by The global CRISPR Technology Market is estimated to be valued at US$2,251.2 million in 2023 and is expected to exhibit a CAGR of 19.2% over the forecast period of 2022-2028, according to a new report published by Coherent Market Insights.
Market Overview:
CRISPR technology is a revolutionary gene-editing tool that enables scientists to modify the DNA of living organisms with precision. The rise in genetic disorders and the need for advanced treatment options have fueled the adoption of CRISPR technology in various fields such as agriculture, healthcare, and research. This technology offers several advantages, including targeted gene editing, quicker and cost-effective research, and potential therapeutic applications. The market for CRISPR technology is driven by the increasing demand for advanced gene therapies, growing investments in genomic research, and the rising prevalence of genetic disorders.
Market key trends:
One of the key trends in the CRISPR technology market is the integration of artificial intelligence (AI) and machine learning (ML) algorithms. AI and ML are being utilized to enhance the accuracy and efficiency of CRISPR gene-editing techniques. AI algorithms can analyze the vast amounts of genomic data and identify potential gene targets, while ML algorithms can predict the effects of gene modifications. This integration of AI and ML with CRISPR technology is expected to revolutionize genome editing and pave the way for personalized medicine and targeted therapies.
Segment Analysis:
The CRISPR Technology Market can be segmented by application and end-user. Based on application, the dominant segment in the market is the genome engineering segment. This is due to the wide range of applications of CRISPR technology in gene editing and genetic engineering. The genome engineering segment is expected to witness high growth during the forecast period, driven by increasing investments in research and development activities related to gene therapy, drug discovery, and agriculture.
In terms of end-users, the pharmaceutical and biotechnology companies segment is expected to dominate the market. These companies are increasingly adopting CRISPR technology for drug discovery and development, as it offers significant advantages over traditional methods. The pharmaceutical and biotechnology companies segment is expected to witness high growth, driven by the increasing demand for personalized medicine and the growing focus on precision medicine.
Key Takeaways:
The global CRISPR technology market is expected to witness high growth, exhibiting a CAGR of 19.2% over the forecast period. One of the key drivers for this growth is the increasing funding and investment in research and development activities related to CRISPR technology. Governments and private organizations are investing heavily in gene editing research, which is expected to drive the market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the CRISPR technology market. This can be attributed to the presence of major pharmaceutical and biotechnology companies in the region, along with favorable government initiatives and funding for gene editing research.
Key players operating in the CRISPR technology market include Merck KGaA, Thermo Fisher Scientific, Origene Technologies, Inc., New England Biolabs, GenScript, GeneCopoeia, Inc., Cellecta, Inc., Agilent Technologies, Inc., PerkinElmer, Inc. (Horizon Discovery Ltd.), and Danaher Corporation (Integrated DNA Technologies), among others. These key players are actively involved in research and development activities and are focusing on strategic partnerships and collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
