CRISPR technology is a gene-editing tool that uses a nucleic acid-guided nuclease to cut DNA at a targeted site. It allows genetic material to be added, removed, or altered at specific locations in the genome. The technology provides an efficient and cost-effective tool for gene therapy by correcting mutations that cause genetic disorders. It holds promise for treating various genetic disorders such as cystic fibrosis, sickle cell anemia, HIV/AIDS, among others.
The global CRISPR technology market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The potential for treating genetic disorders represents a major market opportunity for CRISPR technology. As CRISPR allows genetic mutations to be precisely edited, it can help cure many inherited genetic diseases by fixing the underlying genetic defects. This provides hope for developing new cures and treatments for currently incurable hereditary conditions. Growing focus on gene therapy research, increasing funding and investments, as well as supportive regulatory environment will help drive the adoption of CRISPR technology for treating genetic disorders. This growing clinical application of CRISPR represents a high growth area within the overall CRISPR technology market during the forecast period.
Porter's Analysis
Threat of new entrants: High capital requirements and proprietary technologies act as entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives from substitutes.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as they supply raw materials which are easily available.
Threat of new substitutes: Threat of new substitutes is moderate as alternative gene editing technologies like TALENs and zinc-finger nucleases are available.
Competitive rivalry: Intense competition exists between key players to gain higher market share.
SWOT Analysis
Strengths: Growing applications in disease modeling and personalized medicine. Increasing R&D funding for advancing genomics.
Weaknesses: Health and safety concerns related to off-target effects. Complex platform needing specialized expertise.
Opportunities: Large research pipeline for treatment/prevention of genetic diseases. Scope in agriculture for developing superior crop variants.
Threats: Strict regulations for clinical trials and product approvals. Competition from other newer gene editing technologies.
Key Takeaways
The global CRISPR Technology Market Growth is expected to witness high growth during the forecast period of 2023 to 2030. The global CRISPR Technology Market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030.
North America currently dominates the market due to presence of major market players and ongoing clinical trials. The region is expected to continue its dominance in terms of revenue share over the forecast period. Asia Pacific indicates highest growth prospects in the region attributed to increasing R&D investments, growing economies and rising awareness. CRISPR already made its way into clinics for treating rare blood diseases in the region showing its growing importance.
Key players operating in the CRISPR technology market are Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited, Asurequality Limited, Bio-Rad Laboratories, Inc., and Bureau Veritas SA. The listed players are involved in expanding their service portfolio and geographical reach through collaborations and acquisitions to gain higher market share.
For more insights, read- https://www.newsstatix.com/crispr-technology-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.newsstatix.com/wp-admin/post.php?post=15373&action=edit
