Market Overview:
The global CRISPR technology market is involved in the development and application of CRISPR/Cas9 technology. This is a groundbreaking gene-editing tool which can precisely and easily rewrite DNA sequences and modify gene function. With CRISPR, researchers can potentially correct genetic mutations and treat genetic diseases. It shows potential to treat hereditary diseases such as sickle cell disease and cystic fibrosis. CRISPR allows for targeted, efficient and multiplexable human genome engineering. Compared to earlier gene-editing technologies, CRISPR technology provides a simpler, more versatile and precise method for genetic manipulation and genomic engineering.
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 key trends in the CRISPR technology market is the increasing use of CRISPR in cancer therapeutics and drug discovery. Researchers are using CRISPR to develop cancer therapies that can target specific mutations found in cancer cells. CRISPR is helping in developing personalized cancer treatments based on a patient’s unique tumor DNA. It is also finding applications in cancer diagnostics and screening. Furthermore, growing advancements in delivery methods for CRISPR therapeutics will accelerate market growth over the forecast period. CRISPR holds immense promise in combating various genetic disorders and developing new medicines to treat diseases.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the global CRISPR technology market is low due to high capital requirements for R&D and high costs associated with marketing and distributing CRISPR technology products.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are a few large buyers in the market. Buyers can negotiate on the prices to some extent.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as well due to the presence of numerous raw material suppliers in the market.
Threat of new substitutes: The threat of substitutes is low as CRISPR technology provides precise genome editing and faces less threat from other technologies.
Competitive rivalry: The competition in the global CRISPR technology market is high due to the presence of several established players.
Key Takeaways
The Global CRISPR Technology Market Size is expected to witness high growth, exhibiting CAGR of 19% over the forecast period 2023 to 2030, due to increasing applications of CRISPR technology in genetic engineering and genomics research.
Regional analysis – North America dominated the market in 2023 with market share of around 40% due to strong presence of key market players and growing adoption of CRISPR technology in biotechnology research. Asia Pacific is expected to witness fastest growth over the forecast period owing to increasing research funding and rising genomics research in countries like China and India.
Key players – Key players operating in the CRISPR Technology market are Merck KGaA, Thermo Fisher Scientific, Origene Technologies, Inc., New England Biolabs, GenScript among others. Merck KGaA has strong product portfolio of CRISPR genome editing products and solutions. Thermo fisher scientific offers wide range of research tools for genome editing and genomics applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
