According to the report, global CRISPR Genome Editing Market was valued at approximately USD 476.8 million in 2017 and is expected to generate revenue of around USD 4,271.0 million by end of 2024, growing at a CAGR of around 36.8% between 2018 and 2024.
New York, NY, Sept. 04, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “CRISPR Genome Editing Market by Applications (Genome Editing, Genetic Engineering, Gene Library, Human Stem Cells, and Other) and by End User (Biotechnology Companies, Pharmaceutical Companies, and Other): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global CRISPR Genome Editing Market was valued at approximately USD 476.8 million in 2017 and is expected to generate revenue of around USD 4,271.0 million by end of 2024, growing at a CAGR of around 36.8% between 2018 and 2024.
CRISPR refers to clustered regularly interspaced short palindromic repeats, is a genome-editing tool. CRISPR is repetitive palindromic sequences of base pairs. These sequences represent bacterial defense system which confers protection in bacteria from viral or phage infection. The CRISPR or CRISPR/Cas9 system is a complex system that is used to recognize and cut DNA sequence from recurrent viral infections in bacteria. This system is now used as a genome editing tool and has wide applications in gene editing, gene therapy, stem cell therapy etc. CRISPR gene editing technique is currently used in cell and animal models. It has huge potential in complex disorders such as hemophilia, cystic fibrosis, heart disease, sickle cell disease, cancer, human immunodeficiency virus (HIV) infection. Ethics and safety are the major concerns for its use in human. However further research will enable its use in human for treating and diagnosing complex disorders.
Browse through 61 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global CRISPR Genome Editing Market: By Type, Size, Industry Share, Growth Analysis and Forecast, 2017 – 2024”.
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Many biotechnology and pharmaceutical companies are focused on developing novel drugs for various genetic and lifestyle-related disorders owing to high disease burden across the globe and their considerable market potential. Thus, the rise in drug discovery drives the market growth. Other factors contributing to the market growth are late pregnancies causing birth disorders, rising demand for synthetic genes, huge investments in research and development, technological advancements in the field of molecular biology. Nevertheless, ethical issues pertaining to misuse of genome editing is a major concern and may hamper the market growth. Inadequate awareness and availability of other gene editing tools can restrict the growth of global CRISPR genome editing market. Developing contract research organizations (CRO) market in developing nations like India act as an opportunity for CRISPR genome editing market.
The global CRISPR genome editing market has been segmented based on applications, end-user, and region. The application segment has been classified into genome editing, genetic engineering, gene library, human stem cells, and others. Other applications are in the field of genetically modified crops and organisms, cell line engineering. Genome editing segment holds the maximum share in the application segment whereas the gene library segment is expected to be growing at highest rate during the forecast period. End users for CRISPR genome editing market are biotechnology companies, pharmaceutical companies and other. Other end users include academic research centers, research institutes etc.
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North America held the largest market share and is a developed regional market for CRISPR genome editing. Rapid growth is projected in the North America region in the years to come. The U.S. is the dominant market by country in global CRISPR genome editing market as well as North America region. The rapid growth in the U.S. market is due to huge investments in genome editing research and development, well-developed healthcare infrastructure, and technological advancements. Additionally, favorable government fund/grant will boost the CRISPR genome editing market.
Europe is expected to show considerable growth in the forecast period and held the second largest market share for CRISPR genome editing market. Well-developed research and development facilities, favorable government grant for research in the field of genome editing are some of the factors enhancing growth in this region.
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Asia Pacific will grow at the highest rate over the forecast period. In Asia, the fastest-growing countries are expected to be China, India, and Japan this market. Increasing government fund for research and development in this field boost the market growth. Also, the rise in investments by biotechnology and pharmaceutical companies drive the market in these countries. Other factors contributing to growth in this region are age-related genetic disorder, increasing lifestyle-related disorders, increasing disposable income and emerging contract research organizations.
In Middle East & Africa; immature healthcare infrastructure and research and development facilities will lead to slow growth in African countries. Over the forecast period, moderate growth is projected for the Latin America region. Overall, the above-mentioned factors will drive the growth of this market during forecast period.
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Some of the key players in CRISPR genome editing market include Editas Medicine, Horizon Discovery PLC., CRISPR Therapeutics AG, Genscript, Sangamo Biosciences, Inc., Caribou Biosciences, Inc., Lonza Group AG, Transposagen Biopharmaceuticals, Integrated DNA Technologies, New England Biolabs Inc, Origene Technologies Inc., Thermo Fisher Scientific, Sigma-Aldrich Precision Biosciences, Cellectis, Intellia Therapeutics, Inc., Novartis among others.
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This report segments the global CRISPR genome editing market as follows:
Global CRISPR Genome Editing Market: By Applications
- Genome Editing
- Genetic Engineering
- Gene Library
- Human Stem Cells
- Other Applications (Genetically modified crops and organisms, Cell line engineering)
Global CRISPR Genome Editing Market: By End User
- Biotechnology Companies
- Pharmaceutical Companies
- Other End Users (Academic research centers, Research institutes)
Global CRISPR Genome Editing Market: By Region
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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