(Health-NewsWire.Net, June 06, 2020 ) The rise in the availability of government and private funding and the adoption of CRISPR technology are the key factors driving the growth of this market.
How much is the CRISPR Technology Market worth?
The CRISPR technology market is expected to reach USD 1,715 million by 2023 from USD 562 million in 2018, at a CAGR of 25% during the forecast period. North America accounted for the largest share of this market majorly due to the rising government and private funding, presence of major pharma and gene therapy companies, and the adoption of CRISPR in a number of applications.
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By product and service, the CRISPR services segment is expected to be the fastest-growing in the CRISPR technology market during the forecast period.
The services segment forms the fastest-growing segment in the market, by product and service. Based on service, 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.
By application, the biomedical applications segment accounted for the largest 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 to modify endogenous genes can help to study the effect of drugs on targets along with endogenous proteins, rather than having to rely on overexpression.
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North America is projected to account for the largest share of the CRISPR Products market, by region, during the forecast period.
Geographically, the CRISPR Products market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to account for the largest share of the CRISPR services market in 2018.
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.
The major players in the market include Cellecta, Inc. (US), Thermo Fisher (US), GeneCopoeia, Inc. (US), Applied StemCell (US), Synthego Corporation (US), OriGene Technologies (US), Horizon Discovery (UK), Merck (Germany), and GenScript (US).
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Mr. Aashish Mehra