Crispr Genomic Cure Market Is Estimated To Witness High Growth Owing To Opportunity Of Genome Editin
Author : Raj Dhote | Published On : 18 Jan 2024
The CRISPR-genomic cure market involves the development of therapies and drugs that use CRISPR-Cas genome editing technology to cure complex diseases by modifying the human genome. CRISPR-based therapies hold promise for treating various genetic disorders by precisely editing DNA at the sites of defective genes. The technology allows corrections to be made directly in a patient's cells and tissue, offering potential cures.
The global Crispr Genomic Cure Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of genome editing for complex diseases using CRISPR technology is estimated to drive high growth of the Crispr genomic cure market during the forecast period. Currently there are no effective treatments for various genetic disorders. CRISPR technology offers potential treatments and cures by precisely editing DNA mutations responsible for complex diseases like cancer, heart diseases, lysosomal storage diseases etc. The ability to accurately modify multiple genes simultaneously and directly target treatments to affected tissues makes CRISPR superior to other gene therapies. This is attracting significant investments in CRISPR research to develop novel genomic cures. With success in clinical trials, the CRISPR genome editing approach is expected to revolutionize the treatment of incurable genetic diseases over the coming decade.
Porter's Analysis
Threat of new entrants: The biopharmaceutical industry requires high capital investments in research and development which poses a barrier for new companies. Regulations by health authorities for clinical trials also increase barriers.
Bargaining power of buyers: There are few therapies available for genetic diseases currently. As demand increases and therapies become more effective, bargaining power of patients may rise.
Bargaining power of suppliers: A few players dominate the supply of CRISPR gene editing technologies. Increase in the number of players in future may reduce their bargaining power.
Threat of new substitutes: New gene therapies like antisense oligonucleotides (ASOs) are evolving but CRISPR is currently the most promising approach.
Competitive rivalry: Major players are investing heavily in R&D to develop CRISPR therapies. Competition to develop safe and effective therapies first is intense.
SWOT Analysis
Strengths: CRISPR is a revolutionary technology with potential to cure genetic diseases. Initial trial results have been promising.
Weaknesses: Safety and delivery remain key challenges. Long term effects are unclear. High costs of therapy development.
Opportunities: Large market opportunity given prevalence of genetic diseases. Other applications in agriculture and elsewhere.
Threats: Strict regulations. Ethical concerns around human genome editing. Possible resistance to new technologies. Intellectual property disputes around CRISPR patents.
Key Takeaways
The global CRISPR Genomic Cure Market growth is expected to witness high growth over the forecast period of 2023 to 2030. The global Crispr Genomic Cure Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
The North American region currently dominates the market owing to presence of major players and higher healthcare spending. The development of CRISPR therapies is in early stages currently with a few therapies in clinical trials. The US Food and Drug Administration (FDA) has approved the first clinical trial using CRISPR to treat retinal disease.
Key players:
Key players operating in the Crispr genomic cure market include Crispr Therapeutics, Intellia Therapeutics, Editas Medicine, Marriott International, Hilton Worldwide Holdings Inc., InterContinental Hotels Group PLC, and Four Seasons Hotels and Resorts. Crispr Therapeutics and Intellia Therapeutics are among the leading players focused on developing CRISPR therapies.
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For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
