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.
What the Market Looks Like?
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. In 2018, North America held the largest market share.
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. 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.
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.
What Drives the Market?
The growth of the global market for CRISPR Technology is primarily influenced by the following factors:
Geographical growth scenario of CRISPR Technology market
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.
Leading market players and strategies adopted
The prominent players in the CRISPR Technology market include 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). These players have adopted various growth strategies such as collaborations, partnerships, and agreements, patent approvals, acquisitions, and product launches & approvals to expand their presence in the global CRISPR technology market. Most market players focused on collaborations from 2015 to 2018 for innovation in their portfolio and to broaden their customer base.
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