by CRISPR technology enables targeted genome editing and offers several advantages over conventional gene editing methods. It facilitates precise gene alterations by editing DNA at a specific locus. CRISPR has huge potential in treating genetic diseases by correcting the underlying genetic defects. The technology allows manipulation of genes in plants and animals to develop traits like pest resistance and high yields. It is being widely used for genetic engineering in biotechnology research and pharmaceutical development.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the CRISPR technology market is the development of more accurate gene editing tools. Researchers are developing new CRISPR systems with improved specificity to minimize off-target edits. For example, engineered Cas9 variants like HypaCas9 and SpCas9-HF1 have significantly higher fidelity for on-target cutting while reducing off-target effects. Similarly, base editors are also gaining popularity as they enable rewriting of single nucleotide changes without causing double-stranded breaks. These precise gene editing tools are critical for advancing CRISPR therapeutic applications. Another trend is the increasing focus on delivering CRISPR technology for in vivo applications. Various genome engineering companies are developing methods like AAV vectors to efficiently deliver CRISPR/Cas9 payloads inside the body for treating genetic disorders. This will drive the clinical adoption of CRISPR therapeutics.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant investments are required for research & development activities. However, declining costs of genome sequencing may facilitate new market entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, advantages of CRISPR technology over traditional techniques increase switching costs for buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low as CRISPR technology requires few raw materials and there exist alternative suppliers.
Threat of new substitutes: The threat of new substitutes is low as CRISPR technology provides superior precision and efficiency over traditional genome editing methods.
Competitive rivalry: The competitive rivalry is high among the existing players due to increasing adoption of CRISPR technology worldwide.
Key Takeaways
The Global CRISPR Technology Market Share is expected to witness high growth. 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.
Regional analysis: North America dominated the CRISPR technology market in 2023 supported by increased R&D investments from government bodies and biopharmaceutical companies in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to expanding biotechnology industry in countries like 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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
