CRISPR Technology Market | Rising Availability of Government and Private Funding

PUNE, India, 2020-May-28 — /EPR Network/ —

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.

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.

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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.

North America is expected to account for the largest market share during the forecast period.

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.

Key Players
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).

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.
• Between 2017 and 2018, Merck has secured patents in Australia, Canada, Europe, Israel, Singapore, South Korea, and China, covering foundational CRISPR technology, for its in-house CRISPR technology.

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