February 24, 2024
CRISPR Technology Market

CRISPR Technology Market Reaches New Heights Due To Advancements In Agriculture Industry

CRISPR technology allows scientists to edit parts of the genome by removing, adding or altering sections of the DNA sequence. It has revolutionized biotechnology research and affected several industry verticals like healthcare, agriculture, environmental remediation etc. The agricultural applications of CRISPR include faster development of drought/pest resistant crops, improvement of nutrition levels, precise breeding etc. Major players are actively focusing on development and commercialization of CRISPR based solutions.

The global CRISPR technology market is estimated to be valued at US$ 3198.65 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The rapid growth of the CRISPR technology market is driven by advancements in agricultural biotechnology field. As the global population is surging, there is an increasing demand for enhanced crop varieties with higher yield potential and resistance to biotic/abiotic stresses. CRISPR based gene editing tools can help in developing such advanced crop traits in less time and with more accuracy compared to traditional breeding techniques. This will enable farming communities to increase agricultural productivity on the same land area.

Another major driver is the capability of CRISPR to permanently alter DNA sequences of living organisms. Conventional genetic modification techniques involve insertion of foreign genes which may or may not get inherited by offspring. But CRISPR mediated mutations get passed on to subsequent generations. This heritability aspect makes CRISPR a preferred genome editing method and thus drives its adoption across various application segments.

Segment Analysis

The global CRISPR technology market is dominated by products and tools segment which accounts for over 60% of the market share. CRISPR products and tools like enzymes, gRNA products, vectors, cas9 enzymes have wide applications in genome engineering and editing. The increasing R&D spending by research institutes and pharma companies on drug discovery and development using genome editing is driving the demand for CRISPR products and tools segment.

PEST Analysis

Political: Governments globally are supporting funding for life science research which is promoting research activities using CRISPR technology. However, regulations around use of genome editing for human therapeutic development are still evolving.
Economic: Growth in biotechnology and pharmaceutical industries is improving funding opportunities for life science research.rising incidence of genetic disorders and investments towards development of novel therapies is fueling investments in CRISPR technology market.
Social: Increasing awareness about precision medicine and genome editing is positively impacting acceptance of CRISPR technology applications. However, ethical concerns around human germline editing can challenge social acceptability.
Technological: Advancements in genome sequencing, cas proteins and delivery systems are enhancing efficiency and specificity of CRISPR systems. Miniaturization of genome editing tools and integration with other technologies will accelerate research applications of CRISPR.

Key Takeaways

The global CRISPR Technology Market Growth t is expected to witness high growth at a CAGR of 9.6% during the forecast period of 2023 to 2030.

North America dominates CRISPR technology market and is estimated to account for over 40% market share in 2024, supported by presence of key market players and rising investments in precision medicine research.

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.Key players are focusing on expansion of CRISPR product portfolio and collaborations to commercialize genome editing applications in therapeutics and agriculture.CRISPR technology provides promising solutions to develop disease specific therapies and enhances productivity in bioprocessing, thereby accelerating its adoption across various industries.

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