by Market Overview:
CRISPR technology is a genome editing tool derived from the bacterial immune system using which the genes can be altered with high precision and efficiency. It allows researchers to easily alter DNA sequences and modify gene function. CRISPR technology has potential applications in gene therapy, drug discovery, agricultural sciences and more.
The CRISPR technology market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the CRISPR technology market is its use in healthcare applications. CRISPR is being extensively researched for treatment of various genetic disorders like cystic fibrosis, sickle cell disease, immune diseases and cancer. Researchers are also exploring the use of CRISPR for developing disease models, drug target identification and validation. Growing R&D investments by pharmaceutical and biotechnology companies to leverage CRISPR’s therapeutic potential is expected to drive the market growth over the forecast period.
SWOT Analysis
Strength: CRISPR technology helps in targeting specific genes easily and modifying the DNA precisely. It provides more efficient and cost effective means to edit genes compared to traditional methods.
Weakness: Off-target effects can occur with CRISPR as it may edit the wrong gene thereby leading to unintended consequences. Ethical issues also surround its application related to human genome editing.
Opportunity: CRISPR offers promising application in treating various genetic disorders like cystic fibrosis, sickle cell anemia by correcting genetic defects. It also provides opportunity for developing better crops, diagnostic tools and cell therapies.
Threats: Stringent regulations around genome editing can slow down commercial applications. Limitations in delivery methods can also be a challenge. Competitors developing similar gene editing technologies pose threat.
Key Takeaways
The Global CRISPR Technology Market Size is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing investment in research and focus on applying CRISPR in developing gene and cell therapies.
Regional analysis: North America dominated the market in 2023 with over 35% share owing to presence of major players and rising focus on genomic research in the US. Asia Pacific is expected to grow at fastest pace due to increasing funding for genomic research and rising disease burden in densely populated countries like China and India.
Key players operating in the CRISPR technology market are Merck KGaA, Thermo Fisher Scientific, Origene Technologies, Inc., New England Biolabs, GenScript, GeneCopoeia, Inc., Cellecta, Inc., Agilent Technologies, Inc., PerkinElmer, Inc. (Horizon Discovery Ltd.), and Danaher Corporation (Integrated DNA Technologies), among others. Major players are focusing on partnerships and collaborations with research institutes and companies developing gene and cell therapies to strengthen their CRISPR product portfolio and market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
