The global CRISPR technology market is experiencing strong growth due to the increase in disease burden and rising demand and adoption of CRISPR. Moreover, increasing government and private funding and technological advancements are expected to boost growth of the market. However, factors such as high costs of CRISPR and ethical concerns related to genetic research are expected to hinder growth of the CRISPR technology market.
Global CRISPR Technology Market: Regional Insights
Based on geography, the global CRISPR market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing number of ongoing clinical trials and increasing research and development in this region. For instance, the first trial in the United States to test a CRISPR-made cancer therapy was launched in 2019 at the University of Pennsylvania. The study, funded in part by NCI (National Cancer Institute), is testing a type of immunotherapy in which patients own immune cells are genetically modified to better see and kill their cancer.
Asia Pacific is also expected to witness robust growth in the global CRISPR technology market owing to the increasing number of ongoing clinical trials in this region. For instance, in March 2021, Dublin-based ERS Genomics granted CRISPR-Cas9 patent to a Japanese biotech start-up, Setsuro Tech. Setsuro Tech is developing cell and animal models based on this technology, which in turn is expected to increase the adoption of CRISPR-Cas9 technology in the country leading to significant revenue generation in the near future.
The global CRISPR technology market was valued at US$ 2,251.2 Mn in 2021 and is forecast to reach a value of US$ 7,715.6 Mn by 2028 at a CAGR of 19.2% between 2022 and 2028.
Figure 1. Global CRISPR Technology Market Share (%), by Region, 2021
Global CRISPR Technology Market Drivers:
Increasing number of ongoing clinical trials across the globe is expected to augment the growth of the global CRISPR technology market over the forecast period. For instance, in March 2021, scientists at the UC San Francisco (University of California, San Francisco), UC Berkeley, and UCLA (the University of California, Los Angeles) received the United States Food and Drug Administration (FDA) approval for jointly launching an early phase, first-in-human clinical trial of a CRISPR gene correction therapy in patients with sickle cell disease (SCD) by using the patient’s own blood-forming stem cells.
Increasing development of novel therapeutics is expected to drive growth of the global CRISPR technology market over the forecast period. For instance, with the increasing disease burden, the demand for safe and effective therapeutics is also increasing with rapid pace. In December 2019, Cyrus Biotechnology, Inc., and the Broad Institute of MIT and Harvard have embarked on a scientific collaboration to optimize CRISPR for use in developing novel therapeutics. CRISPR allows for the highly specific and rapid modification of DNA in a genome, which can dramatically accelerate the drug discovery process.
Global CRISPR Technology Market Opportunities:
Outbreak of COVID-19 across the globe is expected to offer significant growth opportunities for players in the CRISPR technology market. For instance, CRISPR-Cas technology brings promises to diagnose and treat infectious diseases such as COVID-19. In May 2020, Sherlock Biosciences received Emergency Use Authorization from the Food and Drug Administration (FDA) for its Sherlock CRISPR SARS-CoV-2 kit, used to detect COVID-19 virus. Sherlock CRISPR SARS-CoV-2 kit could provide results in approximately one hour, a timeframe that was much lower than other tests available in the market at that time.
Increasing government and private funding is expected to offer lucrative growth opportunities for players in the CRISPR technology market. For instance, genome editing is a promising technology that could offer new treatments for diseases, but challenges remain. To help address them, in October 2019, the National Institutes of Health (NIH) awarded 24 additional grants (totaling around US$ 86 million) to researchers across the United States and Canada through the Somatic Cell Genome Editing Program. This brings total number of projects supported to 45 and total funding to around $190 million over six years, pending available funds.
|Base Year:||2021||Market Size in 2021:||US$ 2,251.2 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||19.2%||2028 Value Projection:||US$ 7,715.6 Mn|
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
|Restraints & Challenges:||
Global CRISPR Technology Market Trends:
Growing adoption of CRISPR around the world is expected to propel the growth of the global CRISPR technology market. For instance, CRISPR technology help edit the gene by changing the DNA from the harmful variant to a healthy variant. This could potentially prevent or cure a genetic disease. In June 2021, QIAGEN launched QIAprep& CRISPR Kit and CRISPR Q-Primer Solutions that allow researchers to analyze edited genetic material with unparalleled speed and efficiency to determine how their interventions have changed function of the DNA sequence in question.
Technological advancements in CRISPR technology is expected to drive growth of the global CRISPR technology market. For instance, in December 2020, Scientists at UC Berkeley and Gladstone Institutes developed a new CRISPR-based COVID-19 diagnostic test that, with the help of a smartphone camera, can provide a positive or a negative result in 15 to 30 minutes, which can help doctors monitor the progression of a COVID-19 infection and estimate how contagious a patient might be.
Global CRISPR Technology Market Restraints:
High costs of CRISPR is expected to hamper growth of the global CRISPR technology market. For instance, the costs of CRISPR-based therapies remain exorbitant at the moment, with price tags exceeding US$ 1 million per treatment. Novartis has priced the gene therapy at $ 2 million per treatment. CRISPR has enormous clinical potential, but it comes at a high cost. Moreover, CRISPR medicines for large groups of patients are likely to be prohibitively expensive.
