CRISPR and CAS Gene Technology Market Trends
Growth Drivers
- Rising Applications of CRISPR and CAS Gene Technology in Various Fields -
The increasing number of diseases such as HIV, sickle cell disease, transthyretin amyloidosis, and other disorders that affect the immune system and genes of the body is estimated to drive market growth. The increasing use of genetic engineering techniques to modify defective genes is propelling market growth during the forecast period.
As per the Centers for Disease Control and Prevention, in 2020 about 30,635 people in the U.S. were diagnosed with HIV.
- Increasing Government and Private Funding for Medical Research – The National Institutes of Health (NIH) invested most of its budget which is USD 45 billion in medical research activities for Americans in 2021 and it was reported that 2 billion is spent on medical research by NIH every year.
- Rising Incidence of Genetic Abnormalities in Humans for Various Reasons – The total number of cases of dengue in America between 1st and 2nd epidemiological week in 2022 was estimated to be over 3,120,350 cases.
- Growing Food Crisis across the World with Rising Urbanization – The Department of Biotechnology in India funded 51 Biotech-Kisan hubs for the farmers to connect them with well-experienced scientists and institutions according to Invest India. As of 2022 data, 44 of 51 operational hubs are situated in 15 Agro-climatic zones of the nation and conduct operations in an overall 169 districts in India.
- Increasing Cancer Cases with Gene Mutations Caused by UV radiation and Hydrofluorocarbons in Air – More than 300, 580 new breast cancer cases are projected to rise in the United States by the end of 2023.
Challenges
- Pending Patent Concerns & Outcomes of Clinical Trials Associated with the Technology
- Ethical Concern on Genetically Modified Foods and Organisms by CRISPR and CAS gene technology – The generation of these genetically modified foods and changes in the organisms is ethically not safe as it alters the germline of humans which is estimated to hamper the market growth. The CRISPR gene technology is to treat the mutated genes in patients to treat diseases that alter the natural DNA sequence of humans which is considered immoral is hampering the market growth.
- Requirement for Professionals, High Cost of Investment, and Time Consumption
CRISPR and CAS Gene Technology Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
20.4% |
|
Base Year Market Size (2024) |
USD 4.85 billion |
|
Forecast Year Market Size (2037) |
USD 33.05 billion |
|
Regional Scope |
|
