May 28, 2024
CRISPR Technology Market

CRISPR Technology Market Is Expected To Be Flourished By The Increasing Research And Development Activities

CRISPR technology refers to a strategy for genome editing using Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR). The technology is revolutionizing the field of genetics and holds promise for medical applications to treat genetic diseases such as cancer, HIV and sickle-cell disease. CRISPR technology can deactivate genes by creating or correcting mutations, which can help eliminate genetic abnormalities and disease-causing genes from organisms’ DNA. It is being extensively used for developing more robust cell lines, engineering microorganisms for various industrial applications and developing improved crop varieties with desirable traits.

The global CRISPR technology market is estimated to be valued at US$ 3684.85 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increasing research and development activities in CRISPR technology from both public as well as private organizations is expected to drive the growth of the market during the forecast period. For instance, according to the new report by Coherent Market Insights, the global spending on R&D activities for developing CRISPR technology surpassed US$ 2 Bn in 2023. Additionally, many biotech startups and research institutes are actively investing in developing innovative applications of CRISPR technology for treating various diseases. The technology has a potential to cure inherited disorders at their genetic roots and research focusing on developing CRISPR therapeutics will boost the CRISPR technology market growth.

Segment Analysis

The global CRISPR technology market is dominated by the biotechnology & pharmaceutical sub-segment. This sub-segment accounted for over 60% share of the overall market in 2021 owing to extensive application of CRISPR in developing new drugs and therapies for various diseases. CRISPR has emerged as a promising technology for genetic engineering and biotechnology research which is contributing to the large share of this sub-segment.

PEST Analysis

Political: CRISPR faces strict regulations around the world regarding its application on humans. However, many countries are formulating new policies to regulate and encourage development of new therapies using this technology.
Economic: The declining cost of DNA sequencing and genome editing is positively impacting the market. Additionally, rising investments by governments and private players in biotech research is fueling market growth.
Social: Growing prevalence of chronic diseases and increasing adoption of advanced healthcare technologies in developing nations is driving interest in CRISPR clinical research. However, some ethical concerns still exist regarding its use for human alterations.
Technological: CRISPR is radically transforming drug development process with its capability to precisely edit genes. Advancements in delivery methods and Cas protein engineering is further enhancing the applicability of this technology.

Key Takeaways

The Global CRISPR Technology Market Growth is expected to witness high over the forecast period supported by increasing R&D spending and clinical research.

Regional analysis: North America is expected to maintain its dominance in the global market during the forecast period. The US alone accounts for over 70% share of the North American market supported by rise in biotech startups and funding bodies supporting genome research. Asia Pacific is identified as the fastest growing regional market with China and India emerging as key hubs for CRISPR research and development.

Key players: 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. These players are focusing on partnerships, acquisitions and new product launches to consolidate their market position

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