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CRISPR Technology Market is estimated to be valued at USD 3,642.1 Mn in 2024

CRISPR Technology Market is estimated to be valued at USD 3,642.1 Mn in 2024 - Coherent Market Insights

Publish In: Mar 12, 2024

The CRISPR Technology Market is estimated to be valued at USD 3,642.1 Mn in 2024, growing at a CAGR of 19.2% over the forecast period 2024 - 2031. CRISPR technology has revolutionized genetic engineering and holds immense potential in fighting various diseases including cancer.

Market Dynamics:

The CRISPR technology market is primarily driven by rising R&D investments in genome editing and its growing applications in cancer therapy. CRISPR offers a precise and efficient tool for cancer treatment by modifying genes responsible for uncontrolled cell growth. Several clinical trials are underway to evaluate CRISPR's potential in developing therapies for hematologic malignancies and solid tumors. Another major driver is the increasing funding from public as well as private organizations. For instance, National Institutes of Health (NIH) allocated $130 million in 2020 to support research in genome editing. Meanwhile, private companies are also investing heavily in applying CRISPR technology for developing therapies and diagnostics. Such significant funding and investments are expected to accelerate the development of CRISPR-based therapies and favor market growth over the forecast period.

Rising prevalence of genetic disorders and cancer

CRISPR technology holds tremendous potential for curing genetic disorders like sickle cell anemia, cystic fibrosis, etc. and various types of cancer by precisely editing genes. The rising prevalence of these diseases globally is resulting in increasing funding for CRISPR research from governments and private organizations. According to the World Health Organization, around 6 million people die from cancer each year. The growing burden of genetic disorders and cancer is a major driver for developing innovative CRISPR-based therapies.

Advancements in genome editing technologies

Significant advancements have been made in genome editing technologies over the past decade. Especially the emergence of powerful tools like CRISPR-Cas9 system which allow efficient and precise editing of genes. CRISPR's ease of use, high specificity and flexibility compared to earlier technologies like ZFNs and TALENs have garnered widespread attention from biomedical researchers. Continuous innovations in CRISPR delivery methods, development of base editors and prime editors are fueling optimism about its therapeutic applications. Advancements in genome editing technologies are enhancing the capabilities of CRISPR and driving its adoption in drug development programs.

Ethical concerns regarding human embryo editing

While CRISPR holds promise to cure genetic diseases, its application for human germline editing is still embroiled in ethical debates. There are concerns that human germline editing could lead to undesirable consequences and even eugenics. Most regulators worldwide have imposed restrictions on modifying human embryos. Addressing these ethical concerns will likely require extensive research and public discourse. Continued debate around these issues may slow down commercialization of CRISPR therapies.

Technical challenges in CRISPR delivery

One of the major technical challenges is efficiently delivering the CRISPR components, mainly guide RNA and Cas9 protein, to target cells and achieving expression at therapeutic levels. Existing delivery methods are often associated with off-target effects, immunogenicity and limited duration of expression. Overcoming these hurdles, especially developing safer and more specific delivery vectors, will be crucial to translate CRISPR's potential into approved therapies. Technical complexities relating to delivery pose limitations on the healthcare CRISPR market.

Personalized medicine using CRISPR

CRISPR's ability to precisely edit genomes has potential for developing truly personalized therapies tailored to an individual's genetic profile. By analyzing genomic sequencing data, mutations underlying an individual's disease can be targeted. This opens up opportunities for developing personalized treatments for various cancers, neurodegenerative disorders, etc. Personalized medicine is expected to be a major future application of CRISPR technology.

New growth areas in agriculture and biotechnology

CRISPR has many non-therapeutic applications as well, such as genome editing of crops, livestock animals and microorganisms. It allows traits like disease resistance, drought tolerance to be engineered precisely. CRISPR can help address rising food insecurity and make agriculture more sustainable. Even industrial biotech applications are emerging, such as using CRISPR to develop bacteria for producing biofuels, chemicals, materials etc. These diverse areas present new growth opportunities beyond human healthcare.

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Key Development

  • In December 2023, the U.S. Food and Drug Administration (FDA) approved Casgevy and Lyfgenia, marking them the first cell-based gene therapies authorized for the treatment of sickle cell disease (SCD) in individuals aged 12 and older. Casgevy represents the inaugural U.S. FDA-approved medication utilizing CRISPR/Cas9, a type of genome editing technology. This groundbreaking technology is employed to modify the genomes of patients' hematopoietic (blood) stem cells.
  • In December 2023, Editas Medicine, Inc., a clinical-stage genome editing company, announced a licensing agreement with Vertex Pharmaceuticals, a biopharmaceutical company. Under the terms of the agreement, Vertex Pharmaceuticals will receive a non-exclusive license for Editas Medicine, Inc.'s Cas9 gene editing technology. This technology will be utilized for the development of ex vivo gene editing drugs targeting the BCL11A gene in sickle cell disease and beta thalassemia, including CASGEVY (exagamglogene autotemcel).
  • In June 2023, Parse Biosciences, a prominent provider of accessible and scalable single-cell sequencing tools, unveiled CRISPR Detect, a platform enabling single-cell pooled CRISPR screens on an unprecedented scale. By integrating the scale of Parse Evercode technology with single-cell CRISPR screening, CRISPR Detect empowers users to correlate perturbations and transcriptional profiles in up to one million cells within a single experiment.
  • In June 2020, Regeneron Pharmaceuticals, Inc., a leading biotechnology company and Intellia Therapeutics, Inc., a leading clinical-stage genome editing company announced an expansion of their current collaboration. This expansion grants Regeneron Pharmaceuticals, Inc. rights to develop products for additional in vivo CRISPR/Cas9-based therapeutic targets. Moreover, the companies will jointly develop potential therapies for hemophilia A and B. Regeneron Pharmaceuticals, Inc. also secures non-exclusive rights to independently develop and market ex-vivo gene-altered medicines.

Key Players: Merck KGaA, Thermo Fisher Scientific, Origene Technologies, Inc., New England Biolabs, GenScript, GeneCopoeia, Inc., Cellecta, Inc., Agilent Technologies, Inc., PerkinElmer, Inc. (Horizon Discovery Ltd.), and Danaher Corporation (Integrated DNA Technologies), among others.

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