CRISPR Market by Product (Enzymes, Kits, Libraries), Services (gRNA design, Cell Line Engineering, Screening), Application (Drug Discovery & Development, Agriculture), End User (Pharma, Biotech, CROs, Research Institutes) - Global Forecast to 2028
Updated on : June 30, 2023
The global 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. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The key factors driving the growth of the global CRISPR market are growing demand for CRISPR-based gene therapies, growing advancements of CRISPR technology, and growing investment and funding from the government for CRISPR technology. However, the technical challenges associated with CRISPR technology are expected to restrain market growth to a certain extent.
Attractive Opportunities in the CRISPR Market
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CRISPR Market Dynamics
DRIVER: Growing Investment and Funding from the Government for CRISPR Technology
In recent years, there has been a notable increase in investment and funding from governments worldwide specifically directed towards CRISPR technology. This has created a conducive environment for research and development in the field, enabling breakthrough discoveries and propelling the market forward. For instance, in February 2023, Indian biotechnology start-up CrisprBits has raised $250,000 in pre-seed funding from US-based VJ Group. The funding will be used to develop products, expand the team and invest in research and development. CrisprBits plans to develop CRISPR-based diagnostics to detect pathogens and antimicrobial resistance genes.
RESTRAINT: Technical challenges associated with CRISPR technology
Technical challenges associated with CRISPR technology present a significant restraint in the field of gene editing. While CRISPR holds immense potential, certain obstacles hinder its widespread implementation. These challenges arise from the complexities involved in precise genome editing, off-target effects, and delivery efficiency. Addressing these technical hurdles is crucial for harnessing the full potential of CRISPR technology and realizing its transformative impact in various industries.
OPPORTUNITY: Development of new vaccine and treatment of genetic diseases
The development of new vaccines and treatments for genetic diseases using CRISPR technology presents a transformative opportunity in the field of healthcare. CRISPR's precise gene editing capabilities hold immense potential in combating infectious diseases and addressing the underlying genetic causes of various disorders. This opportunity not only promises innovative approaches to prevent and treat diseases but also revolutionizes the way we approach healthcare interventions. For instance, Editas Medicine is conducting a phase 1/2 trial for individuals with severe sickle cell disease (SCD) but using a CRISPR system with a Cas12a protein rather than the more famous Cas9 protein. Moreover, Vertex Pharmaceuticals and CRISPR Therapeutics are working together on Beta-thalassemia. The clinical trial is in its second phase.
CHALLENGE: Regulatory Hurdles for CRISPR Advancements
Regulatory hurdles pose significant challenges in the field of CRISPR technology, impacting its widespread adoption and market growth. As a revolutionary gene editing tool, CRISPR holds immense potential but faces regulatory complexities due to ethical concerns, safety considerations, and the need for comprehensive guidelines. Addressing these regulatory challenges is crucial for fostering innovation, ensuring patient safety, and unlocking the full potential of CRISPR technology.
CRISPR Market Ecosystem
Prominent companies in the market include well established, financially stable manufacturers of CRISPR products. These companies have been operating in the market for several years and possess diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include 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).
The product segment accounted for the largest share of the product & services segment in CRISPR industry in 2023.
Based on products, the CRISPR market is categorized into products and services. In 2023, the products segment accounted for the largest share of the CRISPR market. The major driver propelling the demand for CRISPR products is the significant progress made in gene editing technology. CRISPR's high precision, efficiency, and cost-effectiveness have revolutionized genetic research and opened new avenues for therapeutic development.
The pharmaceutical & biotechnology companies segment dominated the end user segment in CRISPR industry in 2023.
Based on the end user, the segment of the CRISPR market is categorized into pharmaceutical & biotechnology companies, academic & research institutes, and other end users. In 2023, the pharmaceutical & biotechnology companies segment dominated the technology segment with the highest revenue share. The growing demand for innovative and targeted therapies is a major driver for pharmaceutical and biotechnology companies in the CRISPR market. CRISPR technology enables precise gene editing, offering the potential to develop personalized medicines for genetic diseases.
North America was the largest market for CRISPR industry in 2023.
Geographically, the CRISPR market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The CRISPR market is dominated by North America in 2023 and this dominance is anticipated to continue throughout the forecast period. The established research infrastructure, technological advancements, demand for precision medicine, supportive regulatory environment, robust biotechnology and healthcare industry, and availability of funding and investment drive the growth of the CRISPR market in North America. However, the high cost associated with CRISPR research and products, which can limit the adoption of these products for some end users, especially smaller research institutions with limited budgets are negatively impacting the market growth.
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The 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).
