The global CRISPR and CAS gene technology market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. The rising applications of CRISPR and CAS gene technology, along with the increasing government and private funding for medical research, are expected to fuel the progress of this market. In addition, the research expenditure on the technology has been increasing at a faster, which is also anticipated to boost market growth in the coming years. The growth of the market can also be attributed to factors such as the need for innovative treatments for cancer, infectious diseases, & genetic disorders, and implementation of favorable regulatory policies on a global level. Along with theses, the CRISPR and CAS gene technology can be deployed to target specific genes and knocking them out, and therefore, can be adopted for cancer therapy. According to the data collected from the National Cancer Institute of U.S., CRISPR and CAS gene technology may be deployed in immunotherapies of cancer, as stated by a clinical trial conducted in 2019 at University of Pennsylvania in which patients’ immune cells were genetically modified to kill their cancer. Furthermore, CRISPR-engineered therapies have a broad range of potential clinical applications such as lowering the resistance of tumors in lung cancer patients, understanding host-pathogen interactions in infectious diseases, and developing diagnostics to facilitate early recognition and treatment of infectious diseases.
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The global CRISPR and CAS gene technology market is segmented on the basis of products & services into products (enzymes, kits, libraries, and others) & services (gRNA Design, cell line engineering, and others), out of which the services segment is anticipated to grab the largest share by the end of 2030 on account of continuously advancing research and development activities related to CRISPR and CAS gene technology services. Moreover, these services are widely being used in genome editing to make the whole process faster, easier, less expensive, and more efficient, which is also projected to contribute to the growth of the segment during the forecast period. Additionally, based on application, the biomedical segment in the market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the noteworthy developments in gene therapy, drug discovery and the implementation of CRISPR and CAS gene technology in terms of cancer diagnosis, vaccine development, antibody production, and antiviral therapy.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising investments in CRISPR and CAS gene technology and increasing research collaborations between universities and biotech companies in the region. Along with this, Asia Pacific region has an increasing prevalence of chronic disorders, which is also expected to drive market growth in the region. Furthermore, the market in North America is evaluated to occupy the largest share over the forecast period, ascribing to the growing investment of governmental and non-governmental agencies in R&D activities regarding CRISPR and CAS gene technology, accompanied by the presence of leading pharma & biotech companies and their early adoption of CRISPR technology. Along with this, North America also leads in terms of ongoing clinical trials, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in market on account of the increased research expenditure related to CRISPR technology. As per a report published by European Parliamentary Research Service in 2020, crops edited using CRISPR and CAS gene technology may become a part of a transition to a more sustainable form of agriculture.
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The global CRISPR and CAS gene technology market is further classified on the basis of region as follows:
Our in-depth analysis of the global CRISPR and CAS gene technology market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising applications of CRISPR and CAS gene technology and the increasing government and private funding for medical research are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
The lack of uniform medical regulations and pending patent concerns and outcomes of clinical trials are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the rising investments in CRISPR and CAS gene technology and increasing collaborations between universities and biotech companies.
The major players dominating the CRISPR and CAS gene technology market are Thermo Fisher Scientific Inc., Origene Technologies, Addgene, Inc., and Merck KGaA, among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by products & services, application, and by region.
With respect to application, the biomedical segment is anticipated to hold the largest market share owing to the significant developments in gene therapy, drug discovery and diagnostics.
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