The CRISPR genomic cure market is estimated to be valued at US$ 1.84 billion in 2023 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:
Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) and the Cas system is a bacterial genome-editing tool that can cure genetic diseases by precisely editing genes. CRISPR technology allows precise and permanent editing of DNA at the source which has numerous applications from treating genetic diseases like sickle cell anemia, cancers, HIV/AIDS to developing drugs and therapies.
Market Dynamics:
Rising burden of genetic diseases globally is driving the demand for genome-editing therapies using CRISPR technologies. Furthermore, continuous advancements in genome engineering technology such as development of high fidelity Cas9 variants with improved targeting specificity and delivery methods for genome editing are estimated to boost the market growth over the forecast period. Growing research on gene drives using CRISPR to control mosquito populations and curb the spread of malaria is also fueling the adoption of CRISPR technology. Additionally, increasing R&D funding from private and public organizations for developing CRISPR-based therapies and drugs is anticipated to create lucrative opportunities and propel the market growth by 2030.
SWOT Analysis
Strength: The CRISPR genomic cure market has strong funding and investment from private and government sources due to its potential to cure genetic diseases. It has evolved as a promising technique for precise genome editing with wide applications in disease treatment and drug discovery. CRISPR allows permanent editing of DNA which conventional drugs cannot provide.
Weakness: The technology is still at a nascent stage with several unknown factors that can lead to off-target effects and unpredictable outcomes. The regulatory process for approval of CRISPR-based therapies is still evolving. High costs associated with R&D and clinical trials pose challenges, especially for startup companies.
Opportunity: Rising prevalence of genetic disorders and various types of cancer presents a huge patient pool seeking treatment. Growing geriatric population also increases the demand for therapies against age-related diseases. Partnerships between academic research labs and biotech companies can help advance the technology and its applications.
Threats: Ethical concerns around human genome editing and the possibility of unintended modifications may impede regulatory approvals. Competition from other novel drug platforms can reduce potential returns on investment. Dependence on a few key opinion leaders for academic research can slow progress.
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 prevalence of genetic disorders, wide applications in oncology and growing investments in this segment.
Market size: The CRISPR genomic cure market was valued at US$ 1.84 billion in 2023 and is projected to reach nearly US$ 115 billion by 2030 as various CRISPR-based therapies receive regulatory approvals over the coming years.
Regional analysis: North America currently dominates the market due to presence of major players and higher healthcare spending. However, Asia Pacific is expected to witness fastest growth due to rising patient disposable incomes, growing collaborations between countries and ongoing clinical trials testing CRISPR therapies for various diseases prevalent in the region.
Key players: Key players operating in the CRISPR genomic cure market are 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.
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