by The global CRISPR Technology Market is estimated to be valued at US$2,251.2 Mn in 2021 and is expected to exhibit a CAGR of 19.2% over the forecast period of 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
CRISPR technology enables precise gene editing, allowing researchers to modify DNA sequences and potentially cure genetic diseases. The technology offers advantages such as targeted genome editing, efficient DNA repair, and low off-target effects. The need for effective gene therapies and the potential to develop new treatments for genetic disorders are driving the demand for CRISPR technology.
Market Key Trends:
One key trend in the CRISPR Technology Market is the increasing adoption of CRISPR-Cas9 gene editing technology in agriculture. With the growing global population and the need to increase agricultural productivity, CRISPR technology enables the development of genetically modified crops with improved traits such as disease resistance, drought tolerance, and enhanced nutritional value. The use of CRISPR-Cas9 in agriculture can lead to more sustainable and efficient farming practices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the CRISPR Technology Market is low due to high entry barriers. The technology is complex and requires significant investment in research and development, as well as specialized equipment and expertise. Additionally, there are stringent regulatory requirements and intellectual property rights associated with CRISPR technology, making it difficult for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers in the CRISPR Technology Market is moderate. While there are several key players in the market, the demand for CRISPR technology is high, giving buyers some leverage in negotiating prices and terms. However, the uniqueness and effectiveness of the technology also limit the buyer’s bargaining power to some extent.
Bargaining power of suppliers: The bargaining power of suppliers in the CRISPR Technology Market is moderate to high. The market is dominated by a few key players who have strong control over the supply of CRISPR-related products and services. Suppliers can leverage their position to negotiate favorable pricing and terms with customers.
Threat of new substitutes: The threat of new substitutes in the CRISPR Technology Market is low. CRISPR technology is a revolutionary gene-editing tool that offers higher accuracy and efficiency compared to traditional methods. The technology is widely accepted and adopted in various fields, such as healthcare, agriculture, and industrial biotechnology, making it difficult for substitutes to enter the market.
Competitive rivalry: The competitive rivalry in the CRISPR Technology Market is intense. There are several key players, including Merck KGaA, Thermo Fisher Scientific, Origene Technologies, Inc., and GenScript, among others, competing for market share. These companies are investing in research and development to enhance their product portfolios and gain a competitive advantage. The market is also characterized by frequent collaborations and partnerships among key players to expand their market presence.
Key Takeaways
The global CRISPR Technology Market is expected to witness high growth, exhibiting a CAGR of 19.2% over the forecast period. This growth is primarily driven by the increasing adoption of CRISPR technology in gene therapy, drug discovery, and agriculture. The technology offers significant potential for treating genetic disorders, developing new therapies, and improving crop yield and quality.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the CRISPR Technology Market. The region has a strong presence of key players and is at the forefront of technological advancements in gene editing. The region’s well-established healthcare infrastructure, favorable regulatory environment, and high investments in research and development are driving the growth of the CRISPR Technology Market.
Key players operating in the CRISPR Technology Market include Merck KGaA, Thermo Fisher Scientific, Origene Technologies, Inc., New England Biolabs, GenScript, GeneCopoeia, Inc., Cellecta, Inc., Agilent Technologies, Inc., PerkinElmer, Inc. (Horizon Discovery Ltd.), and Danaher Corporation (Integrated DNA Technologies), among others. These companies are focusing on product development, strategic collaborations, and mergers and acquisitions to strengthen their market position and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
