The CRISPR technology market is driven by various factors such as increasing funding and private investments and the growing adoption of CRISPR technology. However, the presence of alternate technologies can hinder the growth of the market.
What the Market Looks Like?
The CRISPR technology market is expected to grow from USD 562 million in 2018 to USD 1,715 million by 2023, at a CAGR of 25% during the forecast period.
“The CRISPR services segment is expected to grow at the highest CAGR during the forecast period.”
The CRISPR services segment is the faster-growing segment in the CRISPR technology market, by product and service. Based on services, the CRISPR services market is segmented into gRNA design and vector construction, cell line engineering, screening services, and other CRISPR services (mediated transcriptome editing and epigenome editing services). The cell line engineering services segment is expected to grow at the highest rate.
“The biomedical applications segment, by application, is projected to hold the largest market share during the forecast period.”
The major biomedical applications of CRISPR include gene therapy, drug discovery, and diagnostics. Across the globe, various gene therapy clinical trials are currently underway. These factors are expected to drive the adoption of CRISPR technology in this segment. In drug discovery applications, CRISPR is used to develop more physiologically relevant models (cell lines and animal models) that correlate better to the clinical setting and thereby reduce drug candidate failure in the initial steps. The ability of CRISPR to modify endogenous genes can help study the effect of drugs on targets along with endogenous proteins, rather than having to rely on overexpression.
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What Drives the Market?
The growth of the global market for CRISPR Technology is primarily influenced by the following factors:
- Rising Availability of Government and Private Funding
- Growing Adoption of CRISPR
Geographical growth scenario of CRISPR Technology market
North America is estimated to account for the largest share of the market in 2018. This is majorly attributed to the rising government and private funding, presence of major pharma and gene therapy companies, and the adoption of CRISPR in several applications. Furthermore, crops that are treated with CRISPR-based gene editing are not considered as GMOs in US; this has attracted a number of agricultural companies to focus on the commercialization of CRISPR-edited crops.
Leading market players and strategies adopted
The CRISPR technology market comprises major providers such as Thermo Fisher Scientific (US), Merck KGaA (Germany), GenScript Biotech Corporation (US), Horizon Discovery (UK), Agilent (US), Cellecta (US), GeneCopoeia, Inc. (US), New England Biolabs (US), Integrated DNA Technologies (US), OriGene (US), Synthego (US) and Toolgen (S. Korea). The study includes an in-depth competitive analysis of these key players in the CRISPR technology market, along with their company profiles, recent developments, and key market strategies.
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