), CRISPR Therapeutics AG (Switzerland), Editas Medicine (US), Intellia Therapeutics, Inc. (US), Beam Therapeutics Inc. (US), Caribou Biosciences, Inc. (US), Lonza Group, Ltd. (Switzerland), Danaher Corporation (US), PerkinElmer, Inc. (US), Hera Biolabs (US), OriGene Technologies, Inc. (US), Cellecta, Inc. (US), Mammoth Biosciences, Inc. (US), Applied StemCell (US), New England Biolabs Inc. (US), ToolGen Inc. (South Korea), GeneCopoeia, Inc. (US), Twist Bioscience Corporation (US), Synthego Corporation (US), eGenesis (US), Inscripta, Inc. (US), and Precision BioSciences, Inc. (US).
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