Global CRISPR Technology Market 2018-2023 by Product (Enzymes, Kits, gRNA, Libraries, Design Tools) & Service (gRNA Design, Cell Line Engineering) - ResearchAndMarkets.com
Technology Market by Product, Service, Application, End User - Global
Forecast to 2023" report has been added to ResearchAndMarkets.com's
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.
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.
- Rising Availability of Government and Private Funding
- Growing Adoption of CRISPR
- Off-Target Activity and the Presence of Alternative Technologies Opportunities
- Emerging Markets
- Ethical Issues
- Lack of Standardized Regulations
- Pending Patent Issues & Results of Clinical Trials
- High Costs of Using CRISPR
- Dearth of Trained Professionals
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)
- Toolgen (S. Korea)
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 CRISPR Technology Market, By Product & Service
7 CRISPR Technology Market, By Application
8 CRISPR Technology Market, By End User
9 CRISPR Technology Market, By Region
10 Competitive Landscape
11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/s8kjdb/global_crispr?w=4
View source version on businesswire.com: https://www.businesswire.com/news/home/20181122005322/en/