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(Health-NewsWire.Net, November 10, 2019 ) The major factors driving the growth of the CRISPR technology market are the rising availability of funding, growing applications of CRISPR, and need for advanced therapies for cancer, infectious diseases, and genetic disorders.
Market Size
The global 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.
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“The CRISPR products segment is expected to command the largest share of the CRISPR technology market during the forecast period.”
The CRISPR technology market, by product and service, is estimated to be dominated by the products segment in 2018. This is attributed to the fact that the CRISPR technology is being adopted quickly by academics and researchers, pharma and biotech companies.
“Biomedical applications to occupy the majority of the market, by application, and grow at the fastest rate during the forecast period.”
The biomedical applications segment is projected to be the fastest-growing segment of the market, by application, during the forecast period. Developments in gene therapy, drug discovery, and diagnostics, due to the application of CRISPR, are driving the growth of this biomedical segment. Many companies have also invested in drug discovery and gene therapy companies that are using CRISPR technology.
Recent Developments
• In March 2018, Danaher acquired Integrated DNA Technologies to expand its Genomics portfolio.
• In September 2017, Horizon Discovery acquired Dharmacon, Inc. from GE Healthcare (US) for USD 85 million.
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