The rising funding from government and private organizations and the high adoption of CRISPR technology are major factors driving the growth of CRISPR technology market002E
How much is the CRISPR Technology Market worth?
MarketsandMarkets forecasts 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. The global CRISPR services market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, 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.
The CRISPR products segment is expected to command the largest share of the CRISPR Products market during the forecast period.
The CRISPR Products 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 Products is being adopted quickly by academics and researchers, pharma and biotech companies. The enzymes segment is expected to account for the largest share of the products market, being one of the key ingredients in the CRISPR process. Companies like Merck KGaA and Thermo Fisher Scientific are providing hands-on training to researchers, which will increase the demand for CRISPR products in the future.
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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 CRISPR services 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.
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 CRISPR services 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.
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Who are the leading vendors operating in CRISPR Services Market?
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).
Thermo Fisher Scientific has established its presence in diversified life sciences markets; this has helped it to minimize risks and dependency on any business segment. The company has a strong product portfolio and brand image, which enables it to strengthen its position in the market. The company has initiated a promotional campaign in which it conducts workshops and provides hands-on training to researchers in academic and research institutes working on CRISPR. This campaign is being organized to spread awareness on and promote CRISPR technology.
• 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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