The global prime editing and CRISPR market size was valued at USD 2,694.2 million in 2020 and is estimated to reach USD 12,648.4 million by 2027, growing at a CAGR of 24.3% from 2021 to 2027. Clustered Regularly Interspaced Short Palindromic Repeats technology is a genetic tool used for editing of genome. Prime editing is considered the developed version of CRISPR/Cas9 genome editing technology. It is a genome editing technology that uses the fusion protein of Cas9-nickase and reverses transcriptase to treat genetic defects. It is a new molecular device capable of removing and cutting base pairs and adding long segments of DNA without breaking strands of the helix. Prime editing and CRISPR are used as molecular scissors to develop new therapies to treat chronic and genetic diseases. This technology helps treat rare genetic diseases such as sickle cell anemia, cystic fibrosis, correction in a point mutation, and chronic diseases such as lung cancer.

The prime editing and CRISPR market are driven by an alarming increase in the prevalence of genomic and chronic diseases such as cystic fibrosis, lung cancer, and sickle cell anemia; advancements in R&D of genes, surge in demand for genetically mutated crops; a rise in government funds for genomic projects; and rise in awareness regarding genetic engineering. As per the World Health Organization (WHO), in 2020, approximately 10 million people will die due to various types of cancer. As per data published by a Cystic fibrosis foundation, in 2019, 70,000 people were diagnosed with cystic fibrosis. More than 1000 new cases of cystic fibrosis are reported each year. Moreover, the surge in demand for genetic engineering in biomedical research and gene editing drives the market's growth.

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Thus, the increase in the prevalence of genetic-based disease and the surge in demand for gene manipulation are the factors expected to propel the market's growth. The rise in funding from private & government organizations to genomic projects and the increase in application in genetically mutated crops are the major factors driving the global prime editing and CRISPR market growth. Moreover, a surge in incidences of diseases such as cancer significantly contributes to market growth because gene insertion and deletion technique is used to treat several chronic diseases. The rise in genomic research activities is a key driving force of the global market. Additionally, governments are taking multiple initiatives to support regenerative medical research, which is expected to boost market growth.

COVID-19 Impact on the Global Prime Editing and CRISPR Market
The COVID-19 outbreak is anticipated to positively impact the growth of the global prime editing and CRISPR market. The COVID-19 pandemic has stressed the health care system in the world and increased the need for a vaccine and monoclonal antibodies for the prevention and treatment of patients suffering from the coronavirus. A huge number of researches were conducted on the DNA and RNA of the coronavirus to understand how it enters human cells and learn about its pathogenesis. Genetic engineering could make the COVID-19 vaccine in months rather than years.

For instance, in March 2021, researchers in the Medical College of Georgia in the U.S. developed prime editing technology, which effectively edited genes in mice and expanded the genetic toolbox for creating disease models. In addition, in June 2020, scientists at Stanford University in California launched the PAC-MAN tool. This genetic editing tool targets and destroys specific genetic strands of the virus in human cells. Subsequently, this increases demand for gene editing in many biotechnology & pharma companies, universities, and laboratories.

Global Prime Editing and CRISPR Market Dynamics
Drivers: Advancements in R&D in genetic engineering
Recent developments made in the field of genomic high-throughput platforms for DNA in genetic engineering and regulation analysis have paved the way for innovative potential therapies. With advancements in technology, scientists have developed new and more efficient techniques for genome editing, such as prime editing and CRISPR technology. For instance, in March 2021, researchers in the Medical College of Georgia in the U.S. announced that prime editing technology expanded the genetic toolbox for developing disease animal models and correcting genetic problems. Moreover, according to the American Association of the Advancement of Science (AAAS), in 2020, researcher Jennifer Doudna used CRISPR gene-editing technology to detect the coronavirus in 5 minutes.

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Recent developments made in the field of genomic high-throughput platforms for DNA in genetic engineering and regulation analysis have paved the way in innovating novel potential therapies. With advancements in technology, scientists have developed new and more efficient techniques for genome editing, such as prime editing and CRISPR technology. For instance, in March 2021, researchers in the Medical College of Georgia in the U.S. announced that prime editing technology expanded the genetic toolbox for developing disease animal models and correcting genetic problems. Moreover, according to the American Association of the Advancement of Science (AAAS), in 2020, researcher Jennifer Doudna used CRISPR gene-editing technology to detect coronavirus in 5 minutes.

