CRISPR And Cas Genes Market Size, Share & Trends Analysis Report By Product & Service (Vector-based Cas, DNA-free Cas), By Application (Biomedical, Agriculture), By End Use, By Region, And Segment Forecasts, 2021 - 2028
New York, May 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "CRISPR And Cas Genes Market Size, Share & Trends Analysis Report By Product & Service, By Application, By End Use, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06075853/?utm_source=GNW
CRISPR And Cas Genes Market Growth & Trends
The global CRISPR and cas genes market size is expected to reach USD 7.4 billion by 2028. The market is expected to expand at a CAGR of 21.7% from 2021 to 2028. The adoption rate and demand for CRISPR gene editing tools have significantly increased in the past few years. CRISPR RNA-guided nuclease Cas9 has improved the genetics arena by facilitating precise and efficient genetic modification of diverse eukaryotic genomes, including human genomes, thereby driving the market.
The outbreak of COVID-19 shifted the focus of researchers towards the development of molecular diagnostic tools for COVID-19 based on this technology.For instance, in March 2021, researchers from Nanyang Technological University, Singapore developed a CRISPR-based COVID-19 test that delivers results in 30 minutes.
This test detects the virus even after the mutation. This would encourage other players to leverage this opportunity.
Implementation of this technology in various medical and other non-conventional applications continues to increase.With a rising number of academic institutions and biotech companies working toward the development of new commercial applications of this technology, competition over patents for this gene-editing technology is expected to intensify.
Furthermore, the implementation of machine-learning technologies exhibits great potential in advancing this gene-editing technology.
CRISPR And Cas Genes Market Report Highlights
• The product segment accounted for the largest revenue share in 2020 due to the availability of a wide portfolio and increasing usage across several end-users
• For instance, a large number of screening libraries are available for high-throughput gene editing studies, thereby driving the segment
• Furthermore, the introduction of engineered enzymes along with the combination of different enzymes has attributed to the significant share of this segment
• Technological advancements have resulted in a simplified genome engineering process. This, in turn, contributed to the higher adoption of this technology in cell line engineering
• Biomedical applications are witnessing the highest penetration of this technology. Extensive research for human and non-human genomics has driven the segment
• Biotechnology and pharmaceutical companies are estimated as the largest key end-users of the market
• Reduced cost and time associated with genetic modification along with the availability of investments is anticipated to drive segment growth.
• Also, the global COVID-19 pandemic has driven investment flow in the segment for the development of rapid CRISPR-based POC tests by biotechnology companies.
• North America dominated the market owing to the presence of a strong research base that is engaged in the development as well as usage of this gene-editing tool.
• Moreover, the U.S. exhibits a well-established market for gene-modified therapies that have positively influenced the adoption of molecular scissors in the region.
• Asia Pacific is anticipated to witness the fastest CAGR throughout the forecast period.
• China has a significant presence in this market and is actively engaged in exploring this space to develop novel therapies.
• Collaborations between global and domestic players for the use of patented CRISPR tools supplemented the regional growth.
• The key companies are focusing on collaboration and new product launches to sustain their position in the global market.
Read the full report: https://www.reportlinker.com/p06075853/?utm_source=GNW
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