by CRISPR technology has revolutionized life sciences by enabling rapid genome editing. CRISPR technology allows targeted and customized modification of plant and animal genomes which helps in developing disease resistant crops and livestock. It has accelerated drug discovery by enabling research in precision medicine.
The global CRISPR Technology Market is estimated to be valued at US$ 3198.65 million 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 key trends:
The use of CRISPR as a genome editing tool is fueling new biomedical research by allowing targeted modifications to address disease-causing genetic mutations. CRISPR is being explored to develop novel disease treatments by editing disease-causing genes or by regulating gene expression. Several clinical trials are underway to test CRISPR’s potential in treating blood diseases like sickle cell anemia and beta-thalassemia as well as some cancers. Advancements in making CRISPR delivery safer and more efficient will accelerate its clinical applications.
SWOT Analysis
Strength: CRISPR technology is a powerful and easy to use tool for genome editing. It allows genome editing to be done quickly and easily compared to older methods.
Weakness: Off-target effects and uncertainty over long term effects of genome editing. There are ongoing concerns about the specificity of CRISPR and unintended mutations occurring at off-target sites.
Opportunity: Potential applications in treating genetic diseases and developing more productive crops and livestock. CRISPR holds promise to treat thousands of genetic diseases by fixing the underlying DNA mutation causing the disease. It can also be used to develop traits like drought resistance in crops or more productive livestock species.
Threats: Ethical issues around human genome editing and regulations around research involving human embryos. Some countries have strict regulations around modifying human embryos which limits research using CRISPR.
Key Takeaways
The Global CRISPR Technology Market Share is expected to witness high growth over the forecast period of 2023 to 2030. It is estimated to grow at a CAGR of 9.6% during this time and reach a market size of US$ 3198.65 Mn by 2024.
Regional analysis comprises North America is currently the largest and fastest growing region for the CRISPR technology market. This is due to increased investments in biotechnology and life sciences research as well as presence of major players. Asia Pacific region is expected to witness highest growth over the forecast period as countries like China make significant investments in biotechnology sector.
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. They provide various services like genotyping, gene expression analysis, mutagenesis and transgenic organisms, GMO testing etc using CRISPR technology to biopharma and agribiotech companies engaged in development of crops and new therapeutics.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
