Advancements in R&D in genetic engineering, rise in demand for genetically modified crops, and surge in prevalence of chronic and genetic diseases drive the growth of the global prime editing and CRISPR market. On the other hand, several legal & ethical issues and lack of safety toward gene editing restrain the growth to some extent. However, increase in R&D activities by major key players and decrease in cost of genomic sequencing are expected to create multiple opportunities in the industry.
The global prime editing and CRISPR market was valued at $2,694.2 million in 2020, and is estimated to reach $23,493.0 million by 2030, growing at a CAGR of 24.3% from 2021 to 2030.
Increase in prevalence of sickle cell anemia, advancements in technology for genetics, and surge in awareness regarding gene editing are anticipated to drive growth of the prime editing and CRISPR market. In addition, demand for targeted gene manipulation in biomedical research has led to increase in demand for these molecular scissors.
Based on application, the agricultural research segment held the major share in 2020, accounting for nearly half of the total market share. In addition, the segment is projected to retain the lion’s share by 2030. Simultaneously, the biomedical research and therapy segment would cite the fastest CAGR of 25.00% from 2020 to 2030.
The key market players analyzed in the global prime editing and CRISPR market report include CRISPR Therapeutics, GenScript Biotech, Beam Therapeutics, Integrated DNA Technologies (IDT), Horizon Discovery, Synthego Corporation, Intellia Therapeutics Inc., Inscripta, Precision Bioscience, and Sangoma Therapeutics. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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