by CRISPR technology is a genome editing technique that allows scientists to alter DNA sequences and modify gene function. It has enabled rapid and inexpensive DNA manipulation, fueling advances in agriculture, medicine and biotechnology research. Some key applications of CRISPR include developing disease-resistant crops, engineering bacteria for producing biofuels and bioplastics, developing innovative therapies for genetic diseases like sickle cell disease and cancer. The technology offers precise gene editing capabilities and has high specificity compared to other techniques. The growing agricultural, pharmaceutical and research applications of CRISPR have increased investments in this field.
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 2031.
Key Takeaways
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, new product launches and technological advancements to gain competitive advantage in the market.
Growing demand: Rapidly rising demand from the biotech and pharmaceutical industries for genome editing services is a major driver for the market. CRISPR Technology Market Demand is being widely adopted for developing novel disease treatments and engineering microbes for industrial uses like bioplastics production. The increasing R&D funding for genetic research is also boosting market growth.
Global expansion: Leading CRISPR technology providers are expanding their presence globally by establishing new research centers and laboratories. They are also partnering with large pharma companies and academic institutes across different countries for facilitating wider adoption of genome editing techniques. Asia Pacific region is witnessing significant investment in CRISPR due to low-cost operations and growing research capabilities.
Market key trends
One of the key trends in the CRISPR technology market is the development of advanced gene drives. Gene drives are gene editing systems aimed at generating changes in a population through biased inheritance. Researchers are developing improved gene drives with resistance and self-limiting features to minimize environmental risks. Such systems allow controlling pests and diseases in a sustainable way. This is expected to fuel investment and research on gene drives globally over the coming years.
Porter’s Analysis
Threat of new entrants: High capital requirements for research and development, intellectual property rights, and regulations pose barriers for new companies.
Bargaining power of buyers: Individual buyers have low bargaining power due to the variety of applications offered by CRISPR technology. However, larger pharmaceutical companies may negotiate prices.
Bargaining power of suppliers: A few companies dominate the intellectual property landscape, granting them strong bargaining power over licensing.
Threat of new substitutes: No close substitutes exist currently for the precision and efficiency of genome editing enabled by CRISPR.
Competitive rivalry: Fierce competition exists among technology providers to develop new applications and licensing opportunities.
Geographical Regions
North America currently holds the largest share of the global CRISPR technology market value due to extensive R&D spending and a favorable regulatory environment. The presence of major market players in the region has established North America as a leader in commercialization.
Asia Pacific is poised to become the fastest growing regional market between 2024-2031 with a projected CAGR above 10%. Increased government funding for genomics research and rising biotechnology industries in China, Japan, and India provide tailwinds for industry expansion. Asia Pacific’s large and growing populations also represent substantial future commercial opportunities
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
