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.
According to the report published by Allied Market Research, 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. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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- The outbreak of the pandemic led to increased need for development of healthcare information technology and remote monitoring services, thereby impacting the global prime editing and CRISPR market positively.
- This trend is quite likely to continue post pandemic as well, since the demand for remote monitoring services is expected to remain constant.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, alarming increase in prevalence of genetic disorders across the globe, advancements in R&D for genetic engineering, rise in government and private funds for genetic research, and surge in demand for genetically modified crops are expected to notably contribute toward growth of the global prime editing and CRISPR market during the forecast period.
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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.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.