The global prime editing and CRISPR market size was US$ 3,194.2 million in 2021. The global prime editing and CRISPR market is forecast to grow to US$ 17,618.4 million by 2030 by registering a compound annual growth rate (CAGR) of 21.3% during the forecast period from 2022 to 2030.
The technique of Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) is a genetic tool for genome editing. It's a genome-editing technique that uses a Cas9-nickase-reverse transcriptase fusion protein to treat genetic abnormalities. This technology aids in the treatment of rare genetic diseases like sickle cell anemia, cystic fibrosis, and point mutation correction, as well as chronic diseases like lung cancer.
Factors Influencing the Market
Various factors are driving the growth of the global prime editing and CRISPR markets, such as the alarming increase in the cases of genomic and chronic diseases, a growing range of R&D activities, and upscaling demand for genetically mutated crops. According to a study by the Cystic fibrosis foundation, nearly 70,000 people suffered from cystic fibrosis, and around 1000 new cases of cystic fibrosis are registered every year.
Furthermore, growing initiatives by governments, including funding and other policies will fuel the growth of the market. Rising developments in the field of genomic high-throughput platforms for analysis and other projects will change the outlook of the overall industry. For instance, researchers from the Medical College of Georgia in the U.S recently made an announcement regarding how prime editing technology expanded the genetic toolbox for developing disease animal models. Thus, such discoveries are expected to fuel the growth of the market.
COVID-19 Impact Analysis
COVID-19 has positively influenced the global prime editing and CRISPR market. The COVID-19 pandemic emphasized the need to upscale R&D activities, which had been lucrative for the prime editing and CRISPR market. Moreover, the pandemic highlighted the need to enhance the global healthcare system. Various firms started working on vaccines and monoclonal antibodies in order to prevent and cure people infected with the coronavirus. The DNA and RNA of the coronavirus have been studied extensively in order to determine how it infects human cells and how it causes disease. Thus, it has been beneficial for the prime editing and CRISPR market.
Regional Analysis
The Asia-Pacific prime editing and CRISPR market is forecast to emerge as the largest market, owing to the growing prevalence of chronic diseases, rapidly increasing rate of geriatric population and rising demand for novel drugs. Furthermore, the growing number of laboratories in India, China, and Japan, is forecast to benefit the market. Furthermore, the increasing prevalence of cancer is expected to escalate the growth of the prime editing and CRISPR market. According to a study by the World Health Organization (WHO), nearly 1,028,658 cases of cancer were diagnosed in 2020. Moreover, increasing healthcare expenditure will also benefit this regional market. The Indian government is aiming to increase its investment in the healthcare sector by 3% by 2022.
Competitors in the Market
Market Segmentation
The global prime editing and CRISPR market segmentation focuses on Service, End-Users, Application, and Region.
By Service Outlook
By End-users Outlook
By Application Outlook
By Regional Outlook
