CRISPR technology market to grow by USD 2.88 billion from 2021-26

The CRISPR technology market size is forecasted to increase by USD 2.88 billion from 2021 to 2026, at a CAGR of 19.34%, according to a recent market study by Technavio. The growth of the market will be driven by the increasing demand for the treatment of genetic diseases; rising genome editing across the biotechnology, medical, and agriculture industries; and increasing R&D activities in CRISPR technology.

Vendor analysis
The global CRISPR technology market is fragmented, with the presence of several local, regional, and global vendors. The competition in the market is intense between vertically integrated companies and small vendors and startups that are backed by venture capital funding. The intense competition has forced established vendors to increase their geographical reach and presence by expanding their production facilities and focusing on product development and innovation. The presence of similar offerings and the increasing number of vendors and startups cause price wars and reduce the profitability of vendors. Vendors compete on reliability, superior quality, R&D, timeliness of service, and service optimization. The evolving end-user preference will increase the focus of vendors on product development, which will improve the functionality of synthesized genes. Some of the key vendors covered in the report include:

• Danaher Corp. – The company offers Alt-R CRISPR-Cas9 System, which is an optimized genome editing solution. It outperforms other CRISPR approaches for producing on-target, double-stranded DNA breaks.
• Editas Medicine Inc. – The company offers CRISPR, which is a dynamic, versatile tool that allows one to get to and edit nearly any location in the genome.
• GeneCopoeia Inc. – The company offers GeneHero CRISPR-Cas9 products and services that provide a complete, powerful solution to genome editing needs.
• GenScript Biotech Corp. – The company offers CRISPR products, services, and resources such as CRISPR gRNA Plasmids, CRISPR sgRNA Services, and Microbial Gene Editing.
• Addgene Inc.
• Agilent Technologies Inc.
• Applied StemCell Inc.
• Caribou Biosciences Inc.
• Cellecta Inc.
• CRISPR Therapeutics AG
• Intellia Therapeutics Inc.
• Lonza Group Ltd.
• Merck KGaA
• Mirus Bio LLC
• New England Biolabs Inc.
• Novartis AG
• OriGene Technologies Inc.
• PerkinElmer Inc.
• Synthego Corp.
• Thermo Fisher Scientific Inc.

Market segmentation:
The market is segmented by application (biological application, agricultural application, industrial application, and others) and geography (North America, Europe, Asia, and Rest of World (ROW)).

• The market growth in the biological application segment will be significant over the forecast period. The growth of the segment is driven by the increasing number of biomedical research studies being conducted in universities and research institutions. The increasing awareness about the need for multidisciplinary and interdisciplinary genetics research studies to treat complex diseases and disorders has also boosted biomedical research. In addition, increasing funding for academic biomedical research further drives the growth of the segment.
• North America will account for 44% of the market growth during the forecast period. The growth of the regional market can be attributed to various factors, including the increasing spending on research, the presence of biotechnology companies and vendors that offer gene-editing services, and the high focus on biomedical research by universities and research institutions. Increased funding for research on CRISPR technology from the private sector is another factor driving the growth of the CRISPR technology market in North America.

Market dynamics:
Key drivers:

• Increasing demand for treatment of genetic diseases
• Rising genome editing across biotechnology, medical, and agriculture industries
• Increasing R&D activities in CRISPR technology

The adoption of CRISPR technology is increasing, as it is easy, fast, and inexpensive. Gene editing, with the help of CRISPR technology, can cure sickle cell disease and B-thalassemia, hemophilia, cystic fibrosis, Alzheimer’s, Huntington’s, and Parkinson’s diseases. The development of effective cures for hereditary blindness and cancer using gene therapy is also in the pipeline. In the future, the application areas of CRISPR technology are expected to expand at a much more granular level and enable the easy removal of any misbehaving gene and reduce the effects of deadly genetic diseases such as cystic fibrosis. All these factors are expected to drive the growth of the market in focus.

Major trends:

• Advent of CRISPR/CAS9
• Growing demand for innovative therapeutic gene therapy techniques
• Increasing venture funding

Significant investments in R&D in the healthcare industry have resulted in the development of advanced technologies such as CRISPR/CAS9. It is a fast, accurate, efficient, and cost-effective genome editing tool and is better than the other techniques of DNA editing. It allows researchers to edit the DNA sequence safely and alter the entire gene function. The use of CRISPR/CAS9 tool is increasing in the cure of genetic defects and the treatment and prevention of diseases such as cancer. Other gene-editing technologies, such as transcription activator-like effector nucleases (TALEN) and zinc-finger nucleases (ZFN) have also been launched in the market. Such developments are expected to positively influence the growth of the market during the forecast period.

Key challenges:

• Ethical issues associated with CRISPR Technology
• Increasing complexity of the gene synthesis process
• Lack of skilled workforce

Many healthcare professionals do not prefer gene editing, as it alters the entire gene structure of an organism. CRISPR technology specifically targets the egg and sperm cells during germline modification. This enables the inserted gene to be passed on to future generations. Such modifications can have long-term side effects. Hence, the use of such sophisticated gene therapies has triggered an ethical debate, which is challenging the growth of the market. Technavio