CRISPR Technology Market worth $1,715 million by 2023

(IT-NEWSWIRE.COM, April 14, 2019 ) According to the new market research report "CRISPR Technology Market by Product (Enzymes, Kits, gRNA, Libraries, Design Tools), Service (gRNA Design, Cell Line Engineering), Application (Biomedical, Agricultural), End User (Pharma & Biopharma Companies, Academics, CROs) - Global Forecast to 2023", published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).

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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 major factors driving the CRISPR technology market include the rising funding from government and private organizations and the high adoption of CRISPR technology.

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.

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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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.

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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.

Some of the key players of CRISPR in this region are 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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CRISPR Technology Market worth $1,715 million by 2023