The global CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) market shows strong growth potential in the coming years, according to a new report from MarketsandMarkets. The market, valued at $3.4 billion in 2023, is projected to reach $7.1 billion by 2028 expanding at a compound annual growth rate (CAGR) of 15.6%.
North America currently leads the global CRISPR market owing to a well-established research infrastructure, increasing demand for precision medicine, a favorable regulatory climate, and significant funding for the biotechnology and healthcare sectors. However, the high costs associated with CRISPR research and products could restrain smaller research institutions and academic centers in the region which have limited budgets.
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The growth of the CRISPR market is fueled by rising demand for CRISPR-based gene therapies, continuous advancements in CRISPR technology, and increased government funding and investments. For example, in February 2023, Indian biotech startup CrisprBits raised $250,000 in pre-seed funding to develop CRISPR-based diagnostics for detecting pathogens and antimicrobial resistance. However, technical challenges related to precision genome editing, off-target effects, and delivery efficiency issues pose restraints.
New Treatment Options for Genetic Diseases Offer Significant Opportunities
CRISPR technology shows immense potential in developing innovative vaccines and therapies for genetic diseases representing a major future growth opportunity. For example, Editas Medicine is testing CRISPR gene editing for sickle cell disease while Vertex Pharmaceuticals and CRISPR Therapeutics are running clinical trials for beta-thalassemia. However, developers need to overcome regulatory hurdles arising from ethical, legal, safety and social implications.
Among end-users, pharmaceutical and biotech companies dominated the market in 2023 due to rising demand for targeted and personalized genetic medicines enabled by precise CRISPR-based gene editing. Academic institutes and CROs also show high growth potential.
On the products and services front, CRISPR enzymes, kits and libraries accounted for the largest revenue share owing to significant advances in gene editing techniques. However, services like gRNA design, cell line engineering and screening are also gaining traction.
Key Players Expand Product Portfolios and Production Capabilities
Major companies operating in the global CRISPR market include Thermo Fisher Scientific, Merck KGaA, Genscript Biotech, CRISPR Therapeutics, Beam Therapeutics and Editas Medicine among others. These players are investing significantly in expanding their product portfolios and GMP manufacturing capabilities to meet increasing demand.
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For instance, in April 2022, Thermo Fisher Scientific launched a new GMP-grade CRISPR protein to support cell therapy research while Merck has signed licensing deals with companies like Takara Bio USA and PanCELLa Therapeutics to provide access to its CRISPR IP and technologies for specific applications.
Overall, increasing investment in R&D and strategic partnerships among developers is expected to result in new product launches and clinical breakthroughs that will catalyze the growth of the global CRISPR market size over the next five years.