CRISPR Gene Editing Market Poised to Garner Maximum Revenues during Forecast 2020-2030

According to BIS Research, CRISPR technology is a tool for gene editing. It allows to alter the DNA sequences and modify gene function. Potential applications of the CRISPR technology include correction of genetic defects, treatment and prevention of the spread of diseases, and improvement in crops. The CRISPR technology is a highly programmable, rapid diagnostic tool expected to disrupt the COVID-19 diagnostic market, which is currently dominated by PCR-based testing. However, its promise also raises ethical concerns in human genome editing process, which is referred to a process of making genetic modifications to human embryos and reproductive cells.

With several companies eagerly competing to establish dominance in the global CRISPR gene editing market, there have been a large number of highly emerging and dynamic companies that have undertaken significant activities to establish their position in the market. Although these companies are currently far behind the market leaders, some of them have made significant strides to grow into major players, owing to initiatives undertaken to expand their respective product lines.

The potential of CRISPR gene editing to alter the human genome and modify the disease conditions is incredible but exists with ethical and social concerns. The global CRISPR gene editing market was valued at $846.2 million in 2019 and is expected to reach $10,825.1 million by 2030, registering a CAGR of 26.86% during the forecast.

Opportunities that are likely to boost the growth of the CRISPR gene editing market includes expanding the gene and cell therapy area and increasing scope of CRISPR gene editing in agriculture. The applications for which CRISPR gene editing can be used include agricultural, biomedical (gene therapy, drug discovery, and diagnostics), industrial, and other applications [genetically modified foods (gm foods), biofuel, and animal (livestock) breeding] The end users of CRISPR gene editing include academic institutes and research centers, biotechnology companies, contract research organizations (CROs), and pharmaceutical and biopharmaceutical companies.

Key companies operating in the market include CRISPR Therapeutics, Horizon Discovery Group PLC, Cellecta, Inc., Integrated DNA Technologies, Inc., GenScript Biotech, ToolGen, Inc., System Biosciences LLC, Thermo Fisher Scientific, Inc., Origene Technologies, Inc., GeneCopoeia, Inc., New England Biolabs, Inc., Agilent Technologies, Inc., Applied StemCell, Inc., Abcam, Inc., Rockland Immunochemicals, Inc., Synthego Biosciences, Merck KGaA and Takara Bio.

Growth Drivers

• Prevalence of Genetic Disorders and Use of Genome Editing

• Government and Private Fundin

• Technology Advancement in CRISPR Gene Editing.

Market Restraints

• CRISPR Gene Editing: Off Target Effects and Delivery

• Ethical Concerns and Implications with Respect to Human Genome Editing

Market Opportunities

• Expanding Gene and Cell Therapy Area

• CRISPR Gene Editing Scope in Agriculture

Within the research report, the market is segmented based on product type, application, end-user, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.

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