“The rise in government and private funding is expected to drive the overall growth of the CRISPR technology market.”
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 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.
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“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.
“Asia Pacific is expected to record the highest growth rate during the forecast period.”
Currently, 144 gene and cell therapy companies are based in the APAC that can potentially use CRISPR technology in the coming future. In China, gene editing using CRISPR has attracted strong government funding. China was among the first to allow the editing of human embryos using CRISPR-Cas9, while the US and European countries banned it. As reported by Goldman Sachs, by the end of February 2018, China had registered nine clinical trials based on CRISPR-edited cells on various diseases such as cancers and HIV infection, whereas the US had registered only one trial since the beginning of 2018.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the CRISPR technology market.
- By Company Type: Tier 1: 28%, Tier 2: 42%, and Tier 3: 30%
- By Designation: C-level Executives: 25%, Directors: 32%, and Others: 43%
- By Region: North America: 38%, Europe: 24%, APAC: 28%, and RoW: 10%
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.
This market study covers the CRISPR technology market across various segments. It aims at estimating the market size and the growth potential of this market across different segments, on the basis of product, service, application, end user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will provide market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall CRISPR technology market and its subsegments.
- This report will help stakeholders to understand the competitive landscape, gain insights to better position their businesses, and plan suitable go-to-market strategies.
- The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.