CRISPR Technology Market Size to Reach USD 4.89 Billion in 2028 | Industry Trend – Rise in Government Investments in Genetic Engineering and Research Projects

Emergen Research has published its latest report titled “CRISPR Technology Market, By Product Type (Enzymes, Kits and Reagents, Guide RNA, Others), By Application (Biomedical, Agricultural, Industrial, Others), By End-use (Pharmaceutical and Biotechnology Companies, Academics and Government Research Institutes, Contract Research Organizations, Others), and By Region Forecast to 2028”

According to Emergen Research, the global CRISPR technology market size was USD 865.30 million in 2020 and is expected to reach USD 4.89 billion in 2028 and register a revenue CAGR of 24.2% during the forecast period, 2021-2028.

Market Dynamics:

The global CRISPR technology market revenue growth is majorly supported by factors such as rising prevalence of genetic diseases and neurodegenerative disorders (including Alzheimer’s disease and Parkinson’s disease), increasing applications of the CRISPR technology in development of novel gene therapies, and rise in government funding for genetic engineering studies and research programs. Other major factors driving market revenue growth are increasing applications of CRISPR technology in agricultural research programs to study crop disease resistance and plants’ environmental stress tolerance, and rapid adoption of CRISPR/CAS 9 tools in the life sciences sector for new drug discovery and development, as well as in treatment of single-gene disorders such as cystic fibrosis, sickle cell disease, hemophilia, HIV, and cancer.

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CRISPR is a powerful gene-editing tool used to alter DNA sequences and gene functions with high precision. Key applications of the technology include correcting genetic defects, improving crop growth and resilience, and preventing the spread of diseases. Hence, increasing collaborations between leading pharmaceutical companies and research institutes to develop next-generation CRISPR technologies for faster and more precise genome editing are creating several growth avenues for the market. In March 2020, a team of researchers at the University of Toronto developed a new CRISPR-based tool, dubbed Cas Hybrid for Multiplexed Editing and screening Applications (CHyMErA), for more accurate genome editing.

COVID-19 Impact Analysis:

• Social distancing and restrictions severely disrupted businesses and operations
• Lockdowns caused disruptions in transportation and logistics
• Impacted manufacturing activities and mining operations globally
• Took a toll on economy of various countries
• Caused sudden and drastic downturn in economic activity
• Disrupted agriculture, fisheries, dairy, and other sectors
• Caused loss of employment and financial crisis
• Supply impacts were further compounded owing to reduced disposable income
• Emergence of variants  continue to cause concerns and impact normal routines

Biomedical Segment Accounted for Largest Revenue Share in 2020:

The biomedical segment dominated other segments in terms of largest revenue share in the global market in 2020. Increasing biomedical applications of CRISPR technology, such as genome engineering, functional genomics, disease model studies, and epigenetics, and technological advances in biomedical science drive revenue growth of this segment. Increasing research activities to develop advanced CRISPR technologies and rising prevalence of genetic disorders such as cystic fibrosis, hemophilia, and sickle cell disease further boost this segment’s revenue growth.

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Pharmaceutical and Biotechnology Companies Segment to Account for Fastest Revenue CAGR:

The biotechnology & pharmaceutical companies segment is projected to register the fastest revenue CAGR in the global market over the forecast period. Key factors driving revenue growth of this segment are rapid adoption of CRISPR technology for development of more advanced biological models for various genetic diseases, and increasing government investments in ongoing R&D activities in the pharmaceutical and biotechnology industries.

North America Accounted for Largest Revenue Share in 2020:

Among regional markets, the North America CRISPR technology market accounted for the largest revenue share in the global market in 2020. Major factors supporting the regional market revenue growth are rising prevalence of genetic disorders, rising focus on development of cutting-edge gene therapies, increasing number of genetic engineering studies & research programs, and presence of key market players in the region, such as Thermo Fisher Scientific, Boston Scientific Corporation, Agilent Technologies, and Lonza.

Major Companies in the Global CRISPR Technology Market Include:

• Boston Scientific Corporation
• Thermo Fisher Scientific
• Agilent Technologies Inc.
• AstraZeneca PLC
• Merck KGaA
• GenScript
• eGenesis
• Caribou Biosciences, Inc.
• Horizon Discovery Group plc
• Lonza
• Applied StemCell
• Synthego Corporation
• OriGene Technologies
• Hera BioLabs
• Takara Bio Inc.
• Cellecta, Inc.
• GeneCopoeia, Inc.
• Integrated DNA Technologies (IDT)
• New England Biolabs

Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/crispr-technology-market

For the purpose of this report, Emergen Research has segmented the global CRISPR technology market on the basis of product type, application, end-use, and region:

Product Type Outlook (Revenue, USD Billion; 2018-2028)

• Enzymes
• Kits and Reagents
• Guide RNA
• Others

Application Outlook (Revenue, USD Billion; 2018-2028)

• Biomedical
• Agricultural
• Industrial
• Others

End-use Outlook (Revenue, USD Billion; 2018-2028)

• Pharmaceutical and Biotechnology Companies
• Academics and Government Research Institutes
• Contract Research Organizations (CROs)
• Others

Region Outlook (Revenue, USD Billion; 2018-2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • BENELUX
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • Saudi Arabia
  • U.A.E.
  • South Africa
  • Turkey
  • Rest of Middle East & Africa

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