The global CRISPR market is evaluated at US$0.979 billion for the year 2019 and is estimated to grow at a CAGR of 35.96% to reach a market size of US$8.406 billion by the year 2026.
The global CRISPR market is a growing with major investments from developed countries. The global genome editing market is witnessing a high growth rate after the discovery of a cutting-edge tool- "CRISPR", a shorthand for "Clustered Regularly Interspaced Short Palindromic Repeats". CRISPR-based tools are increasingly being adopted by enterprises globally for new developments in fields like genome editing, genetic engineering, biotechnology, pharmaceutical, and agriculture.
The growing need for drug research, the risk of congenital abnormalities, and late pregnancies resulting in birth problems are key factors driving the CRISPR market forward. The escalating geriatric population, Changes in lifestyles, and investment in cutting-edge research technologies are also augmenting the market size. Genetic illnesses are becoming more common, genetic diseases are becoming more prevalent, and people are becoming more aware of gene therapies leading to further development in the market.
Wide possible applications to drive the market growth
CRISPR technology is widely utilized for a variety of applications. Genome editing, also known as genetic engineering, is a technique for altering an organism's genome by using molecular machinery and designed nucleases to make deletions, insertions, or substitutions in the DNA of a live creature. A gene library is a collection of cloned deoxyribonucleic acid (DNA) fragments that contain information on the functionality of a gene. CRISPR plasmids are widely utilized for gene disruption and homologous gene direct repair.
Pairwise, a CRISPR-focused food business, received USDA authorization in August 2020 for its gene-edited form of Brassica juncea, also known as mustard greens. Pairwise received word from the USDA that their innovative take on a leafy green that hasn't been on many menus owing to a strong odor and unpleasant taste has been authorized to continue ahead. Pairwise wants to produce a healthful and tasty alternative to kale and Brussels sprouts by using CRISPR technology to design modifications.
PerkinElmer and Qiagen are the recent medtechs to enter the fast-developing CRISPR industry, with technology meant to help gene editing to cure cancer, hemophilia, sickle cell anemia, and other illnesses. Qiagen has introduced new CRISPR products to help researchers better understand the gene-editing effect of their work, while PerkinElmer has acquired SIRION Biotech, a German viral vector gene delivery business, to expand its CRISPR gene editing toolkit in June 2021.
A rapid increase in genetic disorders to expand market demand
The increase in genetic disorders is also facilitating the market demand. According to the Global Alliance for Genomics and Health (GA4GH), over 60 million individuals will have had their genome sequenced in a hospital setting by 2025, yet mechanisms for handling the data generated by genome sequencing are still in their infancy.
As reported by US National Center for Biotechnology Information, even though genetic illnesses are individually rare, they constitute around 80% of rare disorders, which number in the thousands. The sheer quantity of uncommon illnesses implies that one out of every seventeen people is affected by it.
Capsida Biotherapeutics, a US-based startup, was formed in 2019 to employ gene therapy to treat severe illnesses. The firm just disclosed a significant development that might hasten its ambitions. The firm announced a collaboration with CRISPR Therapeutics, a pioneer in gene-based medicine, in June 2021 to co-develop therapies for two uncommon diseases with no known cures: Lou Gehrig's disease or amyotrophic lateral sclerosis (ALS) and Friedreich's ataxia.
Escalating Research & Development to provide opportunities to the market players
A lot of research and development happening in the market is anticipated to boost the opportunities through the inclining market trends. As reported by US National Cancer Institute, Since the discovery that mutations in DNA cause cancer, scientists have been looking for a simple approach to reverse such changes by altering DNA. Several techniques of gene editing have been developed over the years, but none have truly satisfied the criteria for a rapid, simple, and low-cost technology.
Cancer researchers leaped at the possibility to utilise CRISPR as soon as it hit the shelves and freezers of labs throughout the world. CRISPR is now being tested on cancer patients rather than in lab dishes. Researchers tested a cancer treatment involving immune cells that were CRISPR-edited to better hunt down and attack cancer in a small study.