Scope of the CRISPR Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$3.4 billion |
|
Projected Revenue by 2028 |
$7.1 billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 15.6% |
|
Market Driver |
Growing Investment and Funding from the Government for CRISPR Technology |
|
Market Opportunity |
Development of new vaccine and treatment of genetic diseases |
This report categorizes the CRISPR market to forecast revenue and analyze trends in each of the following submarkets:
By Product & Services
-
Products
- CRISPR kits & Enzymes
- CRISPR Libraries
- Other Products (design tools, antibodies, other reagents)
-
Services
- gRNA Design & Vector Construction
- Cell Line Engineering
- Screening Services
- Other Services (Epigenome Editing and Transcriptional Activation)
By Application
- Drug discovery & development
- Agriculture
- Other applications (biofuels, veterinary)
By End User
- Pharmaceutical & biotechnology companies
- Academic & research institutes
- Others (CROs & CDMOs)
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific (APAC)
- Japan
- India
- China
- Rest of Asia Pacific (RoAPAC)
-
Latin America
- Brazil
- RoLATAM
- Middle East Africa
Recent Developments
- In May 2023, Thermo Fisher Scientific opens cell therapy facility at UCSF to accelerate development of breakthrough therapies. Thermo Fisher Scientific Inc. and the University of California, San Francisco accelerated advanced cell therapies for difficult to treat conditions, including cancer, rare diseases, and other illnesses, from a newly opened cGMP manufacturing facility adjacent to UCSF Medical Center’s Mission Bay campus.
- In April 2022, Thermo Fisher Scientific Inc. launched the new GMP-manufactured Gibco CTS TrueCut Cas9 Protein to support genome editing for research and manufacturing applications, including CAR T-cell therapy research.
- In November 2021, GenScript announced today that it has launched the GenWand Double-Stranded DNA (dsDNA) Service for the manufacture of CRISPR knock-in homology- directed repair (HDR) templates in T cell engineering.
- In October 2020, Merck announced that it signed agreements licensing its CRISPR technology to two companies PanCELLa, a cell therapy firm based in Toronto, Canada and Takara Bio USA, Inc., a biotechnology company based in Mountain View, California, USA.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global CRISPR market?
The global CRISPR market boasts a total revenue value of $7.1 billion by 2028.
What is the estimated growth rate (CAGR) of the global CRISPR market?
The global CRISPR market has an estimated compound annual growth rate (CAGR) of 15.6% and a revenue size in the region of $3.4 billion in 2023.
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This study involved four major activities in estimating the current size of the CRISPR market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments.
Secondary Research
Secondary research was used mainly to identify and collect information for the extensive, technical, market-oriented, and commercial study of the CRISPR market. The secondary sources used for this study include some of the key secondary sources referred to for this study include publications from government sources such as Broad Institute, Innovative Genomics Institute (IGI), National Institute of Food and Agriculture, International Chromosome and Genome Society (ICGS), National Human Genome Research Institute (NHGRI), Asia Pacific Society of Human Genetics (APSHG), Genetics Society of America (GSA), European Society of Human Genetics (ESHG), Centers for Common Disease Genomics (CDDG), Center for Cellular and Molecular Biology (CCMB) (India), and the Department of Biotechnology (DBT) (India). Secondary sources also include corporate and regulatory filings, such as annual reports, SEC filings, investor presentations, and financial statements; business magazines & research journals; press releases; and trade, business, and professional associations. These sources were also used to obtain key information about major players, market classification, and segmentation according to industry trends, regional/country-level markets, market developments, and technology perspectives.
Primary Research
In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess prospects of the market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the CRISPR market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research
- The revenues generated from the CRISPR business of leading players have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Global CRISPR Market: Bottom Up Approach
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Global CRISPR Market Size: Top Down Approach
Data Triangulation
After arriving at the overall market size from the market size estimation process, the total market was split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
CRISPR technology is a revolutionary tools used in the field of genetic engineering, offering immense potential for numerous industries. CRISPR, an acronym for Clustered Regularly Interspaced Short Palindromic Repeats, is a gene-editing tool that enables scientists to precisely modify DNA sequences. Its applications span across various sectors, including healthcare, agriculture, and biotechnology. In the healthcare industry, CRISPR is poised to drive breakthroughs in treating genetic diseases, cancer, and infectious diseases, fostering a promising market for gene therapies and personalized medicine. In agriculture, CRISPR holds the key to enhancing crop yields, improving nutritional content, and developing disease-resistant varieties, addressing global food security challenges. Additionally, the biotechnology market is witnessing a surge in demand for CRISPR tools and services, with companies investing in research and development to unlock its full potential.
Key Stakeholders
- Manufacturers and distributors of CRISPR products
- Pharmaceutical and biotechnology companies
- Market research and consulting firms
- R&D centers
- Researchers and scientists
- Academic & research institutes
Report Objectives
- To define, describe, and forecast the CRISPR market based on products, application, and end user.
- To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, challenges, opportunities, and trends)
- To strategically analyse micro markets with respect to individual growth trends, future prospects, and contributions to the overall CRISPR market.
- To analyse opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To strategically profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze competitive developments such as acquisitions, product launches, expansions, agreements, partnerships, and R&D activities in the CRISPR market.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:
Company Information
- Twenty five company profiles
Generating Response ...
Growth opportunities and latent adjacency in CRISPR Market