CRISPR Technology Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The anticipated growth of the CRISPR Technology Market from USD 3.15 billion in 2023 to USD 7.79 billion by 2028, indicating a projected Compound Annual Growth Rate (CAGR) of 19.89% during the forecast span (2023-2028), is influenced by various factors, including the impact of the COVID-19 pandemic and pivotal drivers propelling market expansion.

The COVID-19 outbreak is expected to have a positive effect on the market due to heightened demand for diagnostic tests. Notably, Sherlock Biosciences obtained Emergency Use Authorization from the FDA in May 2020 for its Sherlock CRISPR SARS-CoV-2 kit, enabling rapid virus detection within an hour. This technological advancement in diagnostic kits using CRISPR technology significantly contributed to market growth during the pandemic. Additionally, the rise in demand for effective diagnosis due to the emergence of new COVID mutant strains is projected to further drive CRISPR technology adoption, augmenting market growth in the next five years.

Several specific drivers fueling market expansion encompass increased government and private funding, amplified adoption of CRISPR, and technological advancements. Government and private funding, channeled through individual investigator grants, research projects, and program grants, significantly bolster the development of CRISPR technology. For instance, in September 2021, Mammoth Biosciences secured over USD 195 million financing for its CRISPR technology, Cas 14. The Somatic Cell Genome Editing (SCGE) Program at the NIH also allocated substantial grants, totaling USD 89 million, over the next four years for CRISPR-related projects, strengthening the market landscape.

CRISPR technology's advancements in genome editing across medical, biotechnological, and agricultural domains have accelerated research activities globally. This technology's ease of access to vectors and the resulting next-gen tools have contributed to its increasing demand. CRISPR-Cas9 showcases efficacy in combating various diseases, from inherited eye conditions to non-inherited ailments like cancer and HIV. Notably, trials using CRISPR-Cas9-based gene editing for treating inherited diseases like β-Thalassemia and sickle cell disease have shown promising outcomes. Patients undergoing CTX001 treatment witnessed substantial and sustained increases in fetal hemoglobin levels, demonstrating the potential of CRISPR technology in disease management. This application in treating severe conditions is anticipated to drive CRISPR technology's demand, further bolstering market growth over the forecast period.

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