February 28, 2024
CRISPR Technology Market

Opening new opportunities for Precision Medicine through advanced Gene Editing is anticipated to open up new avenue for the CRISPR Technology Market

Market Overview:

The CRISPR technology is a gene-editing tool that allows researchers to easily and precisely alter DNA sequences and modify gene function. It is revolutionizing biomedical research and therapeutics discovery by enabling precise manipulation of genomes. CRISPR technology is used in wide range of applications including gene drives, genetic engineering of plants and animals, development of disease-resistant crops, research on cancer and genetic disorders, and development of gene therapies. It offers high precision, accuracy and accessibility compared to older gene editing methods.

The CRISPR technology market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing funding for genetic engineering research and product development is a major driver for the CRISPR technology market. Numerous pharmaceutical and biotechnology companies are investing in CRISPR based research to develop novel gene therapies and drugs. Growing prevalence of genetic disorders and rising focus on precision medicine is another key factor fueling the market growth. According to Global Genes’s report, rare diseases affect 350 million people worldwide. Discovery of CRISPR has accelerated research and development of genetic disorder therapies. Additionally, constant technology advancements enabling wider commercialization of CRISPR tools is widening the addressable market size. Development of more precise and efficient CRISPR variations like CRISPR-Cas9 has boosted its applications.

Segment Analysis

The global CRISPR Technology Market is dominated by the gene-editing tools segment. This segment contributed around 65% share of the total market in 2022 due to increasing adoption of CRISPR tools and kits for genetic engineering applications across various industries such as biotechnology and pharmaceutical companies. Further, continuous technological advancements in gene editing tools and kits is expected to drive the growth of this segment during the forecast period.

PEST Analysis

Political: The CRISPR technology market is positively impacted by the supportive government policies for funding research activities in gene editing and biotechnology.

Economic: The rising investments by pharmaceutical and biotechnology companies to develop therapies for genetic disorders is driving the growth of the CRISPR technology market.

Social: Increasing public awareness about genetic diseases and availability of CRISPR-based treatment options are fueling the adoption of CRISPR technology globally.

Technological: Continuous advancements in CRISPR delivery methods, development of new gene drives, and Cas nucleases are expected to enhance the capabilities of CRISPR technology in the coming years.

Key Takeaways

The Global CRISPR Technology Market Size is expected to witness high growth, exhibiting 19% CAGR over the forecast period, due to increasing R&D investments by biopharma companies and growing applications of CRISPR in genetic disease treatment and drug discovery.

The North America region dominated the CRISPR technology market in 2022 with over 35% share owing to presence of major biotech companies, availability of funding for research, and growing adoption of CRISPR therapeutics in the region.

Key players operating in the CRISPR technology market are 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. Thermo Fisher Scientific held around 18% revenue share in 2022 owing to its strong product portfolio across genome editing, cell line engineering, and other CRISPR solutions.

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