Selbyville, Delaware, May 04, 2021 (GLOBE NEWSWIRE) — Global CRISPR market, according to reliable predictions, is likely to register a compound annual growth rate of 23.95% during the forecast period. The market valuation is expected to reach USD 5872.4 million by 2028 from USD 850.1 million it previously accounted for in the year 2019.
Additionally, the study delivers significant data regarding the different market segmentations and their relevant contribution towards the overall business dynamics. Also, a detailed analysis of the regional scope and the competitive spectrum is encompassed in the research report, further ensuring improved decision-making during investment assessment.
The growth of global CRISPR market can be attributed to high occurrence of genetic diseases as well as lifestyle disorders, increasing utilization of the technology for drug research activities, and growing elderly population.
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One of the key factors augmenting the demand for Clustered Regularly Interspaced Short Palindrome Repeats (CRISPR) technology is the increased pervasiveness of genetic disorders across the globe. Moreover, increasing number of startups coupled with favorable approval ratings from global regulatory bodies are also stimulating the overall industry outlook.
Ethical concerns associated with CRISPR technology and changing regulatory scenario could, however, act as a restraining factor to the market expansion. Regardless, technological advancements are likely to contribute towards global CRISPR market remuneration.
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Highlighting the geographical spectrum
Global scope of operations of this business sphere involves regions such as Asia-Pacific, North America, Middle East & Africa, Latin America, and Europe.
Estimates cite that North America CRISPR market is likely to showcase a y-o-y growth rate of 23.85% through 2028, owing to flourishing pharmaceutical and biotechnology sector, widespread adoption of the technology, rising prevalence of lifestyle diseases, escalating healthcare expenditure, and rising R&D activities. North America is the largest CRISPR (Clustered Regularly Interspaced Short Palindrome Repeats) market in the world. This growth is contributed by the growing biotechnology and pharmaceutical sectors. Due to the rising applications in human stem cells & genetic engineering and the growing demand for genetically modified organisms, there is an increased demand for the CRISPR market in the region.
The CRISPR market in North America is growing at a considerable pace. It finds its applications in human stem cells, genetic engineering, academic institutes, genome editing, biotechnology companies, pharmaceutical companies and research & development institutes. By using CRISPR technology, various drugs can be produced, which can improve the effectiveness of treatment and vaccines.
CRISPR market share in Europe is predicted to expand with a CAGR if 22.99% between 2019 and 2028. Factors such as strict government regulations regarding use of GMOs, favorable approval ratings for genetically modified crops, and high concentration of market leaders are facilitating the business scenario in Europe. Germany, Spain, France, Italy, the United Kingdom, Russia and the Rest of Europe comprise the CRISPR market in Europe. The EU (European Union) has implemented stringent regulations on GMOs (genetically modified organisms) and food or feed containing or made from GMOs. These policies are designed to prevent any harmful effects on the environment, humans and animals. The European Regulatory System announced that GMOs have to receive authorization prior to entering the market. This is also valid for GMOs that are used in feed to seeds for genetically modified crops. Both the European Union and the Member States have agreed on the usage of genetic engineering in food production. However, each GMO can be used in food & feed or sold as seed only after receiving proper approval is granted.
In terms of revenue, Asia-Pacific CRISPR market is set to record 25.67% CAGR over the period of 2019-2028, primarily driven by increased pervasiveness of chronic conditions, growing population, and increasing popularity of CRISPR gene-editing techniques. Asia-Pacific is one of the dominating regions for the CRISPR (Clustered Regularly Interspaced Short Palindrome Repeats) market, owing to its applications like agriculture and animal breeding. The increasing elderly population and the changing lifestyle are leading to different chronic diseases like cancer in countries like India and China.
Besides, a large population is suffering from serious disorders, like diabetes and other peripheral diseases. An increase in the prevalence of such diseases is witnessed in these countries. The production, testing and marketing of (genetically modified organisms) in China are subject to the approval of the government. The corporations that export genetically modified organisms to the People’s Republic of China (PRC) as raw materials must obtain GMO safety certificates by applying to the Ministry of Agriculture.
Latin America CRISPR industry size is anticipated to witness a y-o-y growth rate of 22.37% through 2028. Factors such as rising R&D investments, booming pharmaceutical and biotechnology sectors, technological advancements, and subsequent innovative product launches are adding traction to the regional market size. In Latin America, the CRISPR (Clustered Regularly Interspaced Short Palindrome Repeats) market is primarily driven by the rising research & development expenditure, the blooming biotechnology & pharmaceutical industries and the growing public & private sector investments for the development of these sectors. The rapidly advancing sequencing and gene-editing technologies, non-labeling of GMOs (genetically modified organisms) and different applications for drug discovery are other factors driving the market growth in this region. This growth is also contributed by the growing demand for CRISPR technology in various fields, including drug discovery, agricultural research and molecular research. All these factors are expected to increase the growth of the CRISPR market in Latin America.
It is reported that Latin America is an important region in the production of genetically modified crops in the world. Brazil and Argentina, fall under the top three largest producers of these crops. The countries adopted several advancements in terms of experimental research, reviews of technology benefits, new commercial approvals and efforts to streamline regulatory frameworks to develop this segment. These initiatives are likely to push the demand for the CRISPR market in the coming years.
