“Global CRISPR Technology Market, by Product Type (Enzymes, Kits & Reagents, gRNA, Design Tools), By Application (Biomedical, Agricultural), by End-User (Pharma & Biopharma Companies, Biotechnology Companies, Academic & Research Institutes, Contract Research Organizations), as well as by Region – Global Forecast 2020 to 2030.”, which offers a comprehensive view of the Global CRISPR Technology Market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this market is projected to be over USD $1,665.0 Mn, and is estimated to increase moderately over the latter part of the forecast period.
CRISPR is a family of DNA sequences found in genomes of prokaryotic organisms such as bacteria and archaea. These sequences are derived from DNA fragments of bacteriophages that had previously infected the prokaryote. They are used to detect and destroy DNA from similar bacteriophages during subsequent infections. CRISPR technology is a simple yet effectively powerful tool for editing genomes. It allows researchers to easily alter DNA sequences and modify gene functions.
The surging prevalence of various genetic disorders such as cystic fibrosis, Marfan syndrome, sickle cell anemia, Huntington’s disease, hemochromatosis, as well as chronic diseases such as cancer, diabetes, aids, etc., is a major factor that is anticipated to continue to fuel opportunities for additional revenue growth over the next decade. Moreover, the increasing demand for more effective drugs is leading key industry players to invest huge sums of revenue towards new drug discovery activities. This is another factor that is slated to have a significant influence on the projected market growth of the global CRISPR technology market in the foreseeable future. Although the misappropriate use of CRISPR technology, as well as the lack of adequate resources and infrastructure in several emerging economies are some factor that may restrain the revenue growth of this global industry. The increasing adoption of CRISPR technology for various other end-use applications such as in pet breeding, pest eradication, allergy-free foods, the production of greener fuel sources, etc., is expected to further augment market growth. These aforementioned factors are some of the most crucial factors that are anticipated to play a critical role in edging the projected revenue of the global CRISPR technology market to USD $3,054.4 Mn by 2030, at a CAGR of 16.6%.
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