by CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) technology is a revolutionary gene-editing tool that allows scientists to easily alter DNA sequences and modify gene function. It has the potential to treat many hereditary diseases and develop new agricultural products. CRISPR is already being applied in genome engineering of plants and animals to improve crops and make livestock breeding more efficient. In the healthcare industry, CRISPR promises cures for genetic diseases like sickle cell anemia by correcting mutations in blood stem cells. The technology is also making cell therapy more effective by engineering immune cells to better attack cancer. As investments in gene therapy and cell therapy continue rising globally, demand for CRISPR is expected to steadily grow.
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.
Market key Trends:
One of the major trends in the CRISPR technology market is its adoption in cancer treatment. Scientists are developing new cancer immunotherapies using CRISPR to modify T-cells and NK-cells so they can precisely target and destroy tumor cells. Another key area is modifying the human genome to prevent inherited diseases. Researchers believe CRISPR could potentially eliminate genetic defects in human embryos and make serious diseases nonexistent for future generations. However, germline genome editing also raises ethical concerns that need oversight. The technology is also finding increasing applications in bioprocessing to enhance industrial microbiology tools. For example, CRISPR is being used to develop improved microbial strains for more efficient production of chemicals, fuels and pharmaceuticals. As technical and regulatory challenges are addressed, CRISPR technology promises to revolutionize multiple fields from medicine to biomanufacturing.
Porter’s Analysis
Threat of new entrants: The threat of new entrants entering the CRISPR Technology market is moderate as the market requires significant investments in research and development.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several players involved across different application segments offering similar products and services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the industry requires sourcing from a limited number of raw material suppliers.
Threat of new substitutes: The threat of substitutes is moderate as there are limited substitutes that can offer efficiency comparable to CRISPR Technology.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of various international players operating in the industry.
Key Takeaways
The global CRISPR Technology Market Growth is expected to witness high growth at a CAGR of 9.6% during the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 3198.65 Mn.
Regional analysis
North America is expected to dominate the global market during the forecast period owing to increasing R&D investments and rising adoption of innovative technologies. Asia Pacific is likely to witness fastest growth due to growing biotechnology industry in countries such as China and India.
Key players
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. Thermo Fisher Scientific and Merck hold a majority share in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
