The CRISPR Technology Market is a rapidly growing field that uses a technology derived from bacteria wherein segments of bacterial DNA contain short repeats of DNA followed by sections of DNA responsible for targeting foreign genetic elements. CRISPR technology allows scientists to precisely target and edit genes to potentially treat genetic, infectious, and some cancers diseases. The technology is also being explored to develop gene drives to control wild species responsible for transmission of diseases and other hazards to agriculture. CRISPR systems offer ease of design and execution at a fraction of the cost of other gene editing methods, making them appealing alternatives to researchers and companies across industries.
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 Overview:
The CRISPR Technology Market involves engineering nucleases or nucleic acid-targeting enzymes to promote gene repair or to cut targeted regions of genomic DNA at a desired location. This allows stable changes, either by error-prone repair of the double-stranded break or by the cell's homology-directed repair using an additional DNA fragment. The technology has become indispensable for life sciences researchers due to its simplicity, versatility, and efficiency compared with previous techniques. It has revolutionized gene editing by dramatically reducing the time and effort needed to produce animal and plant models of disease.
Market key trends:
The growing adoption of CRISPR technology in drug discovery and development is a key trend fueling the market growth. CRISPR is widely used in correction of genetic defects linked with several chronic diseases and for development of novel therapies. It is also being increasingly utilized to generate animal models of diseases that closely mimic human conditions which aids effectiveness of preclinical studies. Additionally, the technology is gaining traction in food and agriculture as it allows precise genome editing of crops to develop new varieties having traits like enhanced yield, herbicide tolerance and nutrient-rich compositions. Moreover, several clinical trials utilizing CRISPR are underway for treating genetic disorders which is anticipated to augment the adoption of this technology over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and no proprietary technologies pose low entry barriers for new companies. However, the presence of large established players makes market entry challenging.
Bargaining power of buyers: The availability of substitutes and fragmented customer base gives moderate bargaining power to buyers.
Bargaining power of suppliers: Leading suppliers of raw materials and reagents have some bargaining power due to their technical expertise in manufacturing them. However, the availability of alternatives mitigates supplier power.
Threat of new substitutes: No significant substitute technologies pose threat currently. However, further advancements in gene therapies may become substitutes in long term.
Competitive rivalry: Intense competition due to large number of players focusing on similar product portfolios and services.
SWOT Analysis
Strengths: Wide applications in gene therapies, drug discovery and development. Growing R&D activities driving technology improvements.
Weaknesses: Accuracy, specificity and delivery-related challenges limit therapeutic applications. Regulations around gene editing technologies may restrain market growth.
Opportunities: Growing focus on precision medicine and pharmacogenomics. Potential in agriculture industry for developing disease resistant and high yield crops.
Threats: Ethical concerns around human germline editing can create regulatory uncertainty. Intellectual property and biosecurity issues pose challenges.
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 demand for gene and cell therapy. North America is currently the largest market for CRISPR technology accounting for over 35% share driven by ongoing clinical trials and strong research funding. Asia Pacific region is poised to be the fastest growing market exhibiting around 25% CAGR owing to expanding biotech industry and focus on genetic research.
Regional analysis: North America dominates the CRISPR technology market share Currently accounting for over 35% of the global market size due to ongoing clinical trials and strong research funding in the US. Asia Pacific region is expected to grow at highest pace during forecast period exhibiting around 25% CAGR. Countries like China, Japan, and India are emerging as highest adopters of CRISPR technology due to expanding biotech industry and focus on genetic research.
Key players: 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.
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