Global CRISPR Market Product Varieties (Revenue, USD Million, 2019-2028)
- Control Kits
- Design Tools
- CAS 9
- Other Proteins
Global CRISPR Market Application Spectrum (Revenue, USD Million, 2019-2028)
- Cell Line Engineering
- Human Stem Cells
- CRISPR Plasmid
- GRNA Database/Gene Library
- Genome Editing/Genetic Engineering
- Agricultural Biotechnology
- Genetically Modified Organisms
Global CRISPR Market End-user Analysis (Revenue, USD Million, 2019-2028)
- Industrial Research
- Agricultural Biotech
- Biological Research
- Therapeutics & Drug Discovery
Global CRISPR Market by Geographical Reach (Revenue, USD Million, 2019-2028)
- United States
- United Kingdom
- Rest of Europe
Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Rest of Latin America
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
Global CRISPR Market Competitive Dynamics (Revenue, USD Million, 2019-2028)
- Transposagen Biopharmaceuticals Inc.
- Thermo Fisher Scientific Inc.
- Sangamo Therapeutics Inc.
- Precision BioSciences
- OriGene Technologies Inc.
- New England Biolabs
- Lonza Group AG
- Intellia Therapeutics
- Integrated DNA Technologies Inc.
- Horizon Discovery Group plc
- GenScript Biotech Corporation
- GeneCopoeia Inc.
- Editas Medicine
- DiaCarta Inc.
- CRISPR Therapeutics AG
- Caribou Biosciences Inc.
- Applied StemCell Inc.
TABLE OF CONTENT
1. GLOBAL CRISPR MARKET SUMMARY
2. INDUSTRY OUTLOOK
2.1. MARKET DEFINITION
2.2. PORTER?S FIVE FORCES MODEL
2.2.1. THREAT OF NEW ENTRANTS
2.2.2. THREAT OF SUBSTITUTE PRODUCTS
2.2.3. BARGAINING POWER OF BUYERS
2.2.4. BARGAINING POWER OF SUPPLIERS
2.2.5. COMPETITIVE RIVALRY
2.3. REGULATORY OUTLOOK
2.4. VALUE CHAIN OUTLOOK
2.5. SUPPLY CHAIN OUTLOOK
2.6. TIMELINE OF GLOBAL CRISPR MARKET
2.7. PARENT MARKET OUTLOOK
2.8. KEY INSIGHT
2.9. MARKET ATTRACTIVENESS INDEX
2.10. MARKET DRIVERS
2.10.1. GROWING LIFESTYLE-ORIENTED DISEASES
2.10.2. SURGING PREVALENCE OF GENETIC DISEASES
2.10.3. INCREASING APPLICATION OF DRUGS
2.10.4. RISING AGING POPULATION
2.10.5. INCIDENCE OF GENETIC AILMENTS
2.11. MARKET RESTRAINTS
2.11.1. ETHICAL AND SOCIAL ISSUES ASSOCIATED WITH CRISPR TECHNOLOGY
2.11.2. CHANGING REGULATORY ENVIRONMENT
2.12. MARKET OPPORTUNITIES
2.12.1. INCREASED DEMAND FOR CRISPR
2.12.2. ADVANCEMENTS IN THE APPLICATIONS OF GENE-BASED THERAPY
2.13. MARKET CHALLENGES
2.13.1. ALTERNATIVE TECHNOLOGIES
2.13.2. LACK OF AWARENESS REGARDING THE TECHNOLOGY
3. CRISPR MARKET OUTLOOK – BY PRODUCT
3.3.1. CAS 9
3.3.3. OTHER PROTEINS
3.4. DESIGN TOOLS
3.6. CONTROL KITS
3.8. OTHER PRODUCTS
4. CRISPR MARKET OUTLOOK – BY APPLICATION
4.1. GENOME EDITING/GENETIC ENGINEERING
4.1.1. GENETICALLY MODIFIED ORGANISMS
4.1.2. AGRICULTURAL BIOTECHNOLOGY
4.1.3. OTHER GENOME EDITING/GENETIC ENGINEERING
4.2. GRNA DATABASE/GENE LIBRARY
4.3. CRISPR PLASMID
4.4. HUMAN STEM CELLS
4.5. CELL LINE ENGINEERING
5. CRISPR MARKET OUTLOOK – BY END-USER
5.1. THERAPEUTICS AND DRUG DISCOVERY
5.2. BIOLOGICAL RESEARCH
5.3. AGRICULTURAL BIOTECH
5.4. INDUSTRIAL BIOTECH
6. CRISPR MARKET REGIONAL OUTLOOK
Genetic Testing Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
The genetic testing market is projected to record momentous gains over the forthcoming timeframe due to rising incidences of chronic disorders, increasing use of predictive genetic testing, and growing product application in genetic diseases, cancer, and cardiovascular diseases among others. Genetic testing is referred as a type of medical test that identifies changes in genes, chromosomes, or proteins. It is very useful in numerous areas of medicine and could change the medical care the individual or his/her family receives. For instance, genetic testing could provide a diagnosis for a genetic condition like Fragile X syndrome or information regarding risk of developing cancer. These tests are usually performed on sample of skin, hair, amniotic fluid, blood or any other tissue.
With respect to type, the market for genetic testing is classified into nutrigenomic testing, pharmacogenomic testing, diagnostic testing, prenatal and newborn testing, carrier testing, predictive testing, and others. Predictive testing accounted for an overall market share of 5% in 2020 and is estimated to follow a strong growth trend over the coming years. Predictive genetic testing searches for genetic mutations or changes, that are related to disease. The growth is majorly ascribed to the rising incidences of chronic disorders across several countries of Latin America. For instance, in Brazil, the chronic noncommunicable diseases constitute a major health issue in large magnitude, accounting for nearly 72% causes of death, with 16.3% deaths because of cancer.
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Published on : https://www.globenewswire.com/news-release/2021/05/04/2222006/0/en/Worldwide-CRISPR-market-size-to-witness-23-95-CAGR-through-2028.html