Ethical concerns related to genetic research are expected to hamper the growth of the CRISPR technology market. For instance, several ethical issues are raised when genomics research is conducted on populations that are characterized by lower average income and literacy levels. Thus, it is important that such issues are appropriately addressed in such research. The National Human Genome Research Institute has also discussed the ethical concerns of genome editing.
Figure 2. Global CRISPR Technology Market Share (%), by Product, 2021
Global CRISPR Technology Market Segmentation:
The global CRISPR technology market report is segmented into Product, Application, End-User, and Region.
Based on Product, the market is segmented into Enzymes, Kits & Reagents, Guide RNA, and Others. Out of which, Enzymes Segment is expected to dominate the CRISPR technology market over the forecast period and this is attributed to the increase in demand or adoption of CRISPR technology. Cas9 enzymes together with CRISPR sequences form the basis of the technology known as CRISPR-Cas9 that can be used to edit genes within organisms.
Kits & Reagents Segment is also expected to witness significant growth in the near future and this is owing to the expanding research in gene editing tools. The CRISPR kits are specifically designed to show the entire spectrum of gene editing products that occur in the CRISPR/Cas reaction. The CRISPR kits use revolutionary CRISPR-Cas technology through an innovative educational activity that expands the understanding of this powerful genetic tool.
Based on Application, the market is segmented into Biomedical, Agricultural, Industrial, and Others. Out of which, Biomedical Segment is expected to dominate CRISPR technology the market over the forecast period and this is attributed to the increase in globe disease burden. CRISPR is a promising technology that could offer new treatments for diseases
Agricultural Segment is also expected to witness significant growth in the near future and this is owing to the increasing use of CRISPR technology in the agricultural industry. The CRISPR-Cas technology is a versatile genome editing tool that has been used to improve agriculturally important crop traits, such as quality, disease resistance, and herbicide tolerance.
Based on End User, the CRISPR technology market is segmented into Pharmaceutical companies and Biotechnology Companies, Academics and Government Research Institutes, and Others (CROs etc.). Out of which, Pharmaceutical and Biotechnology Companies Segment is expected to dominate the market over the forecast period and this is attributed to the expanding biopharmaceutical R&D and active engagement of various pharmaceutical and biotechnology companies in the development of novel therapies.
Global CRISPR Technology Market: Key Developments
In May 2021, ERS Genomics Ltd. and GenScript Biotech Corporation signed a non-exclusive license agreement, through which GenScript can have access to ERS Genomics’ CRISPR/Cas9 patent portfolio.
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.
In May 2020, Mammoth Biosciences and GlaxoSmithKline Plc teamed up to develop an easy-to-use, accurate, rapid, and fully disposable test for COVID-19 detection by using Mammoth Biosciences CRISPR-based DETECTR platform.
In October 2020, Mammoth Biosciences signed agreement with MilliporeSigma and Hamilton Company for the commercialization of CRISPR-based SARS CoV-2 test.
Global CRISPR Technology Market: Key Companies Insights
The global CRISPR technology market is highly competitive. This is attributed to the increase in demand or adoption of this technology, as a result, players in the market are focusing on launching novel products in the market.
Some of the key players in the global CRISPR technology market are 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.
*Definition: CRISPR is a technology that can be used to edit genes and, as such, will likely change the world. It is a powerful tool for editing genomes, meaning it allows researchers to easily alter DNA sequences and modify gene function. CRISPR allows scientists to quickly create cell and animal models, which researchers can use to accelerate research into diseases such as cancer and mental illness. It is now being developed as a rapid diagnostic.
CRISPR technology is driving advances in genome editing across medicine, pharmaceutical, biotechnology, and agriculture, which has enabled scientists to conduct research in these fields through faster and more efficient genome editing across the world. CRISPR is also used to correct genetic defects, treat human diseases, and yield better crop varieties. It has a number of potential applications that include treating and preventing the spread of diseases, correcting genetic defects, and also, improving crops. The CRISPR-Cas9 system has a wide diversity of applications. In medicine, it has been applied in research related to cancer, virus infections, genetic diseases and detection of pathogens. CRISPR is a technology that can be used to edit genes and, as such, will likely change the world.
The outbreak of COVID-19 across the globe, increasing number of ongoing clinical trials, and expanding research in gene editing tools are some major factors expected to augment growth of the global CRISPR Technology market during the forecast period. For instance, in March 2020, scientists at the University of Toronto developed CHyMErA, a CRISPR-based tool for more versatile genome editing.
CRISPR technology have great potential for application in both the prevention and control of COVID-19. In March 2020, researchers at New York genome center developed a new CRISPR screening technology to target RNA, including RNA of novel viruses (COVID-19). Moreover, in November 2019, researchers at ETH Zurich, Switzerland, swapped CAS9 enzyme for CAS 12a, which allowed the researchers to edit genes in 25 target sites.
Key features of the study: