February 23, 2024
Crispr Genomic Cure Market

Crispr Genomic Cure Market Is Expected To Be Flourished By Advancement Of Gene Therapies

Crispr gene editing technology involves identifying and modifying genes associated with inherited and acquired diseases. Genomic cures target the root cause of many chronic diseases like cancers, genetic disorders and infectious diseases at the DNA level. The technology holds promise to treat conditions previously considered incurable. For instance, Vertex Pharmaceuticals is utilizing Crispr to develop treatments for sickle cell disease and beta thalassemia. Numerous startups are also pursuing applications of Crispr in developing therapies and cures for inherited ocular diseases, HIV, influenza and neurodegenerative disorders.

The global Crispr Genomic Cure Market is estimated to be valued at US$ 1.84 billion in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Advancement of Gene Therapies
The continual advancements in gene therapies, primarily driven by Crispr technologies, is a major factor propelling the growth of genomic cure market. Researchers across the globe are making progress in utilizing Crispr to edit genes responsible for diseases and correcting genetic defects. This is opening up new possibilities of permanently curing several inherited and acquired conditions which currently have limited treatment options. In 2021, the US FDA approved the first gene therapy in the western world using Crispr for treatment of VP1 gene mutation which causes vision loss. Similar approvals for other diseases are anticipated to boost market growth over the forecast period.

Segment Analysis

The global Crispr Genomic Cure Market is segmented based on application into genetic disorders, cancer and others. The genetic disorders sub segment presently dominates the market owing to high prevalence of genetic diseases such as cystic fibrosis, sickle cell anemia and thalassemia. These diseases affect a large population globally and have limited treatment options making genetic disorders sub segment an attractive target for Crispr genomic cure.

PEST Analysis

Political: Governments across various countries are supporting research & development in gene-editing and stem cell therapies. Favorable regulatory reforms aim to accelerate development and commercialization of genomic cures.
Economic: Rising healthcare spending to treat chronic diseases and increasing demand for personalized medicines is driving market growth. However, high costs associated with R&D may restrain market expansion.
Social: Growing public awareness about potential of precision medicines to treat previously untreatable conditions is positively impacting the market. However, ethical issues related to human gene-editing may impede market growth.
Technological: Advancements in Crispr/Cas9 technology, stem cell therapies and development of more efficient delivery systems are expanding applications of genomic medicines. Collaboration between pharma companies and research institutes are also fuelling technological innovations.

Key Takeaways

The global CRISPR Genomic Cure Market growth is expected to witness high growth at a CAGR of 11% during the forecast period of 2023 to 2030. North America leads driven by continuous innovations and increasing funding for genetic research. The regional market is estimated to be valued at US$790 Mn in 2024.

Regional analysis:

Europe is also a significant market supported by favorable regulations and increasing healthcare investments for rare genetic disorders. The European market is projected to grow at a CAGR of 9.8% during the forecast period.

Key players:

Key players operating in the Crispr Genomic Cure Market include Marriott International, Hilton Worldwide Holdings Inc., InterContinental Hotels Group PLC, and Four Seasons Hotels and Resorts. Marriott International dominates market share owing to strong brand presence across North America and Asia Pacific.

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