CRISPR Technology Market Size, Share, Growth, and Industry Analysis by Type (CRISPR Enzymes, CRISPR Libraries, CRISPR Kits, Others), by Application (Biomedical, Agricultural), and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

CRISPR TECHNOLOGY MARKET REPORT OVERVIEW

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The global CRISPR technology market size was USD 845.5 million in 2021 and will touch USD 2929.4 million by 2028, exhibiting a CAGR of 19.1% during the forecast period.

CRISPR technology also advances genome editing across medicine, biotechnology, and agriculture, enabling scientists to conduct research in these fields through faster and more efficient genome editing worldwide. The demand for CRISPR technology is rising due to its easy, quick, and inexpensive access to vectors and the resulting next-generation tools. The advancements in the agricultural biotechnology industry and the increasing adoption of innovative plant breeding methods, along with government initiatives & support for R&D from different countries are further likely to motivate the sector. CRISPR technology has abilities to create genetically altered crops with advanced characteristics which are beneficial for the increasing population which demands high-quality food products.

CRISPR technology market has been the substantial increase in investments from both the private and public sectors in biotechnology and healthcare. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

CRISPR TECHNOLOGY MARKET SEGMENTATION

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By Type Analysis

According to type, the market can be segmented into CRISPR enzymes, CRISPR libraries, CRISPR kits, others. CRISPR enzymes will capture the maximum market share through forecast period.  

• CRISPR enzymes – the growing number of advancements in enzymes engineering leading to improved performance and versatility of Cas9 enzyme and increasing investment in CRISPR technology and gene editing research further boost the growth rate of enzymes segment.

• CRISPR libraries - Collections of CRISPR sequences targeting multiple genes, useful for large-scale screening. It is used in drug discovery, functional genomics, and understanding gene function.

• CRISPR kits – These kits provide the necessary components for CRISPR experiments, including guide RNAs, enzymes, and other reagents. The rapid adoption of CRISPR technology in academic and research institution increasing demand for efficient and user friendly CRISPR tools for gene editing experiments and expansion of biotechnology and pharmaceutical sector drives the need for CRISPR kits.

• Others – This category includes various ancillary products and services related to CRISPR, like design tools, delivery systems, and others. Innovations in delivery methods and design tools are key growth factors.

By Application Analysis

According to application, the market can be segmented into biomedical, agricultural. CRISPR technology market players cover segment as biomedical will dominate the market share during forecast period.

• Biomedical – Biomedical is driven by the growing demand for personalized medicine, the need for new therapeutic approaches, and the increasing prevalence of genetic disorders.

• Agricultural – It is operated by the need to enhance food security, develop climate-resilient crops, and improve agricultural productivity.

DRIVING FACTORS

"Increasing Agricultural Advancement To Boost The Market Growth"

CRISPR technology impact on agriculture has been a driving force behind its CRISPR technology market growth. The technology is being harnessed for crop improvement, enhancing disease resistance, and addressing various agricultural challenges. These applications have not only contributed significantly to the increased adoption of CRISPR technology within the agricultural sector but have also expanded its market share in agriculture-related applications. It enables the development of genetically modified crops with better yield disease resistance, and nutritional value.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the CRISPR technology market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. The CRISPR Technology market is driven by rapid advancements in genome editing techniques, increasing investments in biotechnology and healthcare, a rising incidence of genetic disorders, increasing applications in agriculture, and the potential for personalized medicine.

RESTRAINING FACTOR

"High Cost To Hamper The Market Growth"

The high cost of CRISPR technology development and deployment can limit its accessibility, particularly in developing countries. Technical difficulties will reduce the industry revenue.

CRISPR TECHNOLOGY MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Region Due To Presence Of Key Pharmaceutical & Biotechnological Companies"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

Asia Pacific is further expected to witness growth in the CRISPR technology market share. The region is dominating the market due to the presence of key pharmaceutical & biotechnological companies. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Thermo Fisher Scientific (U.S.)
• Merck KGaA (Germany)
• GenScript (U.S.)
• Integrated DNA Technologies (IDT) (U.S.)
• Horizon Discovery Group (U.K.)

INDUSTRIAL DEVELOPMENT

October 2022: iNtron Biotechnology developed a second-generation robot bacteriophage. The random transposon mutagenesis technology is applied to the bacteriophage genome in addition to the previously announced customized CRISPR/Cas system for bacteriophage engineering improvement.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.