Genomic Cures through CRISPR is Estimated to Witness High Growth Owing to Advancements in Gene Editi
Author : Leena Shedmake | Published On : 06 Feb 2024
CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) is a genome editing technology used to cure genetic disorders by precisely altering DNA sequences and modifying gene function. It helps treat diseases like cancer, infectious diseases, hereditary diseases and metabolic disorders. CRISPR helps edit the genes directly, targeting the exact DNA strands responsible for the underlying causes of the disease. This speeds up drug development and clinical research while minimizing side effects.
The global Crispr Genomic Cure Market is estimated to be valued at US$ 2.12 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The advancements in gene editing technologies present significant growth opportunities for the Crispr Genomic Cure Market. CRISPR's ability to efficiently and precisely edit genes has accelerated drug discovery and clinical research. Several biotech companies are developing CRISPR therapeutics targeting diseases like sickle cell disease, beta-thalassemia, Duchenne muscular dystrophy, common warts and others. CRISPR offers potential cures by modifying disease-causing genes rather than merely managing symptoms. This reduces healthcare costs in the long run. As CRISPR becomes more efficient and affordable, genomic medicine can transform treatment of various genetic disorders significantly boosting the market size over the forecast period.
Porter’s Analysis
Threat of new entrants: The high costs associated with research and development of genomic technologies makes it difficult for new companies to enter this market. However, reducing costs of genomic research could potentially lower barriers.
Bargaining power of buyers: Individual consumers have little bargaining power as CRISPR treatments are highly specialized. However, large healthcare providers and governments may be able to negotiate lower prices in some cases.
Bargaining power of suppliers: A small number of scientific research institutions dominate CRISPR intellectual property, giving them strong bargaining power over companies in the industry.
Threat of new substitutes: Currently, there are limited treatment options for many genetic diseases, so CRISPR faces few substitutes. However, continuing advancements in gene and cell therapies may lead to new competing technologies.
Competitive rivalry: Competition in this industry is intense as companies work to develop novel CRISPR applications and targeted therapies. Significant R&D spending and acquisition activity can be expected among players.
SWOT Analysis
Strengths: CRISPR is a promising new technology for correcting genetic mutations and treating previously untreatable diseases. It has potential for transformational impact on human health.
Weaknesses: The technology is still new and developing, with risks related to off-target effects, delivery challenges, and regulatory approval timelines. High costs also limit availability currently.
Opportunities: Utilizing CRISPR’s capabilities to develop cures and treatments for cancer, sickle cell, HIV, genetic blindness, and other conditions represents major market opportunities.
Threats: Strict regulations, safety concerns, and ethical issues surrounding human genome editing could slow industry development and market adoption of CRISPR applications. IP disputes also pose threats.
Key Takeaways
The Global Crispr Genomic Cure Market Growth is expected to witness high over the forecast period from 2024 to 2030 driven by continued technological advancements and expanding investment in genomic research.
Regional analysis shows Asia Pacific is anticipated to be the fastest growing regional market for Crispr genomic cures driven by increasing healthcare expenditures, rising prevalence of genetic disorders, and growth of biotechnology industries in countries such as China, Japan and South Korea.
Key players operating in the Crispr Genomic Cure Market are Marriott International, Hilton Worldwide Holdings Inc., InterContinental Hotels Group PLC, and Four Seasons Hotels and Resorts. These companies are actively researching new CRISPR applications and undertaking strategic collaborations and acquisitions to strengthen their market position.
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