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| CRISPR genomic cure market |
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.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.
Read More,
https://www.newsstatix.com/crispr-genomic-cure-market-trends-size-and-share-analysis/
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.
Read More,
https://www.newsstatix.com/crispr-genomic-cure-market-trends-size-and-share-analysis/
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