by CRISPR technology is a revolutionary gene editing tool that allows genetic material to be added, removed, or altered at particular locations in the genome using site-directed nuclease activity. It has emerged as an accessible and versatile new method for precisely editing genes and genetic regulatory elements in various cell types and living organisms.
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 from 2024 to 2031.
Key Takeaways
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. These players are investing in developing innovative products and solutions to reinforce their presence in the market. There is a wide scope of opportunities for genome editing in biomedical research, industrial applications, and treating human diseases. With increasing adoption globally, many companies have established R&D facilities and production plants in different regions to cater to the local markets.
The rapid expansion of CRISPR Technology Market Growth technology can be attributed to increasing investments in R&D activities by biotech and pharmaceutical companies. Use of CRISPR systems for developing novel therapies for cancer, genetic disorders, and infectious diseases is expected to drive the market. Additionally, effectiveness of CRISPR in agriculture for modifying traits in crops and livestock species will further augment the demand. Advancements in delivery methods will support larger clinical applications of CRISPR systems.
Market Drivers
The key driver fueling the growth of the CRISPR technology market is rising applications of gene editing. CRISPR has emerged as a promising technology for developing therapies and treatments for various medical conditions that have no cure currently. It is being widely used in developing targeted treatments for cancer. CRISPR is also finding increasing use in agriculture biotechnology for modifying traits in major crop plants and livestock species to increase yields. Improvements in delivery methods and reduced costs of DNA synthesis and sequencing are expanding CRISPR applications.
PEST Analysis
Political: The CRISPR technology market is regulated by government agencies and policies across regions. These regulations determine the research and development of application areas of this technology.
Economic: Factors such as growing investments in healthcare and biotechnology research, rising awareness about genetic disorders will drive the demand for this technology during the forecast period.
Social: Advancements in CRISPR have created possibilities for treating inherited diseases. However, some social and ethical concerns also exist regarding its application in human germline editing.
Technological: Continuous improvements in delivery systems and specificity of nucleases used in gene editing are expanding the applications of CRISPR technology. Developments in base editors are also reducing off-target effects.
The North American region currently dominates the global market for CRISPR technology in terms of value owing to the presence of major market players and huge investments in research and development activities in the region.
The Asia Pacific region is identified as the fastest growing regional market and is expected to grow at the highest CAGR during the forecast period. This can be attributed to improving healthcare infrastructure, increasing research funding, rising medical tourism, and growing awareness about genetic disorders in emerging countries of Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
