February 21, 2024
CRISPR Technology Market

The Global CRISPR Technology Market Is Driven By Increasing Focus On Healthcare Advancement

CRISPR technology has revolutionized modern biotechnology and healthcare by enabling precise genome editing and modifications. It is being widely used for developing better diagnostic tools, designing more effective drugs and therapeutics, and revolutionizing treatment procedures. CRISPR helps researchers modify genes with extreme accuracy for treating various genetic disorders like sickle cell anemia, cystic fibrosis, Huntington’s disease, etc. By enabling correction of defective genes or introduction of new genes, it offers immense potential for tackling previously incurable genetic conditions. The technology also facilitates development of new disease models for enhancing understanding of disease pathology and accelerate drug discovery. With growing focus on precision medicine and an increasing effort to develop advanced healthcare solutions, demand for CRISPR technology is expected to surge in the coming years.

The global CRISPR Technology Market is estimated to be valued at US$ 3684.85 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing applications of CRISPR technology in new areas like environmental management, agriculture, and Industrial biotechnology are dominating the key trends in global CRISPR technology market. While healthcare remains the biggest application area currently, promising applications are emerging in other domains as well. For instance, CRISPR is being explored for treating invasive species, developing climate-resilient and higher-yielding crops, and optimizing industrial fermentation processes for biofuel and biochemical production. Additionally, advancements like base editing and prime editing are allowing more precise biological modifications with reduced off-target effects. Adoption of these new CRISPR iterations is expected to drive significant innovation and progress across multiple sectors in the coming years.

Porter’s Analysis

Threat of new entrants: The CRISPR technology market has moderate threat of new entrants due to high R&D costs for new product development. However, small firms can utilize partnerships and collaborations to enter this market.

Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of substitute technologies. However, customized solutions according to research needs increase customer dependence.

Bargaining power of suppliers: A few companies dominate the supply of CRISPR components and related products. This gives them significant influence over prices in the market.

Threat of new substitutes: Few substitute gene editing technologies are available but CRISPR technology offers highest efficiency, accuracy and affordability. This reduces threat from substitutes.

Competitive rivalry: The market comprises large multi-nationals and growth of small players. Companies compete based on technology licensing agreements, custom product development and geographic expansion.

Key Takeaways

The Global CRISPR Technology Market Demand is expected to witness high growth over the forecast period of 2024 to 2030. The market size is projected to reach US$ 3684.85 Billion in 2024 from US$ 2423 Billion in 2022, growing at a CAGR of 9.6%.

North America dominated the market in 2022 due to major government and private funding for gene therapy research in the US. Asia Pacific is expected to be the fastest growing market supported by increasing research expenditure in China and India.

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. Companies are focusing on expanding their product portfolio and service offerings through acquisitions and collaborations.

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