The CRISPR Market is experiencing a surge in growth, poised to become a major player in the life sciences industry. According to a recent analysis, the CRISPR market, valued at USD 3.4 billion in 2023, is projected to reach a staggering USD 17.8 billion by 2034. This signifies a remarkable Compound Annual Growth Rate (CAGR) of 16.1% between 2024 and 2034. Notably, by 2024, the market is expected to reach USD 4.4 billion, highlighting the rapid expansion underway.
The increasing funding and assistance from governments, individual investors, and venture capital companies is an essential component propelling the CRISPR market. This funding supports research and development as well as commercialization initiatives, which quickens innovation and broadens the use of CRISPR technology into a variety of industries, including biotechnology, agriculture, and healthcare.
Stakeholders from a variety of sectors have a great chance to profit from developments in gene editing technology owing to the CRISPR market. With the ability to transform industrial, agricultural, and healthcare processes, CRISPR presents opportunities for the development of novel treatments, improved crop resilience, and expedited biomanufacturing. Investing in CRISPR research, development, and commercialization can result in transformational breakthroughs with far-reaching societal and economic consequences.
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Key Takeaways from the CRISPR Market Analysis
- The global demand for CRISPR reached US$ 1.7 billion in 2019.
- The CRISPR kits & enzymes segment is anticipated to develop at a 15.8% CAGR during the projection period.
- It is expected that the drug discovery & development segment will attain a 15.7% global market share by 2024.
- It is projected that CRISPR in the United States will advance at a CAGR of 16.3% by 2034.
- The market in the United Kingdom is anticipated to rise through 2034 at a 16.9% CAGR.
- It is projected that China’s CRISPR ecosystem will evolve at a 16.5% CAGR between 2024 and 2034.
“Rising need for precision medicine is one factor propelling the global CRISPR market. Since CRISPR can specifically target genetic abnormalities, it presents a viable route for customized medicines. This will allow for more individualized treatment plans for people with genetic disorders and progress the field toward better and more effective healthcare options,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
CRISPR Market Competitive Landscape
Leading companies in the global CRISPR market are pushing the boundaries of innovation by developing gene editing methods that can more effectively and precisely target a wider variety of hereditary illnesses. They are investigating new delivery strategies to increase treatment efficacy and reduce side effects.
These businesses are also investing in CRISPR-based diagnostics for customized treatment and early illness detection. The goal of ongoing research is to advance the field of genetic medicine by better understanding CRISPR biology along with its therapeutic applications.
Startups within the CRISPR business are pioneering specialized applications such as crop enhancement through gene editing and industrial bioengineering. They are developing innovative CRISPR-based services and tools to meet a range of research requirements and increase the application of gene editing technology in many industries.
Key Companies Profiled in the Report:
- Thermo Fisher Scientific Inc.
- Merck KGaA
- Agilent Technologies Inc.
- Genscript Biotech Corporation
- CRISPR Therapeutics AG
- Editas Medicine
- Intellia Therapeutics Inc.
- Beam Therapeutics Inc.
- Caribou Biosciences Inc.
- Lonza Group Ltd.
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CRISPR Market Key Developments
- In 2024, Merck announced the establishment of the Merck Digital Hub in Singapore, marking the first digital hub of the company outside of the US and Europe. With backing from the Singapore Economic Development Board (EDB), the Digital Hub seeks to improve semiconductor and healthcare technologies.
- Particularly in important fields like artificial intelligence, semiconductor technology, and digital health, Singapore is known around the world for spearheading innovation and digital excellence.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global CRISPR market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global CRISPR market, the market is segmented on the basis of products and services (products (CRISPR kits & enzymes, CRISPR libraries, other products), services (gRNA design & vector construction, cell line engineering, screening services, other services)), application (drug discovery & development, agriculture, other), end user (pharmaceutical & biotechnology companies, academic & research institutes, others) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East & Africa).
About the Healthcare Domain at Future Market Insights
The healthcare domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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