The development of genome engineering with potential applications proved to reflect a remarkable impact on the future of the healthcare and life science industry. The high efficiency of the CRISPR-Cas9 system has been demonstrated in various studies for genome editing, which resulted in significant investments within the field of genome engineering. However, with so many advantages, limitations also exist, which need consideration before clinical applications. Further, many researchers are working on the limitations of CRISPR gene editing technology for better results. The potential of CRISPR gene editing to alter the human genome and modify the disease conditions is incredible but exists with ethical and social concerns.
CRISPR Gene Editing Market was valued at $1,088.6 million in 2020, and it is projected to reach $18,856.6 million by 2031, growing at a CAGR of 29.60% during the forecast period 2021-2031.
The growth is attributed to the increasing demand in the food industry for better products with improved quality and nutrient enrichment and the pharmaceutical industry for targeted treatment for various diseases. Further, the continued significant investments by healthcare companies to meet the industry demand and growing prominence for the gene therapy procedures with less turnaround time are the prominent factors propelling the growth of the global CRISPR gene editing market.
Research organizations, pharmaceutical and biotechnology industries, and institutes are looking for more efficient genome editing technologies to increase specificity and cost-effectiveness, and reduce turnaround time and human errors. Further, the evolution of genome editing technologies has enabled the exploration of a wide range of applications in various fields, such as industrial, biotechnology, and agricultural research. These advanced methods are simple, super-efficient, cost-effective, provide multiplexing and high throughput capabilities. The rising geriatric population and the increasing number of cancer cases and genetic disorders across the globe are expected to translate into significantly higher demand for the CRISPR gene editing market.
Furthermore, the companies are investing a huge amount in researching and developing CRISPR gene editing products and gene therapies. The clinical trial landscape of various genetic and chronic diseases has been on the rise in recent years. This will help in the growth of the CRISPR gene editing market in the future.
Within the research report, the market is segmented based on product type, application, end user, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
Competitive Landscape -
The exponential rise in the application of precision medicine globally has created a buzz among companies to invest in the development of novel CRISPR gene editing. Due to the diverse product portfolio and intense market penetration, Merck KGaA and Thermo Fisher Scientific Inc. have been the pioneers and major competitors in this market. The other major contributors to the market include Integrated DNA Technologies (IDT), Genscript Biotech Corporation, Takara Bio Inc, Agilent Technologies, Inc., and New England Biolabs, Inc.
Based on region, North America holds the largest share of the CRISPR gene editing market due to substantial investments made by biotechnology and pharmaceutical companies, improved healthcare infrastructure, rise in per capita income, early availability of approved therapies, and availability of state-of-the-art research laboratories and institutions in the region. Apart from this, the Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period.
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Key Questions Answered in this Report:
- What is CRISPR gene editing?
- What is the timeline for the development of CRISPR technology?
- How did the CRISPR gene editing market evolve, and what is its scope in the future?
- How is the CRISPR gene editing clinical trial pipeline advancing?
- What are the major market drivers, restraints, and opportunities in the global CRISPR gene editing market?
- What are the key developmental strategies that are being implemented by key players to sustain this market?
- What is the patent landscape of this market? What will be the impact of patent expiry on this market?
- What is the impact of COVID-19 on this market?
- What are the guidelines implemented by different government bodies to regulate the approval of CRISPR products/therapies?
- How is CRISPR gene editing being utilized for the development of therapeutics?
- How will the investments by public and private companies and government organizations affect the global CRISPR gene editing market?
- What was the market size of the leading segments and sub-segments of the global CRISPR gene editing market in 2020?
- How will the industry evolve during the forecast period 2021-2031?
- What will be the growth rate of the CRISPR gene editing market during the forecast period 2021-2031?
- How will each of the segments of the global CRISPR gene editing market grow during the forecast period, and what will be the revenue generated by each of the segments by the end of 2031?
- Which product and application segments are expected to register the highest CAGR for the global CRISPR gene editing market?
- What are the major benefits of the implementation of CRISPR gene editing in different fields of applications, including biomedical research, agricultural research, industrial research, gene therapy, drug discovery, and diagnostics?
- What is the market size of the CRISPR gene editing market in different countries of the world?
- Which geographical region is expected to contribute to the highest sales of the CRISPR gene editing market?
- What are the reimbursement scenario and regulatory structure for the CRISPR gene editing market in different regions?
- What are the key strategies incorporated by the players of the global CRISPR gene editing market to sustain the competition and retain their supremacy?
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