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The growth of the market is attributed to growing availability of private and government funding coupled with increasing adoption of CRISPR technology
VANCOUVER, BC, CANADA, June 15, 2022 /EINPresswire.com/ — The global CRISPR Technology Market is projected to reach USD 3.94 billion by 2027, according to a recent report by Emergen Research. Certain factors that are driving the market growth include increasing government and personal funding, rising demand and adoption of CRISPR, and technological advancements.
The rise in funding, initiatives by the government to develop vaccines, medical technologies, drugs, devices are propellant towards the expansion of the genome editing market globally. As compared to previous systems, CRISPR has a lot of potentials and applications. Among these, one necessary application is that the use of CRISPR in understanding numerous genetic and epigenetic diseases as well as cancer. Study of cancer by the CRISPR system is usually done by 2 approaches i.e. turning on the growth suppressor genes and turning off the oncogenes. As per the precise capability of CRISPR, this method may also be used to make specific mutations in numerous cell lines so as to model the cancers. This sort of modeling may end up during a higher understanding of a range of diseases like cancer and therefore the ability to develop more effective medicine.
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Key Players operating in the industry are:
Origene Technologies, Inc., Agilent Technologies, Cellecta, Inc., GeneCopoeia, Inc., Integrated DNA Technologies (IDT), Horizon Discovery Group, Merck KGaA, New England Biolabs, Thermo Fisher Scientific and GenScript among others.
Some Key Highlights from the Report
Beam Therapeutics primarily owned by Feng Zhang started developing CRISPR officially declared in May 2018 because of which they were able to generate USD 87 million in series A funding. The main motive of the initiative was to utilize CRISPR technology in order to develop “precision genetic medicines”. This would further help to edit a single nucleotide base in the genome at one time.
In US, the first trial of CRISPR in humans began in April 2019. Two patients are currently being treated as a part of a study being conducted by University of Pennsylvania. In line with NPR (National Public Radio, America), each have different types of cancer that are tough to treat and each have relapsed normal treatments. As a part of the trial, researchers are taking immune cells from the patients' bodies and editing them with CRISPR after which they’re putting them back. Such novel research are expected to drive the market growth throughout the region.
With different versions of CRISPR-Cas being pursued by different companies, the landscape of genome editing is changing with a variety of advantages associated with it. This is primarily due to major discoveries of nucleic acids coupled with their sensitivity and reliability in approach. Furthermore, this entire procedure eliminated the requirement of an expensive PCR platform.
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North American countries specially the US has always been a pioneer in the field of genome editing, majorly due to the favorable government initiatives and increase in funding. However, research and development has been immensely adopted by Asian countries like China and Japan which now possess a significant potential of the market share. Therefore, the Asia Pacific region is forecasted to grow at the highest CAGR of 25.3% throughout the forecasted period.
For the purpose of this report, Emergen Research has segmented into the global CRISPR Technology Market on the basis of product type, application, end user type and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Kits and Reagents
Applications Outlook (Revenue, USD Billion; 2017-2027)
End User Type Outlook (Revenue, USD Billion; 2017-2027)
Pharmaceutical and Biotechnology Companies
Academics and Government Research Institutes
Contract Research Organizations (CROs)
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Regional Outlook (Revenue: USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Rest of MEA
Radical Features of the CRISPR Technology Market Report:
The report encompasses CRISPR Technology market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
Supply chain analysis along with technological advancements offered in the report
The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the CRISPR Technology industry
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