CRISPR Technology Market by Products & Services (CRISPR Products and CRISPR Services), Application (Biomedical Applications, Industrial Applications, and Agricultural Applications), End Users (Pharmaceutical & Biotechnology Companies, Contract Research Organizations (CROs), and Academic & Research Institutes)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global CRISPR technology market was pegged at ~US$ 691.2 million in 2020. The market is expected to witness a CAGR of ~23.0% from 2021 to 2031.
Factors contributing to the growth of the CRISPR technology market include growing applications of CRISPR technology, rising incidences of genetic disorders, rising government funding for genetic research, and technological advancements. However, lack of standardization, ethical concerns, and the high cost of CRISPR technology are some of the factors restraining the market growth.
CRISPR-Cas9 was first used as a gene-editing tool in 2012. Since then the technology has gained popularity as it has shown promise in curing human genetic diseases. Researchers have been conducting studies using CRISPR technology for various applications including blood disorders, genetic blindness, HIV, and cancer. For instance, scientists from CRISPR Therapeutics (a biotech firm) are conducting a therapeutic program, CTX001, through which they are targeting to increase fetal hemoglobin expression by editing patient’s own blood stem cells with CRISPR/Cas9. Similarly, Editas Medicine (a biotech firm), is working with two distinct CRISPR nucleases: Cas9 and Cas12a. The company has developed an experimental CRISPR medicine called EDIT-101 which is designed to remove the CEP290 mutation (gene that causes degeneration in ocular photoreceptor cells).
Players in the CRISPR technology market are forming partnerships and collaborations to draw on each other’s strengths. For instance, in January 2021, Mammoth Biosciences, Inc. signed a co-marketing agreement with Agilent Technologies to support the launch of a complete CRISPR-based SARS-CoV-2 diagnostic solution comprising Agilent’s Bravo automation workstation and Mammoth Biosciences DETECTR BOOST assay.
Government, as well as private firms, are promoting technology development through funding to the companies engaged in the development of CRISPR products. For instance, in August 2020, Synthego received US$100 million in Series D funding. The round was led by Wellington Management, RA Capital Management, and 8VC. These funds are anticipated to help the company in the development of CRISPR assays, screens, and engineered cell lines. Similarly, in September 2020, Graphite Bio a start-up dedicated to CRISPR gene editing was launched with US$45 million in series A financing. The company plans on an experimental CRISPR therapy which will be tested on humans from early 2021. The rising investments will help drive the growth of the CRISPR technology market.
Most of the studies using CRISPR technology are conducted on mouse-human cell lines. Actual human studies of CRISPR technology have just begun. Concerns regarding how the human body or immune system will react when these CRISPR edited cells are inserted into the body are still lingering. As this technology is new, there are no set standards and thus the full-fledged adoption will still require a considerable amount of time.
Regionally, the global CRISPR technology market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). However, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Major factors contributing to the growth of the CRISPR technology market in this region include a large patient pool, rising incidences of cancer and genetic diseases, rising government funding in the healthcare sector, and growing biotechnology research activities.
Some of the prominent players operating in the global CRISPR technology market include Thermo Fisher Scientific Inc., GenScript, Agilent Technologies, Inc., Merck KGaA, Cellecta, Inc., Integrated DNA Technologies, Inc., Corteva, ToolGen, Inc., Synthego, and OriGene Technologies, Inc., among others.