July 19, 2024
CRISPR Genomic Cure Market

CRISPR Genomic Cure Market connected with CRISPR Gene therapy advancements outline as a part of heading

The global CRISPR genomic cure Market is estimated to be valued at US$ 1.84 billion in 2022 and is expected to exhibit a CAGR of 34.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Genomic cure entails the precise modification or insertion of a gene to treat or cure a disease. CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) technology is enabling next-generation genomic cure through its capability to precisely edit genes. CRISPR involves using an enzyme called Cas9 that acts like a pair of molecular scissors to cut DNA at a specific location. This allows for removal, addition or alteration of genes in a living organism’s DNA. CRISPR has advantages of being a relatively simple, precise and inexpensive way for genomic editing compared to older techniques. The growing need for genetic treatments for diseases like cancer, AIDS and genetic disorders is fueling demand for CRISPR based genomic cure.

Market key trends:

One of the major trends in the CRISPR genomic cure market is the increasing focus on commercialization and late stage clinical trials. After initial research and development, key players are advancing their programs into clinical trials and commercialization to evaluate safety and efficacy in humans. For instance, CRISPR Therapeutics and Vertex Pharmaceuticals have an ongoing Phase 1/2 clinical trial evaluating CTX001 for transfusion-dependent beta thalassemia and sickle cell disease using CRISPR gene editing. The increasing funding from private and public sources is also fueling this trend. The other significant trend is the expansion of CRISPR applications beyond just genetic disorders. Players are exploring use of CRISPR for infectious diseases, cancer immunotherapy, and treating neurological diseases. This widened scope of CRISPR therapy is expected to drive future growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the CRISPR genomic cure market is moderate, as significant financial investments are required for R&D. However, startup costs have declined recently.

Bargaining power of buyers: The bargaining power of buyers is moderate. Customers have limited options as the technology is still niche. However, buyers can choose to wait for competition to intensify.

Bargaining power of suppliers: The bargaining power of suppliers is low. New technologies are enabling better customization and control over raw materials, reducing dependence on few suppliers.

Threat of new substitutes: The threat of substitutes is low as CRISPR is a cutting-edge technology with no close substitutes currently available. Traditional gene therapies are less targetable and precise.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of many big players and startups investing in innovations.

Key Takeaways

The global CRISPR Genomic Cure Market is expected to witness high growth, exhibiting CAGR of 34.7% over the forecast period, due to increasing R&D funding and development of therapies.

Regional analysis: North America dominated the market in 2023 due to supportive regulatory environment and presence of major players. However, Asia Pacific is expected to grow at the fastest pace due to rising government focus on genomics research in China and India.

Key players operating in the CRISPR genomic cure market incorporate CRISPR Therapeutics AG, Editas Medicine, Inc., Intellia Therapeutics, Inc., Sangamo Therapeutics, Inc., Beam Therapeutics Inc., Caribou Biosciences, Inc., Mammoth Biosciences, Precision Biosciences, Inc., Synthego Corporation, GenScript Biotech Corporation, Horizon Discovery Group plc, Lonza Group Ltd., Takara Bio Inc., Merck KGaA, Thermo Fisher Scientific Inc..

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