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CRISPR Technology Global Market Report 2023
Major players in the market are Thermo Fisher Scientific, GenScript Biotech Corporation, CRISPR Therapeutics AG, Editas Medicine, Horizon Discovery Plc., Integrated DNA Technologies Inc. (Danaher), Origene Technologies Inc.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "CRISPR Technology Global Market Report 2023" - https://www.reportlinker.com/p06229182/?utm_source=GNW
, Transposagenbio Biopharmaceuticals (Hera Biolabs), Intellia Therapeutics Inc. and GeneCopoeia Inc.
The global crispr technology market will grow from $1.33 billion in 2022 to $1.65 billion in 2023 at a compound annual growth rate (CAGR) of 24.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The crispr technology market is expected to grow to $3.77 billion in 2027 at a CAGR of 22.9%.
The CRISPR technology market includes revenue earned by CRISPR Screening Libraries, CRISPR Positive Controls, CRISPR Negative Controls, and Gene-specific Knockout Kits.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
CRISPR is a gene-editing technology that allows researchers to alter DNA sequences and modify gene function. It is useful in gene editing.
North America was the largest region in the CRISPR technology market in 2022.Western Europe was the second largest region in the CRISPR technology market.
The regions covered in the CRISPR technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in CRISPR technology are design tools, plasmid and vector, CAS9 and G-RNA and delivery system products.CRISPR-Cas9 is a groundbreaking technology that allows geneticists and medical researchers to edit portions of the genome by removing, inserting, or changing DNA sequences.
The different applications include genome editing or genetic engineering, genetically modified organisms, agricultural biotechnology, others and are used by several sectors such as industrial biotech, biological research, agricultural research, therapeutics and drug discovery.
The application of CRISPR technology as a diagnostic tool is expected to boost the market during the period.The Sherlock CRISPR SARS-CoV-2 kit is the first diagnostic kit based on CRISPR technology for infectious diseases caused due to COVID-19.
In May 2020, FDA announced the emergency use authorization to the Sherlock BioSciences Inc’s Sherlock CRISPR SARS-CoV-2 kit which is a CRISPR-based SHERLOCK (Specific High-sensitivity Enzymatic Reporter unLOCKing) diagnostic test.This test helps in specifically targeting RNA or DNA sequences of the SARS-CoV-2 virus from specimens or samples such as nasal swabs from the upper respiratory tract and fluid in the lungs from bronchoalveolar lavage specimens.
This diagnostic kit has high specificity and sensitivity and does not provide false negative or positive results. Widening the application of CRISPR technology for the diagnosis of infectious diseases will increase the demand for CRISPR technology products and services.
Stringent government regulations are expected to retard the growth of the CRISPR technology market during the period.There is no existence of internationally agreed regulatory framework for gene editing products and countries are in the process of evaluating whether and to what extent current regulations are adequate for research conducted with gene editing and applications and products related to gene editing.
The Court of Justice of the European Union ruled that it would treat gene-edited crops as genetically modified organisms, subject to stringent regulation.According to an article of 2020, in India, as per the National Guidelines for Stem Cell Research, genome modification including gene-editing by CRISPR-Cas9 technology of stem cells, germ-line stem cells or gamete and human embryos is restricted only to in-vitro studies.
Thus, strict regulations by the government present a threat to the growth of the market.
Several advancements in CRISPR technology are trending in the market during the period.Advancements in technology will help in reducing errors, limiting unintended effects, improving the accuracy of the tool, widening its applications, developing gene therapies and more.
In 2020, astudy in Springer Nature stated that researchers have used enzyme engineering to boost the accuracy of the technique of error-prone CRISPR–Cas9 system to precisely target DNA without introducing as many unwanted mutations. The advancements in CRISPR technology will result in better tools that are capable of providing better outcomes.
In March 2021, Integrated DNA Technologies (IDT), a US-based genomics solutions provider, acquired Swift Biosciences.The acquisition aimed at leveraging Swift’s academic and clinical research in next-generation sequencing.
Swift Biosciences is a US-based company involved in creating genomics kits to prepare Next-Generation Sequencing (NGS) libraries.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The CRISPR technology market research report is one of a series of new reports that provides CRISPR technology market statistics, including CRISPR technology industry global market size, regional shares, competitors with a CRISPR technology market share, detailed CRISPR technology market segments, market trends and opportunities, and any further data you may need to thrive in the CRISPR technology industry. This CRISPR technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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