The CRISPR technology market is growing rapidly owing to its capability to treat genetic disorders accurately. CRISPR or clustered regularly interspaced short palindromic repeats is genome editing technology that allows scientists to alter DNA sequences and modify gene function. CRISPR is being hailed as breakthrough technology for its potential to correct genetic defects that cause inherited diseases and to treat some types of cancer. It works as programmable molecular scissors and allows easy targeting and editing of genes. CRISPR is being extensively researched for treating genetic disorders like sickle cell disease, cystic fibrosis, heart diseases, HIV/AIDS and several types of cancer.
The global CRISPR technology market is estimated to be valued at US$ 3684.85 billion in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players - Key players operating in the CRISPR technology 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. They are investing heavily in R&D to develop customized CRISPR solutions.
Growing demand - There is growing demand for CRISPR Technology Market Growth for treating cancer and genetic diseases. CRISPR has potential to cure inherited diseases at their genetic root and transform cancer treatment. It is also being researched for developing pest and disease resistant crops.
Technological advancement - Technological advancements have made CRISPR more efficient, reliable and programmable. New delivery methods are being developed to overcome challenges of delivering CRISPR components into cells. Advance genome editing methods like base editing and prime editing are being developed to further improve precision and safety of CRISPR.
Market Trends
Increase in funding - Funding from private and government bodies for CRISPR research has increased significantly over last few years. This increased funding is encouraging development of new CRISPR applications.
Clinical trials - Number of clinical trials using CRISPR genome editing is rising. Successful clinical trials would help commercialize CRISPR and drive the market growth. Currently over 15 clinical trials using CRISPR technology are underway.
Market Opportunities
Treat genetic diseases - CRISPR provides hope to treat thousands of genetic disorders by direct gene editing. This is a major opportunity area.
Develop new crops - CRISPR allows precisely editing plant genomes and developing new crop varieties. It can help develop climate resilient, disease resistant and nutrition enriched crop varieties.
Impact of COVID-19 on the CRISPR Technology Market
The COVID-19 pandemic has accelerated growth in the CRISPR technology market as the demand for rapid genome sequencing and identification of mutations has increased rapidly during this period. With researchers working on developing CRISPR-based diagnostics, treatments and vaccines for SARS-CoV-2 virus, investments and funding in CRISPR research shot up globally during the pandemic. While the complete lockdowns affected lab operations and slowed down research activities in the initial months, the demand for knowledge around genetic risk factors and development of antiviral therapeutics using genome editing reinstated growth trajectories by late 2020.
Though the pandemic hampered supply chains, procurement of raw materials and cross border collaborations in the short term, it highlighted the crucial role of genomics in pandemic preparedness and response. Going forward, continued focus on infectious disease monitoring, anti-viral drug discovery and next generation vaccine development is expected to boost investments in CRISPR technology. Adoption of CRISPR is also anticipated to pick up pace in agriculture, given the disruptions caused in global food supply chains due to COVID-19. Overall, while the pandemic caused temporary setbacks, it has reinforced the relevance of CRISPR as a versatile technology critical for advancing disease management and food security.
In terms of regions, North America dominates the CRISPR technology market value-wise due to strong government funding for genomics research and presence of major players. However, Asia Pacific is poised to emerge as the fastest growing regional market, led by China, South Korea and India. Increased R&D spending on healthcare biotechnology, growing genomics applications in drug discovery and agriculture make Asia Pacific a lucrative market for CRISPR companies to tap into. Nations like China have also rapidly scaled up investments in genome editing capabilities during COVID-19 to bolster response capabilities against future health security threats.
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