CRISPR genomic cure market set to witness high growth owing to increasing R&D investments

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posted on 10 months ago — updated on 2 seconds ago

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CRISPR genomic cure market set to witness high growth owing to increasing R&D investments

One of the major trends driving growth in this market is increasing investments and funding into R&D activities related to CRISPR technology. Several biotechnology and pharmaceutical

The CRISPR genomic cure market is estimated to be valued at US$ 1.84 billion in 2022 and is expected to exhibit a CAGR of 34.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
CRISPR, or clustered regularly interspaced short palindromic repeats, is a genome editing technology that allows scientists to alter DNA sequences and modify gene function. This technology holds promise for correcting genetic defects that cause diseases like cystic fibrosis and sickle cell anemia. It also shows potential for treating cancer by editing T cells to target tumors. CRISPR technology offers cost-effective precision in modifying genes, which has accelerated research efforts in genomic medicine.

Market key trends:
One of the major trends driving growth in this market is increasing investments and funding into R&D activities related to CRISPR technology. Several biotechnology and pharmaceutical companies are investing heavily to advance the clinical research and development of CRISPR-based therapeutic applications. For instance, CRISPR Therapeutics and Vertex Pharmaceuticals announced a joint R&D investment of US$ 770 million between 2020-2026 to develop CTX001, an investigational CRISPR/Cas9 gene-editing therapy for sickle cell disease and transfusion-dependent beta-thalassemia. Similarly, Intellia Therapeutics raised US$ 250 million in funding in 2021 to further its clinical programs using CRISPR technology. Increased R&D support from both private and public organizations is accelerating product development and clinical research, thereby fueling the CRISPR genomic cure market growth over the forecast period.

Porter's Analysis

Threat of new entrants: The CRISPR genomic cure market requires huge R&D investments and undergoes a stringent regulatory approval process, which poses significant barriers for new players.

Bargaining power of buyers: Individual buyers have low bargaining power due to the critical nature of the therapies, however large pharmaceutical companies can negotiate on price and volumes.

Bargaining power of suppliers: Few players operate in CRISPR technology development, giving them strong bargaining power over buyers relying on their specialized services and tools.

Threat of new substitutes: New technologies for gene therapy and genetic editing like TALENs pose competition but CRISPR has established itself as a preferred method currently.

Competitive rivalry: Intense as major players focus on advancing portfolio and pipielines to gain first-mover advantage in specific indications.

SWOT Analysis
Strength: CRISPR offers precise gene editing with potential to cure genetic diseases. Growing R&D funding and clinical trials validate its therapeutic relevance.
Weakness: Off-target edits and unpredictability of outcomes are key concerns. Extensive validation needed before product approvals.
Opportunity: Untapped potential in oncology and infectious diseases. Expanding applications in agriculture and other sectors.
Threats: Ethical debates around germline editing can delay approvals. Competition from other gene editing tools may impact market share.

Key Takeaways
The global CRISPR Genomic Cure Market size is expected to grow at a CAGR of 34.7% over the forecast period of 2023-2030 to reach a value of US$ 34.45 billion by 2030 due to increasing prevalence of genetic disorders and growing targeted therapy demand.

North America dominated the market in 2023 with over 40% share supported by ongoing clinical trials in the US and approval of first CRISPR therapy. Asia Pacific is anticipated to witness the fastest growth during the forecast period attributed to rising R&D spending, penetration of Western companies, and growing patient base in China and India.

Key players operating in the CRISPR genomic cure market are CRISPR Therapeutics AG, Editas Medicine, Inc., Intellia Therapeutics, Inc., Sangamo Therapeutics, Inc., Beam Therapeutics Inc., Caribou Biosciences, Inc., Mammoth Biosciences, Precision Biosciences, Inc., Synthego Corporation, GenScript Biotech Corporation, Horizon Discovery Group plc, Lonza Group Ltd., Takara Bio Inc., Merck KGaA, and Thermo Fisher Scientific Inc. Major players are focused on strategic partnerships and advancing pipeline candidates.