CRISPR Technology Market Expected to Witness High Growth Owing to Rising Demand for Gene Therapies

Market Overview:
The CRISPR technology market refers to clustered regularly interspaced short palindromic repeats (CRISPR) technology which is a genome editing tool. It allows researchers to easily alter DNA sequences and modify gene function. CRISPR is being used to develop new treatments for genetic disorders, as well as to treat cancer, HIV and other diseases. Some key applications of CRISPR include genetic engineering, gene therapy and DNA research.

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:
The growth of the global CRISPR technology market is driven by the rising demand for gene therapies and genetically modified crops. Gene therapy involves manipulating genes to treat or prevent disease, which is becoming popular for treating cancer and genetic disorders. CRISPR is a promising tool for gene therapy due to its simplicity and precision in genome editing. According to the European Medicines Agency, as of 2020, there were more than 2600 gene therapy clinical trials underway. The other key driver is increasing applications of genome editing in agricultural biotechnology. CRISPR is being used to develop genetically modified crops with improved yields, resistance to pests and ability to withstand adverse climatic conditions. This is driving the adoption of CRISPR by companies in the agricultural sector. However, ethical concerns regarding human genome editing and regulations around genome edited products are some of the factors hampering the market growth.

SWOT Analysis
Strength: CRISPR technology provides a simple and inexpensive tool for genome editing. CRISPR technology allows precise and efficient editing of genes. It enables permanent editing of DNA in living organisms.
Weakness: There are still risks associated with CRISPR involving off-target mutations. The efficiency of CRISPR is dependent on appropriate guide RNA design which remains a technical challenge. Regulatory issues surrounding genome editing applications continue to evolve.
Opportunity: CRISPR provides opportunities for developing new genetic tests and revolutionizing disease treatment. It enables development of novel therapies for currently incurable genetic diseases. CRISPR also has applications in biomanufacturing for developing next-gen biologics, vaccines and enzymes.
Threats: Ethical and safety concerns around human germline editing limit commercial applications of CRISPR. Intellectual property disputes between leading CRISPR technology developers pose risks. Established drug discovery methods offer competition to CRISPR-based approaches.

Key Takeaways
The Global CRISPR Technology Market Size is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing demand for gene and cell therapy. North America is currently the largest market for CRISPR technology accounting for over 35% share driven by ongoing clinical trials and strong research funding. Asia Pacific region is poised to be the fastest growing market exhibiting around 25% CAGR owing to expanding biotech industry and focus on genetic research.

Regional analysis: North America dominates the CRISPR technology market share Currently accounting for over 35% of the global market size due to ongoing clinical trials and strong research funding in the US. Asia Pacific region is expected to grow at highest pace during forecast period exhibiting around 25% CAGR. Countries like China, Japan, and India are emerging as highest adopters of CRISPR technology due to expanding biotech industry and focus on genetic research.

Key players: 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.