CRISPR technology is a gene-editing tool that allows researchers to alter DNA sequences and modify gene function. It helps in diagnosing and treating various genetic disorders like cystic fibrosis, sickle cell anemia, and cancer. CRISPR is being widely used by scientists and researchers for developing new gene therapies which can potentially cure genetic diseases. The increasing cases of genetic disorders and growing demand for effective therapies is driving the growth of the CRISPR technology market.
The global CRISPR technology market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for gene therapy for treating various genetic disorders is one of the major trends in the CRISPR technology market. With the help of CRISPR, scientists are developing new gene therapies which can edit genes inside the body and potentially cure genetic conditions. Continuous research and development activities are ongoing to enhance the efficiency and precision of CRISPR for making it a viable therapeutic option. Several clinical trials are also being conducted to evaluate the safety and efficacy of CRISPR-based gene therapies. This is expected to boost the adoption of CRISPR technology in the healthcare industry during the forecast period.
Segment Analysis
The global CRISPR technology market is dominated by the products and services segment. Within products and services, the kits and reagents segment accounts for the largest share as majority of research activities are carried out using kits and reagents. The demand for kits and reagents is high due to increasing gene editing and modification research activities among academic institutes and biotechnology and pharmaceutical companies.
Key Takeaways
The Global CRISPR Technology Market Share is expected to witness high growth over the forecast period. The global CRISPR technology market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030.
Regional analysis
North America currently holds the largest share in the global CRISPR technology market primarily attributed to strong presence of leading CRISPR technology providers and growing investments for genomics and biotechnology research in the region. The Asia Pacific region is anticipated to witness the highest growth rate during the forecast period. This is majorly accredited to increasing government investments for genomics and stem cell research coupled with growing outsourcing of clinical research to countries including China, India and South Korea.
Key players
Key players operating in the CRISPR technology market are Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited, Asurequality Limited, Bio-Rad Laboratories, Inc., and Bureau Veritas SA. The market leaders are focusing on new product launches and acquisitions to strengthen their global presence. For instance, in November 2023, Thermo Fisher Scientific acquired The RNA Company for $1.15 billion to enhance its capabilities in RNA targeted technologies including CRISPR.
For more details on the report, Read- https://www.insightprobing.com/crispr-technology-market-size-and-share/
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