CRISPR Technology is Estimated to Witness High Growth Owing to High Demand for Genome Editing

Author : Purvaja Jadhao | Published On : 14 Jan 2024

CRISPR technology is a gene editing tool that allows researchers to easily alter DNA sequences and modify gene function. It helps in the treatment of genetic disorders by correcting defective genes that cause disease. The technology has enabled researchers to develop disease models, study gene functions and design new diagnostic tests. CRISPR provides a fast, accurate and flexible method to edit genomes and has the potential to treat or prevent many diseases.

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:
High Demand for Genome Editing

CRISPR technology enables precise modification of genes through its ability to target and edit the genome. It has revolutionized genome engineering and human gene therapy. The growing incidence of chronic diseases such as cancer and genetic disorders has increased the demand for tools which can regulate gene expression. CRISPR technology provides an effective way to treat diseases caused by genetic mutations and aberrations. The precise engineering of eukaryotic genomes offered by CRISPR has huge potential applications in medicine, agriculture and biotechnology. The capability of CRISPR to edit genes and modulate gene expression is expected to witness high growth owing to increasing demand for genome editing technologies in research and therapeutics.

Porter's Analysis:
- Threat of new entrants: The CRISPR technology market requires heavy investment in R&D along with intellectual property patenting which creates significant barriers for new entrants.
- Bargaining power of buyers: Numerous pharmaceutical and biotechnology companies actively research and develop applications of CRISPR technology, giving buyers significant bargaining power.
- Bargaining power of suppliers: A handful of key intellectual property owners like Broad Institute and University of California control basic CRISPR patents, giving them strong bargaining power over license terms.
- Threat of new substitutes: No substitutes currently exist for the precision and efficiency of CRISPR in genome editing applications.
- Competitive rivalry: Global companies actively invest in expanding CRISPR technology through new product launches and strategic collaborations.

SWOT Analysis
Strengths: CRISPR technology offers precise and affordable genome editing. Growing applications in therapeutics, drug discovery and genetic engineering.
Weaknesses: On-target effects and off-target mutations limit precision. Ethical concerns regarding human germline editing may hamper therapeutics.
Opportunities: Potential therapies for diseases like cancer and genetic disorders drive market growth. Expanding applications in bioproduction, agriculture and other industries.
Threats: Stringent regulations on human clinical trials and genomic modifications. Limited IP ownership and licensing issues curb innovation.

Key Takeaways
The Global CRISPR Technology Market Share is expected to witness high growth over the forecast period2023 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 concentration of key players and rising R&D investments. However, Asia Pacific is anticipated to be the fastest growing region with government support for genomics research in China, Japan and India.

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. Strategic collaborations and new product launches are helping companies expand applications of CRISPR technology in therapeutics, industrial biotechnology and other areas. The forecast period of 2023-2030 will likely see advances in precision, delivery methods and expansion into new therapy areas which will further accelerate growth of the CRISPR technology industry.

For more details on the report, Read- https://www.ukwebwire.com/crispr-technology-market-growth-market-size-share-analysis/

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