Prime Editing and CRISPR Market Expected to Reach $23.493 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “prime editing and CRISPR market, by services, application, and end user: global opportunity analysis and industry forecast, 2021–2030," 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.

CRISPR is a family of DNA sequences found in genome of prokaryotic organisms. CRISPR technology is used for genome editing and allows researchers to change DNA sequence and modify gene function. It possess many applications such as correcting genetic defects in patients and enhancing yield in agriculture by cultivating genetically modified crops. Prime editing is one of the methods of gene editing designed for inserting, deleting, and base swapping of genes in living organisms. One of the major advantages of prime editing over CRISPR is that it does not depend upon ability of a cell to divide for making necessary changes in DNA. Prime editing and CRISPR technology are a set of advanced tools, often described as a molecular scissors for gene and used for alteration of DNA sequencing.

The factors that drive the growth of the prime editing and CRISPR market include rise in prevalence of genetic disorders such as sickle cell anemia, cystic fibrosis, Parkinson disease, and Huntington disease; increase in number of geriatric population; advancements in R&D in molecular genetics; and surge in demand for genetically mutated crops. For instance, in 2019, Beam therapeutics, a biotechnology company, announced a collaboration and licensed agreement with Prime Medicine to use gene editing for treatment of single base transition mutation and sickle cell anemia.  Market players are focusing on development of novel approaches for use of prime editing and CRISPR technology. For instance, in March 2021, Horizon discovery, a global leader in application of gene editing, announced that the company includes a new family of CRISPR modulation reagents for CRISPR interference. It extends gene modulation portfolio with industry’s first synthetic single guide RNA and patent pending dCAs9 repressor for CRISPR interference. Moreover, in June 2021, CRISPR Therapeutics, a biopharmaceutical company for developing gene based medicines announced its collaboration with Capsid Bio therapeutics to develop gene-edited therapies delivered with engineered AAS vectors for the treatment of familial amyotrophic lateral sclerosis and friedreich’s ataxia.

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.

Moreover, initiatives taken by governments for development of the research sector and increase in number of genomic projects are the key factors that boost growth of the market. Furthermore, decrease in cost of DNA sequencing and surge in number of genomic projects propel growth of the market. In addition, rise in demand for personalized novel drugs and surge in R&D activities for genetic-based diseases and cancer fuel the market growth.

The prime editing and CRISPR market is segmented on the basis of service, application, end user, and region. On the basis of service, the market is divided into cell line engineering, genome regulation, gene editing and gene-modified cell therapy. The gene editing segment dominated the market in 2020, and is expected to continue this trend throughout the forecast period, owing to increase in demand for gene editing in targeted drug discovery process and advancements in research for genomic-based diseases.

On the basis of application, the market is classified into biomedical research & therapy, agricultural research, and others. The agriculture research segment dominated the market in 2020, and is expected to continue this trend throughout the forecast period, owing to surge in demand for genetically mutated crops and increase in funding for plant biotechnology by private and government organizations. On the basis of end user, the market is classified into academic institutes, biotechnology & pharma companies, and contract research organizations. The biotechnology & pharma companies segment dominated the market in 2020, and is expected to continue this trend throughout the forecast period, owing to increase in prevalence of chronic and genetic diseases, surge in demand for monoclonal antibodies, vaccines, and use of innovative technologies in genetic engineering.

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global prime editing and CRISPR market. The COVID-19 pandemic has stressed health care system in the world and increased the need for vaccine and monoclonal antibodies for prevention and treatment of patients suffering from corona virus. A huge number of researches were conducted on DNA and RNA of corona virus to understand how it enters human cells and to learn about its pathogenesis. Genetic engineering could make COVID-19 vaccine in months rather than years. For instance, in March 2021, researchers in Medical College of Georgia, in U.S. develops prime editing technology, which effectively edited genes in mice and expanded the genetic toolbox for creating disease model. In addition, in June 2020, scientists at the Stanford University in California, launched PAC-MAN tool, which is a genetic editing tool that aims to target and destroy specific genetic strands of the virus in human cells. Subsequently, this leads to increase in demand of gene editing in many biotechnology & pharma companies, universities, and laboratories.

Key Findings Of The Study

• By service, the gene editing segment was the highest contributor to the market in 2020.
• By application, the agricultural research segment was the highest contributor to the market in 2020.
• By end user, the biotechnology & pharma companies segment dominated the market in 2020 and is expected to continue this trend throughout the review period.
• By region, North America garnered largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the review period.

North America accounted for a majority of the global prime editing and CRISPR market share in 2020 and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of genetic diseases, presence of key players, and advancements in R&D in genetic engineering in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of chronic diseases, rise in geriatric population, increase in demand for novel drugs, and rise in number of laboratories for research.