Restraints: Legal and ethical issues
Multiple ethical issues are associated with many aspects of gene editing. Most ethical issues are related to genome editing centers in the human germline. Gene editing in human germline passed from one generation to another. In addition, National Human Genome Research Institute (NIH) in Maryland also does not fund a project which uses gene editing for human embryos. Moreover, owing to legal and ethical issues, informed consent and ownership must be procured from the family. Thus, all these factors together restrain the market growth.

Opportunities: Increase in R&D by major key players and decrease in the cost of genomic sequencing
The gene-editing industry registers the highest growth in the healthcare sector. This is attributed to people worldwide seeking innovative options to treat chronic diseases and find alternatives to traditional medicine. Furthermore, the global demand for gene editing products is expected to offer remunerative opportunities for expanding the global market. Gene modification applications are developed with continuous new research and findings. Human genetic engineering has high potential in dealing with chronic and genetic diseases such as congenital blindness, sickle cell anemia, lung cancers, and cystic fibrosis. For instance, in 2021, Novartis, one of the leading pharmaceutical companies, announced CAR-T cell therapy to treat patients with blood cancer. CAR-T therapy is cutting-edge immunotherapy that modifies patients' T cells to detect and kill cancerous cells.

Scope of the Prime Editing and CRISPR Market Report
The study categorizes the prime editing and CRISPR market based on component, waste type, method, and application at the regional and global levels.

By Service Outlook (Sales, USD Million, 2017-2027)
Cell Line Engineering
Genome Regulation
Gene Editing
Gene-Modified Cell Therapy
By End-users Outlook (Sales, USD Million, 2017-2027)
Academic Institutes
Biomedical Research and Therapy
Agricultural Research
Others
Biotechnology & Pharma Companies
Biomedical Research and Therapy
Agricultural Research
Others
Contract Research Organization
Biomedical Research and Therapy
Agricultural Research
Others
By Application Outlook (Sales, USD Million, 2017-2027)
Biomedical Research and Therapy
Agricultural Research
Others
By Region Outlook (Sales, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The gene-editing segment is projected to account for the largest market share by service
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Based on service, the global prime editing and CRISPR market is classified into cell line engineering, gene editing, genome regulation, and gene-modified cell therapy. The gene-editing segment had dominated the market in 2020. It was expected to continue this trend throughout the forecast period, owing to an increase in demand for gene editing in the targeted drug discovery process and advancements in research for genomic diseases. Gene edition, also known as genome editing, is how DNA is deleted, inserted, replaced, or modified in the genome of living organisms. It is a type of genetic engineering in which a group of technologies and scientists change an organism's DNA, such as bacteria, plants, and animals. Gene editing involves editing DNA, which causes changes in physical traits such as disease risk and eye color.

An increase in the prevalence of chronic diseases, a surge in demand for regenerative medicine, growth in genome editing technology, and advancements in R&D propel the market's growth. The gene-editing segment dominated the market in 2020 and is expected to continue this trend throughout the forecast period. This is due to increased demand for gene editing in the targeted drug discovery process and advancements in research for genomic diseases.

Asia Pacific accounts for the highest CAGR during the forecast period

By region, the prime editing and CRISPR market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is projected to hold the highest CAGR of 28.1% in the global prime editing and CRISPR market during the forecast period. Asia-Pacific includes Japan, China, India, Australia, South Korea, and the Rest of Asia-Pacific. These countries offer lucrative opportunities for players operating in the prime editing and CRISPR market.

The rise in prevalence of chronic diseases, rise in geriatric population, increase in demand for novel drugs in India, China, and Japan, and rise in the number of laboratories for research are the key factors responsible for the market's growth. For instance, according to the United Nations Population Fund (UNFPA), the geriatric population in Asia-Pacific is anticipated to increase threefold, reaching 1.3 billion by 2050. The geriatric population is more prone to developing the chronic disease due to less genomic stability and decreased immune cell function, supporting regional growth. According to the World Health Organization (WHO), in 2020, 1,028,658 population in Japan was reported to be diagnosed with cancer. The government of India targets to increase the spending in the healthcare division by 3% of its gross domestic products (GDP) by 2022.

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Key Prime Editing and CRISPR Market Players
Every company follows its business strategy to attain the maximum market share. Some of the major companies that operate in the global prime editing and CRISPR market are CRISPR Therapeutics, GenScript Biotech, Beam Therapeutics, Horizon Discovery, Intellia Therapeutics Inc., Inscripta, Precision Bioscience, Sangoma Therapeutics, Integrated DNA Technologies (IDT), and Synthego Corporation.