According to the report, the CRISPR Genomic Cure Market will grow from US$ 3.18 Billion in 2023 to US$ 11.71 billion by 2030 at a compounded annual growth rate (CAGR) of 20.5% during the forecast period, by Coherent Market Insights.
Market Dynamics:
Development of advanced CRISPR technologies for curing genetic diseases drives market growth. CRISPR-Cas9 technology has emerged as a powerful tool for precisely editing genomes and altering gene function. Several companies are developing therapies using CRISPR-Cas9 technology to treat genetic diseases like sickle cell disease, inherited blindness, and beta-thalassemia.
Another key driver is increasing R&D funding from both private as well as public organizations for developing CRISPR based therapies. For instance, National Institutes of Health provides grants to support R&D of CRISPR gene editing therapies.
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Market Trends:
Increasing approvals and commercialization of crispr therapy is a key trend driving market growth. The market is witnessing increasing approvals and commercialization of CRISPR therapies over the past few years. For instance, in November 2021, the U.S. FDA granted regenerative medicine advanced therapy (RMAT) designation to NTLA-2001, a CRISPR/Cas9-based gene editing therapy developed by Intellia Therapeutics for the treatment of transthyretin amyloidosis.
Launch of new CRISPR mediated gene editing product is another key trend gaining traction. Key players in the market are focusing on developing new CRISPR mediated gene editing products. For example, in January 2023, CRISPR Therapeutics launched CTX001, the first CRISPR/Cas9 gene-edited medicine, under the brand name IDECABTAGENE VICLEUCEL (ide-cel) for the treatment of transfusion-dependent beta-thalassemia and sickle cell disease.
CRISPR Genomic Cure Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
US$ 3.18 billion |
|
Estimated Value by 2030 |
US$ 11.71 billion |
|
Growth Rate |
Poised to grow at a CAGR of 20.5% |
|
Historical Data |
2018–2022 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product Type, By Application, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
· Precision and Versatility · Potential for Treating Genetic Diseases · Increasing Prevalence of Genetic Disorders · Rising Investment and Research Activities |
|
Restraints & Challenges |
· Off-Target Effects and Safety Concerns · Delivery Challenges · Regulatory Framework and Ethical Considerations · Intellectual Property Challenges |
Market Opportunities
The assay design segment is expected to witness significant growth over the forecast period. Assay design tools help in designing customized CRISPR genome editing experiments by automating the design of single guide RNA sequences targeting any DNA or RNA sequence. The automation and ease of use offered by assay design tools is driving their increased adoption among genetic research laboratories and biopharmaceutical companies.
The oncology application segment accounts for the largest share of the CRISPR genomic cure market currently. CRISPR is being extensively researched for its potential to cure various types of cancer by directly editing disease-causing genes and mutations. Ongoing clinical trials are evaluating the safety and efficacy of CRISPR to genetically modify T-cells for chimeric antigen receptor (CAR) T-cell therapies against cancers.
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Key Market Takeaways
The global CRISPR genomic cure market is anticipated to witness a CAGR of 20.5% during the forecast period 2023-2030. This is due to growing investments in gene therapy research and rising focus on precision medicine to treat chronic diseases.
On the basis of product type, kits & reagents segment is expected to hold a dominant position. This is owing to wide usage of customized kits and reagents in CRISPR genome editing experiments.
On the basis of application, oncology segment is expected to hold a dominant position over the forecast period. This is due to high prevalence of cancer and ongoing clinical trials of CRISPR-based cancer therapies.
On the basis of end user, biopharmaceutical companies and CROs segment is expected to witness highest growth. This is due to rising R&D investments of pharmaceutical giants in developing CRISPR-based therapies.
North America is expected to hold a dominant position over the forecast period. This is due to presence of key market players and strong government funding for genomic research in the US and Canada.
Merck KGaA
Thermo Fisher Scientific Inc.
Origene Technologies, Inc.
New England Biolabs
Intellia Therapeutics, Inc.
GenScript
GeneCopoeia, Inc.
Cellectis, Mammoth Biosciences
Precision Biosciences, Inc.
Synthego Corporation
CRISPR Therapeutics
In January 2021, the molecular testing solutions provider QIAGEN announced the release of the QIAprep& CRISPR Kit and CRISPR Q-Primer Solutions, which enable researchers to examine modified genetic material with previously unheard-of speed and efficiency to ascertain how their interventions have altered the function of the appropriate DNA sequence.
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