May 26, 2024
Crispr Genomic Cure Market

The Crispr Genomic Cure Market Driven By Advancing Genomic Research And Growing Healthcare Spending

Crispr gene editing technology has opened new frontiers in treating genetic diseases by allowing precise changes to DNA. Crispr technologies allow genetic material to be added, removed, or altered at specific locations in the genome. It has potential applications in repairing genetic mutations that cause diseases, treating cancer through enhanced cell therapies, and infectious diseases like HIV.

The global genome editing 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.

Crispr has accelerated medical research in tackling conditions caused due to single gene mutations and hereditary predispositions. Diseases such as cystic fibrosis, sickle cell anemia, Tay-Sachs, and some cancers may be treated using Crispr. It has potential to transform treatment paradigms by offering once-and-done therapies. Advancements are being made to engineer immune cells to fight various cancers. With rising healthcare investments and ongoing R&D to enhance delivery methods, Crispr is positioned to revolutionize treatment of monogenic disorders.

Market key Trends:

The use of Crispr for multiple gene editing is one of the major trends witnessed in the market. Most genetic diseases are caused due to alterations in multiple genes. Researchers are working on modifying techniques to enable Crispr to alter multiple DNA sites simultaneously. This would help tackle complex conditions more effectively. Another key trend is the development of novel delivery methods to enhance efficiency and safety of Crispr therapies. Methods like viral and non-viral vectors are being optimized. Advancements are also being made in gene drives using Crispr to control spread of mosquitoes transmitting diseases. This would aid control of epidemics in future.

Porter’s Analysis

Threat of new entrants: Low barriers to entry and startup costs allow new players to enter the market easily. However, established players have significant advantages in terms of funding, infrastructure and reputation.

Bargaining power of buyers: The bargaining power of buyers is moderate. While the availability of substitutes provides options to buyers, the differentiated nature of offerings controls switching.

Bargaining power of suppliers: There are many suppliers for raw materials and resources, limiting their bargaining power. However, suppliers of specialized components and tools exert some control over prices.

Threat of new substitutes: Gene therapies and other innovative treatment alternatives pose a threat. However, CRISPR technology offers substantial improvements in efficacy, reducing chances of substitution in the long run.

Competitive rivalry: Intense competition exists among existing players to lead research and commercialization. Collaborations and partnerships also prevail to expand capabilities and market reach.

Key Takeaways

The global CRISPR Genomic Cure Market growth is expected to witness high growth over the forecast period. The global genome editing 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.

North America currently dominates the market owing to extensive R&D and increasing adoption. However, Asia Pacific is anticipated to exhibit the fastest growth fueled by rising healthcare expenditure, growing genomics industry and improving regulatory environment. Europe is another major market for CRISPR genomic cures backed by supportive government policies and funding for genomic research. The region is focusing on precision and personalized medicine to improve treatment outcomes. Collaborations between Genomic Medicine centers like Genomics England and regional pharmaceutical players are further strengthening Europe’s position.

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 players are engaged in new product launches, partnerships, acquisition and expanding their global presence. For instance, in 2023 Marriott International opened 100 new hotels in Asia Pacific and plans to double its footprint in India by 2023.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it