Global CRISPR Genomic Cure Market Is Estimated To Witness High Growth Owing To Increasing Investments and Technological Advancements

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Global CRISPR Genomic Cure Market Is Estimated To
Witness High Growth Owing To Increasing
Investments and Technological Advancements
The global CRISPR Genomic Cure market is
estimated to be valued at US 1.84 billion in
2023 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 (Clustered Regularly Interspaced Short
Palindromic Repeats) is a revolutionary
gene-editing technology that allows scientists
to alter an organism's DNA. CRISPR genomic cure
technology has the potential to revolutionize
healthcare by providing treatments for genetic
disorders, infectious diseases, and cancer. The
applications of CRISPR genomic cure technology
are vast and include gene therapy, genetic
engineering, and precision medicine. The
technology offers the possibility of developing
personalized treatments and therapies that are
tailored to an individual's genetic makeup.
Market Dynamics The CRISPR Genomic Cure market
is driven by two major factors, namely increasing
investments and technological advancements. 1.
Increasing Investments The rising investments
in CRISPR Genomic Cure research and development
are driving the market growth. Many
pharmaceutical and biotechnology companies are
investing heavily in CRISPR technology to
develop innovative treatments and therapies. For
example, CRISPR Therapeutics AG received funding
of US 455 million in its initial public offering
to support the development of CRISPR-based gene
therapies.
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2. Technological Advancements Advancements in
CRISPR technology are expanding its applications
and enhancing its efficiency, which is further
fueling the market growth. Improved CRISPR tools
and techniques are being developed to overcome
the challenges associated with off-target effects
and delivery of CRISPR components. For instance,
the development of base editing and prime editing
techniques has made precise genetic modifications
possible. Segment Analysis The CRISPR Genomic
Cure market can be segmented based on product
type, application, and end- user. In terms of
product type, the market is dominated by CRISPR
enzymes and kits, as they are essential
components for gene editing. In the application
segment, the gene therapy segment is expected to
dominate the market, owing to the increasing
focus on developing gene-based therapies for
various genetic disorders and diseases. PEST
Analysis - Political There are legal and
ethical considerations surrounding the use of
CRISPR technology for gene editing in humans.
Regulations and guidelines are being established
to ensure responsible usage. - Economic The
CRISPR Genomic Cure Market is witnessing
significant investments from governments,
research institutions, and pharmaceutical
companies, driving economic growth. - Social
The acceptance and adoption of CRISPR technology
in healthcare are increasing as people are
becoming aware of its potential to cure genetic
diseases. - Technological Continuous
advancements in CRISPR technology are improving
its efficiency and expanding its applications,
driving market growth. Key Takeaways - The
global CRISPR Genomic Cure market is expected to
witness high growth, exhibiting a CAGR of 34.7
over the forecast period, due to increasing
investments and technological advancements in
CRISPR technology. - North America is expected
to be the fastest-growing and dominating region
in the CRISPR Genomic Cure market, owing to the
presence of major pharmaceutical and
biotechnology companies and supportive
government initiatives. - Key players operating
in the global CRISPR Genomic Cure market include
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. These players are actively
involved in research and development activities
to enhance their product offerings and gain a
competitive edge in the market.